Business News in Vietnam on April 15, 2024

Prime Minister Pham Minh Chinh has called for a study on traffic connectivity between Tan Son Nhat International Airport in HCMC and the under-construction Long Thanh International Airport in Dong Nai Province. This request was made after the 10th meeting of the steering committee for key national infrastructure projects. The study will focus on creating effective traffic connections between the two airports, which could involve an elevated or underground rail line.

In another development, Quang Tri Province has announced plans to begin work on an airport in June, with commercial service expected to start in late 2026. The province is actively preparing for construction, with the goal of handing over land to investors before May 31 and completing land clearing by the end of the year. The airport project has received approval for investment under the build-operate-transfer format, with a total investment of VND5,821 billion.

Meanwhile, the real estate market in Hanoi showed mixed signals in the first quarter of this year, with new retail space supply increasing and office space supply remaining stable. The hotel sector saw occupancy reaching 65%, with new apartment supply plunging by 34% year-on-year. The gap between secondary and primary market prices widened, with primary prices now 40% higher on average.

In Quang Ngai Province, nearly 80 investment projects have been revoked over the past four years due to stagnant progress, wasting land and causing public anger. The province is committed to checking and dealing with all stagnant investment projects in 2024.

Lastly, Vietnam is promoting its tourism in Italy’s Marche region, with the “Vietnam – Timeless Charm” brand being showcased in a recent tourism promotion event. The event aimed to strengthen cooperation between the two countries in trade, tourism, and cultural exchange, with discussions on the possibility of a direct flight between Vietnam and Italy in 2025.