Connect with us

Business

Tax tweak puts strain on apparel makers

Published

on

On-spot exports are now not subject to duty exemption, possibly derailing the recovery of textile and footwear companies.

Tax tweak puts strain on apparel makers
Apparel makers trading on spot are not eligible for import duty exemptions. 

The government issued Decree No.18/2021/ND-CP on March 11, amending a previous 2016 decree to implement the Law on Export and Import Taxes. Now, products traded on spot are not eligible for import duty exemptions.

Goods exported or imported on the spot are goods which are produced in Vietnam and sold to foreign traders right on Vietnamese territory.

The regulation could adversely affect foreign-invested enterprises (FIEs). One foreign footwear producer told VIR that it calculated it may have to pay an estimated advance tax of VND320 billion ($13.9 million).

In addition to FIEs, local textile and footware producers are voicing their concerns about the new regulation, which could see then having to pay tax for the same kind of product.

The impact on each company varies depending on the number of their imported materials. Tran Nhu Tung, chairman of the board at Thanh Cong Textile Garment Investment Trading JSC told VIR, “The new regulation directly affects the cashflow of the company, which has to borrow bank loans to make duty payments and pay interest for 7-12 months before tax refund. At present, we are assigning employees to monitor and prepare the documents for tax finalisation and refund.”

The regulation is being deemed a step backwards for the government’s efforts to support textile and garment firms by joining numerous free trade agreements (FTAs) such as the EU-Vietnam FTA and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), according to Tung.

“Businesses need to meet the yarn-forward rule of origin for the CPTPP and the fabric-forward rule of origin for the EVFTA to enjoy tariff reductions. However, the new regulation does not encourage companies to use locally-sourced materials,” he added. “They will prefer to purchase materials overseas rather than investing in local material production.”

He also worried about the rising tax-based fees to lower the financial capacity and competitiveness of local players in the international market, especially with higher prices for finished products. Thanh Cong is exporting its products to the United States, South Korea, and Europe, which are the key export markets for Vietnam’s textile and garment industry.

“We have yet to access any COVID-19 relief packages from the government,” Tung added. “With additional duty payment, Thanh Cong has to balance its investments while mobilising other resources to minimise the impact of the pandemic. Following the recent flare up of cases in the north, Thanh Cong has social distancing practices to ensure the safety of nearly 8,000 workers.”

Under Decree 18, both exporters and importers have to pay duty rates for on-spot import-export goods. Nguyen Bao Tran, general director of Tex-Giang, said that the company has received the guidance of the General Department of Vietnam Customs on the implementation of Decree 18. With the new decree, it means businesses will not receive any support from the government in terms of administrative reform, which will make production and business activities more difficult and expensive.

According to Tran, the immediate duty payment fails to encourage companies to switch from outsourcing to free-on-board production to increase the added value. Moreover, it often takes around one year for companies to import materials for production as well as complete documents on export and tax refund. The one-year suspension for duty refunds creates a huge financial waste for businesses.

Indeed, Decree 18 aimed to target a few local material producers but it now affects 95 per cent of garment and footwear firms. The decree does not encourage exported goods, causing inequality between outsouring production and export activities.

As the pandemic rumbles on, textile and footwear organisations have made objections to the new rules (see quotes). The industry had previously proposed the removal of the 10 per cent VAT payment for the purchase of domestic raw materials. However, it has yet to receive the green light. This, coupled with the additional duty for on-spot export, creates more challenges for businesses.

The prime minister issued a directive to review overlapping and inadequate documents causing difficulties for businesses earlier this month.

The textile and footwear industry generates employment for about five million workers. Leaders of business associations are calling for the government’s attention to the issuance of Decree 18 to address the policymaking process. In particular, review of the regulations will help attract more foreign manufacturers to relocate their businesses to Vietnam.

Phan Thi Thanh Xuan – Secretary general, Vietnam Leather, Footwear, and Handbag Association 

The main target of the regulation imposing import duty on locally-sourced materials used for export production under Decree 18 is aiming at preventing trade fraud and tax evasion by local businesses engaging in materials and accessories production.

In fact, more than 90 per cent of businesses in the footwear sector take part in export production, so the application of the regulation has put big pressure on those with negative impacts on their production and business practice. They are held in passive position as they do not have available money to pay for the new tax line as the regulation rules that businesses need to pay the tax right after completing purchases of materials. Under our estimation, on-the-spot export accounts for about 15 per cent of the total product volume of the footwear sector. With a total value of $22 billion, this export value would amount to $3.3 billion, equal to nearly $600 million worth in the tax value to be imposed on locally-sourced materials for export production. This sum means businesses need to borrow at banks with annual interest rate surpassing 10 per cent.

Currently, there are businesses using local materials for export production that have taken millions of US dollars in bank loans for payment of this kind of tax. As per regulation, they will get the tax refund after nearly a year, yet the tax refund procedures are by no mean simple.

The government has encouraged the local footwear sector to spur supporting industry development to become self-reliant on production. This regulation, however, goes counter to this will, even stimulating material import as it is a tax exemption. The government therefore needs to soon take measures to revise or annul the regulation helping them to maintain stable production and business.

Vu Duc Giang – Chairman, Vietnam Textile and Apparel Association 

Our association has conveyed documents to the Government Office and relevant agencies reflecting on current impediments pertaining to tax policies and custom procedures upon implementing Decree 18.

The decree needs to clarify two points. Firstly, does local materials serving export-oriented production subject to import duty include the materials provided by businesses from export processing zones and non-tariff zones? And secondly, does the tax refund scheme apply if local materials and accessories are imported to serve export-oriented production and in fact have supplied the products to foreign traders, even if the foreign traders are not those based on export processing zones and non-tariff zones?

Currently, businesses in the sector are facing difficulties as current customs system does not support automated declaration following forms 23 and 24. They must make their declarations following form 18a and need to go back and forth to customs offices to complete their procedures. This goes counter to the spirit of revised Circular No.38/2015/TT-BTC issued in 2015 on simplifying procedures for businesses.

As the pandemic situation shows growing complication with major impacts on the production and business in the entire sector, we propose amending regulations in the direction of giving tax exemptions to locally-sourced materials serving export production, thus encouraging businesses to shift into export production under the free-on-board form instead of simply carrying out export processing based on foreign client orders.

Decree No.18/2021/ND-CP dated March 11, 2021, which supersedes Decree No.134/2016/ND-CP dated 2016, rules that on-spot export items are not eligible for export duty exemption. On-spot export traders need to make customs declarations, including declaration on export duty payment following the rate and the taxable value of on-spot export items regulated at the time of making their customs declarations.

The decree also rules that on-spot import materials and accessories registered at customs offices as being imported to serve export processing shall be exempted from import duty, if the import traders satisfy requirements set in the decree. Otherwise, the traders need to make customs declarations and pay import duty following the rate and the taxable value of on-spot import materials and accessories regulated at the time of making their declarations.

Source: https://vietnamnet.vn/en/business/tax-tweak-puts-strain-on-apparel-makers-740266.html

Business

Vietnam’s agro-forestry-fishery exports hit record high

Published

on

Vietnam raked in US$49 billion in export revenue from agro-forestry-fishery products between January and November of this year, exceeding the previous record of $48.6 billion set in 2021, according to the Ministry of Agriculture and Rural Development.

The ministry on Wednesday shared that Vietnam exported over $4.27 billion worth of agro-forestry-fishery products in November alone, down nearly five percent year on year.

During the same period, the country’s seafood export turnover hit $10.14 billion for the first time ever.

The Vietnam Association of Seafood Exporters and Producers (VASEP) will hold a ceremony to celebrate the milestone on December 10.

From January to November, there were eight commodities with export turnovers that surpassed $2 billion, including coffee ($3.5 billion, up 31.5 percent), rubber ($2.9 billion, up 3.2 percent), rice ($3.2 billion, up 6.9 percent), tra fish ($2.2 billion, up 61 percent), shrimp ($4.1 billion, up 14.6 percent), and wood and wooden products ($14.6 billion, up 9 percent).

Asian countries remained the largest importers of Vietnam’s agro-forestry-fishery products with nearly 45 percent of the market share, followed by America with 27 percent, and Europe with 11 percent.

As for importing countries, the U.S. took the lead with $12.3 billion.

China came in second with some $9.3 billion, followed by Japan with $3.9 billion, and South Korea with $2.3 billion. 

According to the Ministry of Agriculture and Rural Development, Vietnam, China’s unwillingness to end its zero-COVID policy will create a challenging future for Vietnamese farm produce for the foreseeable future. 

Moreover, due to the depreciation of China’s renminbi and Thailand’s baht over the Vietnam dong and U.S. dollar, China will likely increase imports from Thailand and reduce imports from Vietnam.

Meanwhile, Vietnam’s exports of wood pellets to the European Union (EU) remain low due to Europe’s strict origin traceability requirements.

The EU’s requirements for wood pellet imports are more stringent than those of Japan and South Korea, which is a significant challenge that will require Vietnamese exporters to improve their equipment and technology.

The Ministry of Agriculture and Rural Development will continue popularizing a protocol on the official export of Vietnamese durians to China, requirements for passion fruit exports to China, and requirements for pomelo exports to the U.S.

The ministry will also accelerate negotiations over a protocol on phytosanitary requirements for dragon fruit, longan, litchi, rambutan, and mango exports to China. 

It will also work with the General Administration of Customs of China to launch weekly online inspections into banana and durian batches shipped from Vietnam to its northern neighbor.

In addition, it will seek ways to remove technical and trade hindrances and pave the way for the export of Vietnamese products to other large and potential markets, such as Japan, South Korea, Myanmar, Australia, and New Zealand via official channels.

Specialized agencies will work with Japanese phytosanitary inspectors who come to Vietnam to check local dragon fruit, mango, and longan processing units in order to boost the export of these products.

The government assigned the Ministry of Agriculture and Rural Development an agro-forestry-fishery export revenue target of $50 billion this year.

If the export growth momentum is maintained in the last month of the year, the country’s agro-forestry-fishery exports this year will likely reach $53 billion.

Like us on Facebook or  follow us on Twitter to get the latest news about Vietnam!

Vietnam raked in US$49 billion in export revenue from agro-forestry-fishery products between January and November of this year, exceeding the previous record of $48.6 billion set in 2021, according to the Ministry of Agriculture and Rural Development.

The ministry on Wednesday shared that Vietnam exported over $4.27 billion worth of agro-forestry-fishery products in November alone, down nearly five percent year on year.

During the same period, the country’s seafood export turnover hit $10.14 billion for the first time ever.

The Vietnam Association of Seafood Exporters and Producers (VASEP) will hold a ceremony to celebrate the milestone on December 10.

From January to November, there were eight commodities with export turnovers that surpassed $2 billion, including coffee ($3.5 billion, up 31.5 percent), rubber ($2.9 billion, up 3.2 percent), rice ($3.2 billion, up 6.9 percent), tra fish ($2.2 billion, up 61 percent), shrimp ($4.1 billion, up 14.6 percent), and wood and wooden products ($14.6 billion, up 9 percent).

Asian countries remained the largest importers of Vietnam’s agro-forestry-fishery products with nearly 45 percent of the market share, followed by America with 27 percent, and Europe with 11 percent.

As for importing countries, the U.S. took the lead with $12.3 billion.

China came in second with some $9.3 billion, followed by Japan with $3.9 billion, and South Korea with $2.3 billion. 

According to the Ministry of Agriculture and Rural Development, Vietnam, China’s unwillingness to end its zero-COVID policy will create a challenging future for Vietnamese farm produce for the foreseeable future. 

Moreover, due to the depreciation of China’s renminbi and Thailand’s baht over the Vietnam dong and U.S. dollar, China will likely increase imports from Thailand and reduce imports from Vietnam.

Meanwhile, Vietnam’s exports of wood pellets to the European Union (EU) remain low due to Europe’s strict origin traceability requirements.

The EU’s requirements for wood pellet imports are more stringent than those of Japan and South Korea, which is a significant challenge that will require Vietnamese exporters to improve their equipment and technology.

The Ministry of Agriculture and Rural Development will continue popularizing a protocol on the official export of Vietnamese durians to China, requirements for passion fruit exports to China, and requirements for pomelo exports to the U.S.

The ministry will also accelerate negotiations over a protocol on phytosanitary requirements for dragon fruit, longan, litchi, rambutan, and mango exports to China. 

It will also work with the General Administration of Customs of China to launch weekly online inspections into banana and durian batches shipped from Vietnam to its northern neighbor.

In addition, it will seek ways to remove technical and trade hindrances and pave the way for the export of Vietnamese products to other large and potential markets, such as Japan, South Korea, Myanmar, Australia, and New Zealand via official channels.

Specialized agencies will work with Japanese phytosanitary inspectors who come to Vietnam to check local dragon fruit, mango, and longan processing units in order to boost the export of these products.

The government assigned the Ministry of Agriculture and Rural Development an agro-forestry-fishery export revenue target of $50 billion this year.

If the export growth momentum is maintained in the last month of the year, the country’s agro-forestry-fishery exports this year will likely reach $53 billion.

Like us on Facebook or  follow us on Twitter to get the latest news about Vietnam!

Source: https://tuoitrenews.vn/news/business/20221203/vietnams-agroforestryfishery-exports-hit-record-high/70274.html

Continue Reading

Business

US supports Vietnam’s clean energy adoption

Published

on

The U.S. government has unveiled a US$36-million Vietnam Low Emission Energy Program II (V-LEEP II) fund to be disbursed over five years to speed up Vietnam’s transition to clean energy.

The program is funded by the U.S. Agency for International Development (USAID).

It is meant to help Vietnam develop a clean, secure and market-based energy sector by increasing the deployment of advanced energy systems, improving energy sector performance, and increasing competition in the energy sector, according to the U.S. Consulate General in Ho Chi Minh City.

The consulate general organized a seminar on Thursday to discuss the role of hydrogen fuel technology in green energy transition, as part of the project.

Many researchers evaluated Vietnam as a country with great potential for the development of hydrogen fuel, one of the cleanest alternative sources of raw materials produced from wind and solar energy as it is zero-carbon.

Clean hydrogen can be mixed with traditional fuels such as gas to reduce emissions and to be used in many industries such as steel, chemicals, fertilizers, and transportation. 

Hydrogen is also a great form of chemical energy storage, providing clean backup.

Speaking at the event, Susan Burns, the U.S. Consul General in Ho Chi Minh City, assessed that Vietnam has the advantage of geographical location to thrive in clean hydrogen production. 

The diplomat once again emphasized the U.S.’ enthusiasm in supporting Vietnam shifting toward green energy, in line with the global trend.

Among different forms of recycled energy, Vietnam’s offshore wind power potential is forecasted to reach 160GW in the long term and is one of the most abundant sources of supply in Southeast Asia, according to statistics from the Danish Energy Agency.

Like us on Facebook or follow us on Twitter to get the latest news about Vietnam!

The U.S. government has unveiled a US$36-million Vietnam Low Emission Energy Program II (V-LEEP II) fund to be disbursed over five years to speed up Vietnam’s transition to clean energy.

The program is funded by the U.S. Agency for International Development (USAID).

It is meant to help Vietnam develop a clean, secure and market-based energy sector by increasing the deployment of advanced energy systems, improving energy sector performance, and increasing competition in the energy sector, according to the U.S. Consulate General in Ho Chi Minh City.

The consulate general organized a seminar on Thursday to discuss the role of hydrogen fuel technology in green energy transition, as part of the project.

Many researchers evaluated Vietnam as a country with great potential for the development of hydrogen fuel, one of the cleanest alternative sources of raw materials produced from wind and solar energy as it is zero-carbon.

Clean hydrogen can be mixed with traditional fuels such as gas to reduce emissions and to be used in many industries such as steel, chemicals, fertilizers, and transportation. 

Hydrogen is also a great form of chemical energy storage, providing clean backup.

Speaking at the event, Susan Burns, the U.S. Consul General in Ho Chi Minh City, assessed that Vietnam has the advantage of geographical location to thrive in clean hydrogen production. 

The diplomat once again emphasized the U.S.’ enthusiasm in supporting Vietnam shifting toward green energy, in line with the global trend.

Among different forms of recycled energy, Vietnam’s offshore wind power potential is forecasted to reach 160GW in the long term and is one of the most abundant sources of supply in Southeast Asia, according to statistics from the Danish Energy Agency.

Like us on Facebook or follow us on Twitter to get the latest news about Vietnam!

Source: https://tuoitrenews.vn/news/business/20221203/us-supports-vietnams-clean-energy-adoption/70315.html

Continue Reading

Business

Masterise Homes launches The Global City Sales showroom — Vietnam’s largest lifestyle hub

Published

on

Masterise Homes officially announced the grand opening of The Global City Sales Gallery at the end of last month, marking the presence of Vietnam’s largest sales gallery and lifestyle hub with a scale of 10,000 m2.

Visualizing the future of The Global City, the Sales Gallery is a convergence of unparalleled design and cutting-edge technology produced by global award-winning architectural design studio Foster + Partners.

Located in An Phu Ward, Thu Duc City, Ho Chi Minh City , The Global City Sales Gallery overlooks and is adjacent to a canal and Southeast Asia’s largest Fountain Festival.

The exterior architecture bears the image of majestic wings with the aspiration to reach new heights and the commitment to sustainable development.

The sales gallery is also Vietnam’s first building with the largest surrounding water-covered surface landscape.

The sales gallery is also Vietnam's first building with the largest surrounding water-covered surface landscape.

The sales gallery is also Vietnam’s first building with the largest surrounding water-covered surface landscape.

The spacious interior design encompasses exceptionally high ceilings, open-concept common areas, and a wide range of functional rooms — such as meeting rooms, presentation rooms, and exhibition areas — meticulously incorporating natural landscapes into modern architecture with advanced technology.

The Global City Sales Gallery comprises impressive cutting-edge technology, including a 360-degree LED screen in the main hall and two 180-degree LED screens in the presentation room, as well as a wall-mounted LED screen system in the exhibition and event areas.

The Global City Sales Gallery is designed to exceed all expectations of a regular sales gallery in Vietnam.

The spacious interior design encompasses exceptionally high ceilings, open-concept common areas, and a wide range of function rooms.

The spacious interior design encompasses exceptionally high ceilings, open-concept common areas, and a wide range of function rooms.

Far more than simply a ‘gallery,’ the building serves to welcome Masterise customers to the largest lifestyle hub in Vietnam.

With its perfect location to experience the new center of Ho Chi Minh City, it is no exaggeration to say that The Global City Sales Gallery is poised to become a top choice for corporate networking events and art exhibitions.

Once completed, the sales gallery will comprise an exclusive commercial area with leading brands, creating the perfect entertainment venue to unwind and relax with family and friends.

“Following the successful launch of the Fountain Festival last September, the grand opening today is a testament to our commitment to developing a new downtown at The Global City,” said Gibran Bukhari, Head of Sales Masterise Homes.

Gibran Bukhari, Head of Sales Masterise Homes, speaks at the grand opening of The Global City Sales Gallery.

Gibran Bukhari, Head of Sales Masterise Homes, speaks at the grand opening of The Global City Sales Gallery.

“We take great pride in maintaining construction progress ahead of schedule as we expect the 2km-long canal will commence operating soon, followed by other world-class facilities. The Global City Sales Gallery will become a leading destination for customers and investors and simultaneously boost the attraction and affirm the escalating value of the entire township.”

The Global City Sales Gallery signifies the vision and world-class capability of Masterise Homes to create exquisite real estate developments with impeccable standards.

Masterise Homes’ enthusiasm for building infrastructure in The Global City Sales Gallery demonstrates the commitment to delivering ultimate experiences for customers.

A new center of Ho Chi Minh City is taking shape at The Global City, awaiting future large-scale festivals and entertainment activities.

Masterise Homes officially announces the grand opening of The Global City Sales Gallery.

Masterise Homes officially announces the grand opening of The Global City Sales Gallery.

From November 29 to December 18, Masterise Homes has commemorated the milestone by organizing ‘The Grand Opening Week of The Global City Sales Gallery – Vietnam’s largest lifestyle hub with exclusive experiential events and attractive gifts for customers.

Masterise Homes also signed commercial cooperation agreements with leading F&B brands, such as Pizza 4P’s, Pasteur Street Brewing, and several brands under Mylife Company, including Yen Sushi & Sake Pub, Yen Sushi Premium, Shamoji, Omakase, Mylife Coffee, and many others.

The presence of Vietnam’s beloved F&B brands at The Global City will guarantee exquisite service facilities and elevate the ability to attract investment and value for SOHO townhouses – the first subdivision on the open market at The Global City.

About The Global City

The Global City, Vietnam’s first international standard township, is curated by award-winning British architectural design and engineering firm Foster + Partners.

Owning ‘the crown jewel’ of Ho Chi Minh City in An Phu Ward, Thu Duc City, the 117.4-hectare palatial master plan aims to become the new center of Ho Chi Minh City, with various products and world-class facilities.

The first public facility is phase 1 of the canal and Fountain Festival, which was put into operation in September 2022.

The launch generated a considerable buzz and attracted thousands of attendees from Chi Minh City.

About Masterise Homes

Masterise Homes, a member of Masterise Group, is a pioneer in bringing world-class excellence to the development, operations, and management of luxury real estate products and services in the Vietnamese market and beyond.

With a one-of-a-kind portfolio comprising the largest branded residences in Southeast Asia, Masterise Homes demonstrates world-class capabilities via a strategic partnership with Marriott International, the largest hotel brand in the world with iconic brands of Marriott, JW Marriott, The Ritz-Carlton, and ELIE SAAB to elevate Vietnam’ s position on the global property map.

Masterise Homes officially announced the grand opening of The Global City Sales Gallery at the end of last month, marking the presence of Vietnam’s largest sales gallery and lifestyle hub with a scale of 10,000 m2.

Visualizing the future of The Global City, the Sales Gallery is a convergence of unparalleled design and cutting-edge technology produced by global award-winning architectural design studio Foster + Partners.

Located in An Phu Ward, Thu Duc City, Ho Chi Minh City , The Global City Sales Gallery overlooks and is adjacent to a canal and Southeast Asia’s largest Fountain Festival.

The exterior architecture bears the image of majestic wings with the aspiration to reach new heights and the commitment to sustainable development.

The sales gallery is also Vietnam’s first building with the largest surrounding water-covered surface landscape.

The sales gallery is also Vietnam's first building with the largest surrounding water-covered surface landscape.

The sales gallery is also Vietnam’s first building with the largest surrounding water-covered surface landscape.

The spacious interior design encompasses exceptionally high ceilings, open-concept common areas, and a wide range of functional rooms — such as meeting rooms, presentation rooms, and exhibition areas — meticulously incorporating natural landscapes into modern architecture with advanced technology.

The Global City Sales Gallery comprises impressive cutting-edge technology, including a 360-degree LED screen in the main hall and two 180-degree LED screens in the presentation room, as well as a wall-mounted LED screen system in the exhibition and event areas.

The Global City Sales Gallery is designed to exceed all expectations of a regular sales gallery in Vietnam.

The spacious interior design encompasses exceptionally high ceilings, open-concept common areas, and a wide range of function rooms.

The spacious interior design encompasses exceptionally high ceilings, open-concept common areas, and a wide range of function rooms.

Far more than simply a ‘gallery,’ the building serves to welcome Masterise customers to the largest lifestyle hub in Vietnam.

With its perfect location to experience the new center of Ho Chi Minh City, it is no exaggeration to say that The Global City Sales Gallery is poised to become a top choice for corporate networking events and art exhibitions.

Once completed, the sales gallery will comprise an exclusive commercial area with leading brands, creating the perfect entertainment venue to unwind and relax with family and friends.

“Following the successful launch of the Fountain Festival last September, the grand opening today is a testament to our commitment to developing a new downtown at The Global City,” said Gibran Bukhari, Head of Sales Masterise Homes.

Gibran Bukhari, Head of Sales Masterise Homes, speaks at the grand opening of The Global City Sales Gallery.

Gibran Bukhari, Head of Sales Masterise Homes, speaks at the grand opening of The Global City Sales Gallery.

“We take great pride in maintaining construction progress ahead of schedule as we expect the 2km-long canal will commence operating soon, followed by other world-class facilities. The Global City Sales Gallery will become a leading destination for customers and investors and simultaneously boost the attraction and affirm the escalating value of the entire township.”

The Global City Sales Gallery signifies the vision and world-class capability of Masterise Homes to create exquisite real estate developments with impeccable standards.

Masterise Homes’ enthusiasm for building infrastructure in The Global City Sales Gallery demonstrates the commitment to delivering ultimate experiences for customers.

A new center of Ho Chi Minh City is taking shape at The Global City, awaiting future large-scale festivals and entertainment activities.

Masterise Homes officially announces the grand opening of The Global City Sales Gallery.

Masterise Homes officially announces the grand opening of The Global City Sales Gallery.

From November 29 to December 18, Masterise Homes has commemorated the milestone by organizing ‘The Grand Opening Week of The Global City Sales Gallery – Vietnam’s largest lifestyle hub with exclusive experiential events and attractive gifts for customers.

Masterise Homes also signed commercial cooperation agreements with leading F&B brands, such as Pizza 4P’s, Pasteur Street Brewing, and several brands under Mylife Company, including Yen Sushi & Sake Pub, Yen Sushi Premium, Shamoji, Omakase, Mylife Coffee, and many others.

The presence of Vietnam’s beloved F&B brands at The Global City will guarantee exquisite service facilities and elevate the ability to attract investment and value for SOHO townhouses – the first subdivision on the open market at The Global City.

About The Global City

The Global City, Vietnam’s first international standard township, is curated by award-winning British architectural design and engineering firm Foster + Partners.

Owning ‘the crown jewel’ of Ho Chi Minh City in An Phu Ward, Thu Duc City, the 117.4-hectare palatial master plan aims to become the new center of Ho Chi Minh City, with various products and world-class facilities.

The first public facility is phase 1 of the canal and Fountain Festival, which was put into operation in September 2022.

The launch generated a considerable buzz and attracted thousands of attendees from Chi Minh City.

About Masterise Homes

Masterise Homes, a member of Masterise Group, is a pioneer in bringing world-class excellence to the development, operations, and management of luxury real estate products and services in the Vietnamese market and beyond.

With a one-of-a-kind portfolio comprising the largest branded residences in Southeast Asia, Masterise Homes demonstrates world-class capabilities via a strategic partnership with Marriott International, the largest hotel brand in the world with iconic brands of Marriott, JW Marriott, The Ritz-Carlton, and ELIE SAAB to elevate Vietnam’ s position on the global property map.

Source: https://tuoitrenews.vn/news/business/20221202/masterise-homes-launches-the-global-city-sales-showroom-vietnams-largest-lifestyle-hub/70311.html

Continue Reading

Trending