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Tag: developments

  • Vietnam Gasoline Prices Drop as Global Oil Market Reacts to Strait of Hormuz Developments

    Vietnam Gasoline Prices Drop as Global Oil Market Reacts to Strait of Hormuz Developments

    On Thursday, gasoline prices in Vietnam experienced a modest decline compared to the previous week. The widely used E10 RON95 gasoline dipped by 0.94%, bringing the price down to VND22,110 (approximately US$0.85) per liter. There was a slightly larger drop in E5 RON92 prices, which fell by 2.26% to VND21,230. Similarly, the cost of diesel also decreased, albeit by a smaller margin of 1.13%, to VND27,230.

    Global Influence on Fuel Prices

    The Ministries of Industry and Trade and Finance in Vietnam have commented that this fluctuation in fuel prices aligns with global petroleum market trends. These markets have been recently impacted by events such as negotiations over the reopening of the Strait of Hormuz and lower demand growth forecasts for oil, released by OPEC and the International Energy Agency. The global price of RON95 gasoline decreased almost 2% to $111.7 per barrel, while diesel prices fell 1.1% to $151 per barrel.

    The Ministries also highlighted that following this latest adjustment, the cost of gasoline in Vietnam remains significantly lower than in neighboring countries, with prices ranging from VND4,600-VND22,000 per liter less.

    Comparative Fuel Prices in the Region

    When compared to the gasoline prices in nearby countries, the lower costs in Vietnam become evident. Cambodia and Thailand have gasoline prices ranging from VND26,800-VND28,400 per liter, significantly higher than in Vietnam. The disparity widens further when looking at China, where the prices exceed VND32,000 per liter, and Laos where prices surpass VND44,000 per liter.

    Questions & Answers

    What is the new price of E10 RON95 gasoline in Vietnam?
    The new price of E10 RON95 in Vietnam is VND22,110 (US$0.85) per liter.

    How have global events influenced the recent fuel price changes in Vietnam?
    Negotiations over the reopening of the Strait of Hormuz and lower oil demand growth forecasts from OPEC and the International Energy Agency have influenced the recent decrease in fuel prices in Vietnam.

    How do fuel prices in Vietnam compare to those in neighboring countries?
    Fuel prices in Vietnam are significantly lower than in neighboring countries, with gasoline prices ranging from VND4,600-VND22,000 per liter less than in countries like Cambodia, Thailand, China, and Laos.

  • Vietnam to tighten credit for high-end property developments

    Vietnam to tighten credit for high-end property developments

     Vietnam’s central bank plans to issue a circular to the country’s commercial banks instructing them to prioritize credit for low-cost housing and social housing projects while slashing loans for high-end and mid-level developments.

    Governor of the State Bank of Vietnam Le Minh Hung made the remark at a National Assembly Q&A session on Friday.

    Banks will be allowed to use no more than 50 percent of their short-term funds for medium- to long-term purposes including mortgages until the end of this year. The ratio will be slashed to 45 percent in 2018 and 40 percent in 2019, according to the draft circular revised by the central bank.

    According to the central bank, long and medium-term credit accounts for 53-55 percent of the total loans offered by commercial banks, while long and medium-term funds make up only 13-15 percent of their total mobilized capital. The unbalance in using short-term funds for medium-to long-term purposes could pose huge risks to banks, said experts.

    The central bank has also raised the risk ratio of property loans at commercial banks to 200 percent from 150 percent.

    Property loans have reached VND400 trillion ($176.12 million), accounting for 6.5 percent of total outstanding loans in the country, Hung said.

    Some legislatures have expressed concerns that banks could offer more property loans in a bid to reach the credit growth target for this year. Governor Hung quashed these remarks, saying the target was set by the government and banks are not under pressure to reach it at all costs.

    Credit growth reached 10.6 percent in the first nine months of this year, leaving the annual growth target of 18-20 percent seemingly out of reach.

  • Taiwan invited to take part in maritime development in Indonesia

    Taiwan invited to take part in maritime development in Indonesia

    Indonesia has invited Taiwan to invest in the maritime sector to help bring to reality the governments vision of making the country a world maritime axis.

    Director of Investment Planning in the Agribusiness and Natural Resources of the Capital Investment Coordinating Board (BKPM) Hanung Harimba Rachman said the maritime sector is a priority in the countrys 5 year development program.

    “The maritime sector is a priority in our strategic plan for 2015-2019,” Hanung said in a maritime seminar here on Tuesday.

    Investment in the maritime sector is open in shipbuilding, fisheries and cold storage sectors, he added.

    Other areas open for investment in Indonesia by Taiwan include in infrastructure sector such as seaport and deep sea energy development, he said.

    “In January 2016, the government issued a policy to accelerate implementation of national strategic projects with 225 projects offered under the scheme of government private cooperation,” he said.

    Hanung said participation of Taiwan in investment is important for Indonesia, in its program to enter the phase of industrialization.

    Taiwan is known to be strong in the manufacturing industry as it has high technology, he added.

    “Indonesia wants to develop its maritime sector with high technology,” he said.

    Representative of Taipei Economic and Trade Office (TETO) in Indonesia Liang Jen Chang said he welcomed Indonesian offer for cooperation in the maritime sector.

    “Taiwan and Indonesia already have close relations for years , but the good relations are no longer enough with the changing condition especially in the maritime sector,” Chang said.

    Based on data at BKPM, Taiwan is among major foreign investors in the country . In the first half of 2016, Taiwan investors implemented US$816 million worth of projects in paper industry and US$400 million in metal industry in Indonesi8a.

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  • Benoy’s Portfolio Expands in the Philippines

    Benoy’s Portfolio Expands in the Philippines

    Benoy, the global studio of Architects, Masterplanners, Interior and Graphic Designers, announces its expansion across the Philippines as the firm’s portfolio grows with new and built projects. Benoy is excited to confirm five new appointments as well as welcome the completion of two schemes in the island nation.

    Benoy Director Stephen Chow commented on the firm’s expanding portfolio, “The Philippines is one of the strongest economies in Southeast Asia and it has been an incredibly dynamic market for Benoy. Working in the region for more than ten years, we have seen the opportunities increase as the country grows and competes on an international scale. Our experience within global markets balanced with our local understanding has therefore been an attractive offer.”

    New Appointments

    Benoy’s growing order book is mainly concentrated in the Metro Manila area, the country’s most populous region. Working with leading developers such as Ayala Land and Filinvest, the firm is involved in multiple sectors and across the full complement of its services, from Masterplanning and Architecture to Interiors and Graphic Design.

    In the City of Taguig, Benoy has been appointed as the Podium Architect and Interior Designer on West Super Block, the latest edition of an integrated urban plan known as Bonifacio Global City. The development will consist of a four-storey retail podium, an all-suite residential tower and a Grade A office block where the Philippines Stock Exchange will be located.

    At the heart of Manila’s commercial and financial centre, Benoy is masterplanning and completing the architecture for the future Makati Mixed-use Development. The scheme will include a commercial podium, 15-storey office tower and 39-storey residential tower which will be one of the tallest in the district.

    In Balintawak, a major gateway from the north into Metro Manila, Benoy is delivering an 11ha mixed-use masterplan. Positioned at the intersection of two highways, the Balintawak Masterplan will include Retail, Residential, Commercial Offices, a Hospital and act as a regional transportation hub. Benoy is also the Architect for the regional mall situated on the site.

    The full scope for One Binondo, a new mixed-use development in the heart of Manila’s Chinatown, has also been appointed to Benoy. The four-storey podium will feature, among many offers, ‘Micro Retailing’, a trading form famous within the district. A Grade A office tower and three residential towers with landscaped gardens, club house, pool and recreation facilities will be seamlessly integrated above the retail scheme.

    To conclude Benoy’s new appointments, the firm is delivering a visionary redevelopment plan for Alabang Town Centre, one of the most successful retail destinations in southern Metro Manila. As part of this development, the firm will also complete the Architecture, Interior Design and Landscape Design of a new Lifestyle Centre sitting at the heart of the scheme.

    “We are thrilled to be building such a diverse portfolio in the Philippines. It is very exciting to have the opportunity to help shape the future of the country and we look forward to delivering creative, intelligent and considerate design solutions to these projects,” said Stephen.

    Completed Developments

    The firm has also seen the completion of two recent projects in Quezon City, U.P. Town Center and Fairview Terraces, both developed by Ayala Land.

    U.P. Town Center has opened at the University of the Philippines campus. The development is a lively combination of indoor and outdoor retail, dining and commercial uses integrated within a landscaped setting. The scheme covers a GFA of over 88,000m2 and 40% of the site area has been designated as open space. As Masterplanner and Architect, Benoy is overseeing the three phase project. The first two phases have opened and the final phase is due to complete in 2016.

    Situated in the city’s north, Fairview Terraces is a 135,000m2 retail-led, mixed-use development. The mall is spread over five levels and features around 420 retailers and a ‘Boutique Super Market.’ The focal point of the scheme is the generously landscaped central promenade which is surrounded by pocket gardens and al fresco dining. A natural gathering place for residents, shoppers and workers, the design has established this project a thriving community hub. Benoy completed the Architecture and Interior and Graphic Design.

    During the construction phases of both schemes, careful attention was made to protect the existing trees on the sites; preserving the character of the areas. In the case of Fairview Terraces, a long-standing mango tree has now become the very heart of the design, sitting at the centre of the development.

    With the completion of these two schemes, Benoy adds to its growing built portfolio in the Philippines which already includes the extensive renovation of Ayala Alabang Town Centre. With new appointments under construction, the firm looks forward to expanding its offer across the country and creating thriving future hubs for the Philippines community.

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  • Nakheel to showcase portfolio in Hong Kong

    Nakheel to showcase portfolio in Hong Kong

    Nakheel will exhibit a diverse range of new master developments, residential properties and retail and hospitality projects at Dubai Property Show in Hong Kong.

    Dubai-based real estate master developer Nakheel is heading east to showcase new projects with construction values of over $4.6 billion at the Dubai Property Show in Hong Kong this week.

    Nakheel, whose projects already span more than 15,000 hectares and provide homes for over 200,000 people, is the biggest developer at the show, which will highlight Dubai’s unrivalled opportunities for real estate investment.

    Nakheel will exhibit a diverse range of new master developments, residential properties and retail and hospitality projects at the three-day event.

    Investors from Hong Kong and other parts of the Far East and Southeast Asia have already bought around 500 villas, apartments or land plots from Nakheel, spending a combined $245 million in the process.

    Chinese investors account for nearly 80 per cent of these purchases, with 390 properties worth $212 million.

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