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Forbes names six Vietnamese billionaires in latest rich list

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Globally-renowned business magazine Forbes has just released its annual list of the world’s billionaires, including six billionaires from Vietnam.

Six Vietnamese billionaires are named in the Forbes' latest rich list

Six Vietnamese billionaires are named in the Forbes’ latest rich list

Forbes states that it compiled the list by evaluating an individual’s assets based on stock prices and exchange rates as of March 5,.

According to this year’s World’s Billionaires list, the six richest Vietnamese people are Pham Nhat Vuong, Nguyen Thi Phuong Thao, Tran Dinh Long, Ho Hung Anh, Tran Ba Duong, and Nguyen Dang Quang.

As owner of Vingroup, the country’s largest private conglomerate, Pham Nhat Vuong is notable for becoming the nation’s first billionaire and is featured on the list for the ninth consecutive year. He remains the richest Vietnamese man with a net worth of US$8.7 billion, ranking 344th in the world.

Nguyen Thi Phuong Thao makes the list for the fifth time with a net worth of US$2.7 billion, ranking 1,111th in the world. She is currently the vice chairwoman of HDBank, whilst also serving as the vice president and CEO of VietJet Air.

Furthermore, Tran Ba Duong is the chairman and founder of the Truong Hai Auto Company (Thaco) and has made the Forbes list since 2018. His current net worth stands at US$1.6 billion, ranking 1,931st in the world.

Techcombank chairman Ho Hung Anh is named on the list for the third time with his net worth being the same as Duong.

Moving down the list, Tran Dinh Long, chairman of the Hoa Phat Group, re-joined  the Forbes billionaire club after previously making an appearance in 2018. His assets total US$2.4 billion, finishing 1,444th globally.

Meanwhile, Masan chairman Nguyen Dang Quang has returned to the list after being absent last year. His net worth currently stands at US$1.2 billion.

Jeff Bezos, founder of Amazon and CEO, remains the richest person in the world for this year, with a net worth of US$177 billion.

Elon Musk, CEO of Tesla, ranks second with US$151 billion, followed by Bernard Arnault, chairman and CEO of LVMH, with a net worth of US$150 billion, and Bill Gates, co-founder of Microsoft with US$124 billion.

VOV

Source: https://vietnamnet.vn/en/business/forbes-names-six-vietnamese-billionaires-in-latest-rich-list-725820.html

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High logistic costs hinder Delta agriculture exports

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High cost of air transport and the inability to preserve fresh produce for a long time are among the logistic challenges that the Mekong Delta is facing. – Photo baoangiang.com.vn

MEKONG DELTA – Agriculture exports from the Mekong Delta are facing logistical challenges, affecting their competitiveness overseas.

Đồng Văn Thanh, chairman of Hậu Giang Province People’s Committee, said the Mekong Delta exports millions of tonnes of agriculture products every year but the region is facing many logistical choke-points.

The region is lacking key logistics hubs and storage areas for empty containers and products at ports. Goods have to be transported through many areas before reaching HCM City for export, which increases the cost.

Ngô Tường Vy, deputy director of Chánh Thu Fruit Export and Import Co. Ltd in Bến Tre Province, said that the cost of air transport of fresh fruits to the US and European markets have increased greatly over the years.

For example, the cost for air shipping fresh fruits to the US used to be around US$3.5 per kilo a few years ago, but now has risen to $6 per kilo.

This is affecting their competitiveness overseas and reducing the amount of fruit shipped there.

However, since preservation technology for many fruit products is not good enough, they have to rely on air transport.

The cost of ocean transport of fruit is 15 times cheaper than air, so better preservation technology to maintain quality on longer container trips is important, she said.

Phạm Tiến Hoài, general director of Hanh Nguyen Logistics, said that the logistics costs of Việt Nam’s agricultural products are high, usually accounting for around 30 per cent of their final prices, so they struggle to compete with goods from other suppliers such as China, Thailand and Indonesia.

Võ Thanh Phong, general director of Hậu Giang Maritime Service Co.Ltd , said the Government needs to continue its effort to improve and enlarge waterways in the Mekong Delta so that large vessels can easily travel through different regions, reducing transport time and costs.

Lê Tiến Châu, provincial party secretary of Hậu Giang, said that for 2021 – 2026 the province will invest around VNĐ18 trillion ($777.99 million) to improve traffic infrastructure and region connectivity.

Every year the Mekong Delta accounts for 90 per cent of the country’s rice exports, and 70 per cent of fruit exports. –

Source: https://vietnamnews.vn/economy/926005/high-logistic-costs-hinder-delta-agriculture-exports.html

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Danang suspends BRT project due to its ineffectiveness

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A BRT bus is seen at a bus station in Hanoi. The government of Danang City has decided to suspend its BRT project as the investment in the project has yet to bring about social advantages for the coastal central city – PHOTO: TPO

HCMC – The government of Danang City has decided to suspend its bus rapid transit (BRT) project as the investment in the project has yet to bring about social advantages for the coastal central city.

Huynh Anh Vu, deputy director of the Danang City Management Board of Prioritized Infrastructure Investment Projects, which is the project’s developer and operator, confirmed that the management board had reached a consensus with the World Bank, which serves as the lender of the project, on its suspension.

Instead, the management board will focus on completing works related to the development of subsidized bus routes in the city, Vu said, as reported by Lao Dong newspaper.

The decision is considered as the right move as the city’s transport infrastructure system still remains inadequate and measures taken to encourage the use of public means of transport among local residents have not proved effective.

The move was strongly backed by the locals and some of them cited the examples of other localities where trillions of dong were poured into BRT projects but they had failed to address traffic congestion and caused losses to the State budget.

In 2013, the Government approved a master project to develop Danang sustainably with five components: improving the rainwater and drainage system, piloting the BRT system, developing key urban roads, enhancing the capacity and supporting the execution of projects and works transferred from prioritized infrastructure investment projects.

The master project was expected to be completed in June this year, but it has been 84% complete to date with US$185 million spent. Specifically, the BRT project has been 33% complete, while the remaining components have basically been finalized.

Source: https://english.thesaigontimes.vn/81444/danang-suspends-brt-project-due-to-its-ineffectiveness.html

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Some coastal hotels report full occupancy as tourists are on the rise

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Tourists play outdoor games at a resort. Many hotels in Ba Ria-Vung Tau Province have reported full occupancy as the number of tourists is on the rise – PHOTO: LDO

HCMC – Many hotels in Ba Ria-Vung Tau Province have reported full occupancy as the number of tourists is on the rise, though the holidays of April 30 and May 1 are still a while away, signaling good news for the tourism sector.

Nguyen Van Tuan, manager of Long Hai Hotel in Ba Ria-Vung Tau Province, told Lao Dong Online that over the past one year, the hotel saw few guests and its highest occupancy rate at a mere 20%. However, for some days last week, the number of tourists who booked rooms at the hotel surged, with the occupancy rate at 90%.

For April 17 and 18, the hotel is fully booked, and it is the first time since the coronavirus pandemic that the hotel is seeing some 100 rooms in total fully booked, Tuan said, adding that the hotel was fully booked three weeks ago for the Reunification Day, April 30.

Last weekend, many guests fully booked rooms at Vietsovpetro Ho Tram, said a representative of the resort.

Many hotels at sea tourist destinations near HCMC such as Ho Tram, Long Hai, Vung Tau and Mui Ne are seeing the number of guests soar on weekends.

Do Van Thuc, deputy director of Dat Viet Tour, said that the firm had received rising tour bookings on weekends.

Recently, Dat Viet Tour has been seeing an average 1,500 guests book weekend tours to the sea each week, some 200 kilometers from HCMC, he said.

Apart from this, since March, when the coronavirus outbreak was brought under control in Vietnam, Alo Limo, a transport firm, has become busier on weekends, said Le Gia Thanh Tam, a representative of Alo Limo.

Over the past few weeks, each week has seen some 10-15 groups of tourists book limousines for their trips, mainly to Dalat, Phan Thiet and Vung Tau, Tam said.

Source: https://english.thesaigontimes.vn/81445/some-coastal-hotels-report-full-occupancy-as-tourists-are-on-the-rise.html

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