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Woman Waits for Parents’ Death Before Distributing Estate Equally

Posted byNguyen Ayi

Saigon, Vietnam– In a heartwarming display of familial love and respect, local resident Nguyen Thi Lan has announced her noble plan to wait patiently for her parents to pass away before distributing their estate among her siblings. The 35-year-old sister, known for her unwavering commitment to family harmony, has vowed to ensure that the distribution of their parents’ hard-earned land and money will be executed without a single argument.

“I just want to honor our parents’ legacy,” Lan stated. “They worked so hard for everything they have, and I believe the best way to respect them is to wait until they’re gone.”

Lan’s brothers, Nguyen Van Hoang and Nguyen Van Minh, have expressed their gratitude for her selfless decision. “It’s refreshing to see someone take the high road,” Hoang remarked, while Minh added, “I mean, who wouldn’t want to wait for our parents to die before discussing their money? It’s the respectful thing to do!” Neither brothers have ever done anything irresponsible with money like taking loans they can’t pay back.

The siblings have already begun to prepare for the inevitable family meeting that will take place after their parents’ passing. “We’ve even created a group chat called ‘Estate Planning’ to ensure that we can discuss everything in a civilized manner,” Minh explained. “We’re all on the same page—no arguments, just love and respect.”

Local experts have praised Lan’s approach, noting that her decision to wait for her parents to pass away is a refreshing change from the typical inheritance disputes that often plague families in Saigon. “It’s rare to see such a selfless act in today’s society,” said Dr. Tran Minh Tu, a family psychologist.

As the family prepares for the inevitable, Lan has also taken steps to ensure that her parents are comfortable in their twilight years. “I’ve … Read more

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Ministry of Finance Announces Recession Based on New Indicator (UAAI)

Posted byNguyen Ayi

Uncles and Aunties in Trite Arguments

By Nguyen Ayi

Ho Chi Minh City- The Ministry of Finance has decided to adopt neighborhood disputes over potted plants, trash can placements, and parking spots as official economic indicators to track the health of the economy. Ho Chi Minh City has officially entered a recession according to a new economic indicator: uncles and aunties in trite arguments (UAAI). The economic downturn has manifested itself in uncles brawling over parking spots and trash can placement, and aunties squabbling over the optimal placement of a potted plant.

Last Saturday at Tan Dinh market, two uncles, armed with nothing but their pride and a few choice expletives, engaged in a heated battle over a coveted parking space. Witnesses reported that the argument escalated quickly, with both parties resorting to slapping matches reminiscent of a cheerleading squad fighting over pompoms. “I’ve been circling this lot for 20 minutes!” shouted Uncle Nguyen, while Uncle Tran retorted, “You think you own this street? I’ve parked here since before you were born!”

As the altercation drew a crowd, it became clear that this was not just a simple disagreement over a parking spot; it was a microcosm of the city’s economic woes. The streets of Ho Chi Minh are now filled with new empty high-end coffee shops and Western-style bistros on bad credit, all of which will be out of business in six months.

In a nearby neighborhood, a group of aunties found themselves embroiled in a fierce debate over the placement of a potted plant on the corner of a communal garden. “It needs more sunlight!” insisted Auntie Mai, while Auntie Lin countered, “No, it needs to be closer to the bench for aesthetic purposes!” The argument quickly escalated, with coconut cleavers twirling through the polluted air.

This trivial … Read more

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The Editor’s Friend’s Financial Burden

Posted byNguyen Ayi

Guest Editorial By Tuan Twat

The Views Expressed Here Are Not Necessarily The Views Of Vietnam Beat, Although We Probably Still Despise You As The Reader.

As I sit in my sprawling mansion—an architectural marvel that boasts seven bedrooms, an infinity pool, and a home gym that rivals the local fitness center—I can’t help but reflect on how well I’m doing. You see, despite my countless triumphs and the hundreds of thousands of dollars I rake in annually, I must lament the tragic financial plight of my family members who haven’t paid me back for that $50 I lent them three years ago. Yes, it’s true: while I am living the dream, I bear the heavy burden of their debt.

Now, I fully understand that this newspaper absolutely should not be giving me a platform to air my grievances about how privileged I am to complain. But let’s be honest—what else could you possibly want to read about? The struggles of a middle-class family trying to make ends meet? Yawn. Instead, let me tell you about my struggle with maintaining a lifestyle that includes regular visits from my housekeeper, who I swear has been using too much bleach on my marble floors.

Oh, the sacrifices I make! Just last week, I had to budget for my kids’ tuition at an elite university in the U.S., a country that is, let’s face it, a bit of a dumpster fire at the moment. I mean, who wouldn’t want their children to have the chance to develop a drug habit or start a small fire at their fourth home near UCLA? The American Dream, right? I often hear my friends in Vietnam say, “Nguyen, it must be so fulfilling to have children at such prestigious institutions!” And I respond, “Yes, but at what … Read more

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HCMC: Unsustainable Salaries and Stagnant Jobs

Posted byNguyen Ayi

Opinion by Nguyen Thinh

Ho Chi Minh City, the bustling metropolis in southern Vietnam, has been experiencing rapid economic growth over the past few decades. The city has witnessed a surge in foreign investment, an increase in tourism, and a rise in living standards.

However, this growth has not been accompanied by an increase in salaries and job opportunities, leading to an unsustainable cost of living.

The cost of living in Ho Chi Minh City has skyrocketed in recent years, with housing and food costs being the primary contributors.

According to Numbeo, a website that compares the cost of living between cities, the average monthly rent for a one-bedroom apartment in the city center is around 9 million VND (390 USD), while a three-bedroom apartment can cost up to 27 million VND (1,170 USD). Additionally, the cost of owning a car or motorbike is high, with gasoline prices being among the highest in Southeast Asia.

Despite the high cost of living, the average salary in Ho Chi Minh City remains low. According to a report by VietnamWorks, a leading job search website in Vietnam, the average salary in the city is around 10 million VND (430 USD) per month. This is significantly lower than the cost of living, making it difficult for residents to make ends meet. Moreover, the job market in the city is highly competitive, with many graduates struggling to find employment opportunities that match their qualifications.

The combination of high living costs and low salaries has resulted in an unsustainable situation for the residents of Ho Chi Minh City. Many people are forced to work multiple jobs or rely on their families for financial support. The lack of affordable housing and transportation options also forces many to live in overcrowded and unsanitary conditions.

To address this issue, … Read more

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Factory Layoffs Afoot

Posted byNguyen Ayi



By Joe Fotalattee

According to Ho Chi Minh City Social Insurance statistics, businesses in the city reported a decrease of more than 34,000 people in the first two months of the year. More than 16,300 people applied for unemployment benefits during this time, according to data from the City Employment Service Center. More than 500,000 people are anticipated to need to find employment in 2023.

The number of people enrolled in social insurance will decline at the start of the year, according to Mr. Tran Dung Ha, Deputy Director of Ho Chi Minh City Social Insurance, because workers returning to their hometowns did not stay in the city. But this year, there are more factors influencing the state of the global economy. As a result, businesses face challenges and have to cut back on both labor and production. By the end of January, more than 1,300 businesses in the entire city had been dissolved, declared bankrupt, or ceased operations.

Nguyen Van Lam, the deputy director of the city’s department of labor, invalids, and social affairs, determined that the labor market in the city is still favorable. Orders have fallen, particularly in the processing sector, which includes the production of wood, footwear, and textiles. However, based on the survey, the associations predict that orders from June to July will gradually stabilize.

Phan Thi Thanh Xuan, vice president of the Vietnam Leather, Footwear and Handbag Association (Lefaso), told VnExpress that the industry as a whole employs 1.5 million people across more than 2,000 businesses. Orders in the sector are currently still down by 30%. Therefore, factories must undoubtedly cut back on labor if they want to lower costs and meet the demand for the product. When orders pick up again, this will result in a labor shortage for businesses.

Nearly 547,000 employees … Read more

FinanceTech
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Apple Supplier Expands Investment In Vietnam

Posted byNguyen Ayi

By Joe Fotalattee

According to South China Morning Post (SCMP), Foxconn, Apple’s largest contractor, has decided to invest US$62.5 million into a land lease agreement in the Vietnamese province of Bac Giang to grow its operations there.

The Saigon – Bac Giang Industrial Park Corp. and the Taiwanese behemoth, formerly known as Hon Hai Precision Industry, have agreed to the terms to “meet its operational needs and increase production capacity”.

The site was rented through Foxconn’s subsidiary Fulian Precision Technology Component Co., which is situated in the Quang Chau Industrial Park in the province of Bac Giang. According to the company, the lease is valid until February 2057.

Last August, Foxconn, and a Vietnamese developer agreed to build a new factory in Bac Giang for the production of iPads and AirPods. The deal was worth $300 million.

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Vietnam Lacks Regulation In Investment Scams

Posted byNguyen Ayi

Opinion by Joe Fotalatte

Despite positive outlooks in the local press on tourism, real estate, stock markets, and other struggling industries, a Hanoi Times article is calling for Vietnam to have a regulatory framework regarding cryptocurrencies. Surprisingly, the author is the Founder of RMIT FinTech-Crypto Hub, Pham Nguyen Anh Huy, Senior Lecturer in Finance at RMIT University Vietnam.

The article noted that exchanges like Binance or Remitano operate freely in Vietnam without a financial services provider license, and investors who profit from cryptocurrency do not pay taxes on their capital gains. In contrast, cryptocurrency exchange providers in Singapore and soon Hong Kong must pass a rigorous licensing process.

The author concluded many cryptocurrency projects, particularly GameFi, Move to Earn, Metaverse, and Web3, were introduced in the unregulated setting, which he claims boosted national innovation and propelled the digital economy.

However, Huy says, the absence of a regulatory framework has resulted in negative aspects, including a volatile business environment, unprotected investors in scams, difficulty in tracking fraudulent and criminal activities such as money laundering, and the inability of tax authorities to collect taxes.

Regardless of the self-promotion, the call for regulation from an industry insider was a breath of fresh air because the local press has been irresponsible on the issue, and the average Joe is left holding the bag in any Ponzi scheme scam.

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Da Nang Attractive To Foreign Investors

Posted byNguyen Ayi


by Joe Fotalattee

On January 16, Nguyen Van Quang, a member of the Party Central Committee, hosted in Da Nang delegations from the consulates general of China, Japan, Laos, and the Russian Federation.

In attendance at the meeting were the consul generals of the various nations, who sent greetings for the Lunar New Year of 2023 to the secretary of the city party committee and the city’s authorities. Consuls from other nations expressed their appreciation and congratulations for Da Nang’s socioeconomic recovery and development in 2022.

Consul Generals from China, Japan, Laos, and the Russian Federation declared that they would continue to promote bilateral cooperation in the future, fostering connections between Da Nang and regions and units of other nations.

Nguyen Van Quang, the secretary of the Da Nang City Party Committee, praised the accomplishments of the socioeconomic development of China, Japan, Laos, and the Russian Federation.

Da Nang city, in particular, has many advantages in luring investment, including an abundance of human resources, numerous preferential policies, industrial parks, and high-tech parks.

According to VNA, leaders of Danang are dedicated to continuously fostering a favorable environment, streamlining administrative processes, and encouraging support for foreigners and businesses operating in and around Da Nang.

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Pork Sales For Tet

Posted byNguyen Ayi


By Joe Fotalattee

VNA is reporting major retailers are advertising steep discounts on necessary consumer goods in preparation for the Lunar New Year.

The Union of Trade Cooperatives of Ho Chi Minh City, in particular, continues to “pump” 12,000 Tet products and programs to the market to meet consumer shopping and consumption needs for the Lunar New Year of the Rabbit in 2023. Pork is the primary ingredient in Tet dishes like banh chung and banh tet, and retailers are slashing pork prices.

Saigon Co. Op is providing a 30% discount on ground pork products, pork bones, pig bones, pork ribs, and pork ribs.

A variety of food products will continue to be promoted through sales, according to Phan Van Dung, Deputy General Director of Vietnam Animal Products Industry Joint Stock Company (VISSAN). The price will remain stable to boost consumer demand.

The volume of goods expected to enter the market may rise by an average of 20 to 35 percent during the week leading up to the Lunar New Year in 2023.

The government and retailers have been working together to ensure no stock shortages and to curb inflation. The economic outlook for 2023 continues to remain positive.