Poetic masterpiece ‘Tale of Kieu’ will be adapted into a musical theatre production by French artists

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Vietnam’s 18th century poetic masterpiece ‘Tale of Kieu’ by celebrated poet Nguyen Du will be adapted into a musical theatre production for the first time by French artists at a performance to be held in Ho Chi Minh City and Hanoi this September. Nhandan Online reports.

Entitled ‘Kim Van Kieu’, the musical performance will feature professional opera singers and artists from Paris-based L’Attrape Théâtre.

Directed by talented French director Christophe Thiry, the show will offer the audience fresh experimental experiences by blending various genres of opera, pop, theatre play, and performances of musical instruments including violin, guitar and piano.

The audiences will also be entertained with Vietnamese traditional music through performances of Vietnamese musicians Mai Thanh Son and Mai Thanh Nam.

The show will be staged at Idecaf Drama Theatre in Ho Chi Minh City on September 21, and then at the French Cultural Centre in Hanoi L’Espace on September 25.

‘The Tale of Kieu’ is widely regarded as the most significant work of Vietnamese literature.

In 3,254 verses, written in luc bat (“six–eight”) meter, the poem recounts the life, trials and tribulations of Thuy Kieu, a beautiful and talented young woman, who has to sacrifice herself to save her family.

The masterpiece has been translated into many foreign languages, including Russian, French, English, German, Romanian and Spanish.

 

 

Vietnam youths struggle with cyberbullying

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A fifth of young Vietnamese are bullied online but most do not know how to find professional help for this, a UNICEF survey has found. VnExpress reports.

Seventy percent of young Vietnamese respondents told the Violence against Children survey, which was released last week, they were not aware of any helpline or service in case of cyberbullying.

A total of 170,000 people aged 13 to 24 were polled in 30 countries. This included 1,788 in Vietnam, where 21 percent said they had been victimized by online bullying.

The rates in neighboring countries were much higher, including 45 percent in Indonesia and 30 percent in Malaysia.

Tellingly, almost half of the Vietnamese respondents said they knew about private online groups inside the school community where information about peers was shared for bullying.

But 96 percent said they have not used technology or digital platforms to harass or bully others, with only 4 percent admitting they have.

The survey notwithstanding, the reality is that there is limited data or evidence on cyberbullying and online child abuse and exploitation in Vietnam, Rana Flowers, UNICEF Representative in Vietnam, told VnExpress International.

But the online risks are evident. Sexual grooming, luring, exploitation and abuse, both online and offline, and exposure to inappropriate, violent and hateful content are frequently reported.

Hoang Huynh, 20, remembers vividly what it was like to be besieged by brutal online bullies.

An avid player of League of Legends (LoL), an online strategy game, the Saigon university student said casual cruelty would be perpetrated during every single game he played for years.

“When somebody is doing badly [at the game] or have bad [Internet] connections, others would tell them to ‘go to hell’, ‘die b*tch… why do you still live?’”

Calling other gamers stupid idiot or f*ggot was also a constant refrain in Hoang’s public chat section on LoL.

Thirteen percent of Vietnamese said the violence between young people happened in online games, while 68 percent pointed to social networks, mostly Facebook, as the bullying arena, according to the UNICEF survey.

The verbal insults were publicly posted online (32 percent) or sent via private messages (24 percent), the 197 Vietnamese respondents who replied to a question on whether the bullying is public or private, said.

Researchers have pointed out that cyberbullying can potentially have a stronger negative impact on the victims than verbal abuse because it reaches a wider audience and it leaves a permanent digital footprint.

Some young people turn to cyberbullying because they think it helps solve their social problems by bringing attention, recognition, popularity, and even power to them.

“I was always known for having a temper and I feel my temper is constantly challenged while playing the game,” Huynh said. He took out the frustration from the online abuse on his family by snapping at them, he said.

Cyberbullying can be in the form of violence and aggression online, and it has a negative and long-term impact on children affected by or involved as bullies, victims or witnesses, Flowers said.

Online bullying can also take the form of boycotting through setting up anti-groups, making up stories or rumors or threats to disseminate sensitive images.

In Vietnam, these have been known to result in disastrous real-life events.

Virtual abuse, real repercussion

Last year the body of a 16-year-old girl was found in a pond near her home in Quynh Luu District, Nghe An Province in central Vietnam.

Her classmates, teacher and parents were completely shocked by her death, and said they had not noticed anything unusual about her before the incident. She topped her class and was a model student.

Tran Canh Ban, her head teacher, hinted that her death could have been linked with a video showing her and a male classmate kissing, which had been posted on social media a few days before her death. It had attracted a number of vicious comments.

The student left a one-page suicide note for her parents, which reportedly apologized to them. The family refused the police’s offer of a biopsy, leaving the real cause of her death a mystery.

In 2016 the media spotlight was on Ngoc Han, a 13-year-old student in the central province of Khanh Hoa who doused a classroom in gasoline and set fire to it.

The fire only caused minor damage to the school but badly burnt both her legs.

An investigation found her bizarre action followed a dare she had posted on Facebook saying she would burn her school if the post got 1,000 likes. When the number was reached she was goaded by some of the same people to act on her promise.

They bombarded her with messages exhorting her to burn the school. Some even threatened to beat her up if she backed out.

Some 10 students met her a few days after the post, gave the gasoline and ordered her to start the fire.

Her story was widely discussed on social media and in the media, with many blaming her for being immature and reckless.

Ill-equipped to tackle online violence

The survey asked the respondents who was responsible for preventing cyberbullying.

In Vietnam, 44 percent thought the answer to the problem was they themselves, while 30 percent believed it was the government’s job. Some said the responsibility lay with Internet companies (14 percent) and schools (12 percent).

However, even important figures in young people’s lives are not knowledgeable about this issue or how to handle it.

Flowers said: “Parents and children in Vietnam don’t necessarily perceive cyberbullying as a serious concern. When asked about on-line risks – parents worry about gaming, screen time – but they are distant from and uninformed about the dangers and risks their children face.”

A 2017 report titled Child Online Protection Capacity Assessment by UNICEF and Vietnam’s Ministry of Labor, Invalids and Social Affairs found that children used the Internet without adult supervision, and had almost no understanding of threats online or how to manage them. They simply believed that abuse could never happen to them.

This is coupled with the fact that older generations are scrambling to catch up with the technological sophistication of their juniors, said Flowers.

They are generally lack the understanding that online risks like bullying, sexual abuse and exploitation and that non-physical abuse can also have a damaging and long-lasting impact on a child’s well-being, she said.

Besides, Vietnam does not have legislation related cyberbullying, she added.

What can be done

Since it is impossible to stop young people from going online, UNICEF Vietnam is collaborating with the ministries of education and social affairs to establish measures to prevent violence and (cyber) bullying and respond to it when it occurs.

This includes the creation of accessible and confidential ways for students to report any act of violence and (cyber) bullying at school without fear of reprisal.

The data collected with the recently published survey will also help us continue the research in understanding the degree to which children are at risk from these forays, Flowers said.

“The strengthening of the capacity of staff at the National Child Protection Helpline to deal with cases of cyberbullying will also be a focus as it supports the government and communities to deal with cases of violence against children in a holistic manner to both protect and support victims and help children and young people involved in and perpetrating online abuse to change,”she said.

For some people, the solution can be as simple as signing out.

Huynh, the 20-year-old HCMC student, said he quit LoL recently after seven years in the community.

“The negativity was not worth it any more. Now I think [the experience] is a life lesson for me.”

But games are just one of the many cyberspaces where someone can be exposed to anonymous abusers.

There are 62 million active social media users in Vietnam, or nearly two-thirds of the country’s population. Of them, six million were Facebook and Instagram users under the age of 18.

A recent survey by HCMC market research firm Q&Me found more than 80 percent of Vietnamese users spend more than two hours a day on apps, the most popular being Facebook, YouTube, Messenger, and Zalo.

By Sen.

Popular community races raise funds

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Phùng Quán of District 2 jogs for five kilometres each day on the grounds of the apartment building where he lives.

“I want to burn calories and be healthy,” Quán said, adding that he also is taking part in the UpRace community run 2019 to raise funds for Vietseeds, which provides scholarships to poor students with good academic results.

Vietseeds is one of three beneficiary organisations of UpRace. Vietnam New reports.

Rather than racing in person, runners record their runs with a mobile application from UpRace that technology company VNG launched last month.

The app measures the cumulative distance, with each validated kilometre fetching donations of at least VNĐ1,000 from sponsoring companies and three social organisations partnering with VNG.

It also allows participants to choose which social organisation should be the beneficiary of their running achievement.

UpRace started on August 29 and will end on September 23. There are three kinds of teams arranged in three leagues which are corporates, sport clubs and universities-colleges.

Teams in the same league will complete and be ranked based on the total running distance of each team.

Runners are recorded as completing the race when the number of eligible runners finishes.

Running days are at least 12 days completing at least 60 kilometres of running distance.

To encourage the participants, UpRace 2019 also has a Double Day on Sundays during the event. All running achievements recorded on these days will be multiplied by two.

In the UpRace 2019, Quán used the Strava app to record his running achievements and then connected with the UpRace app instead of its website which was done last year. Because he participated in 2018, he can log on to existing accounts.

He also has called on his friends, colleagues and students at the HCM City University of Science, where he works, to set up a team in UpRace.

As of yesterday, Quán’s team was one of the top three teams with the highest number of kilometres.

In 2018 when UpRace was introduced, it attracted more than 14,000 participants, completing a total of more than 1.3 million of kilometres and thus contributing more than VNĐ4 billion (US$172,403) to Newborns Vietnam Fund.

Suzanna Lubran, director of Newborns Vietnam Fund, said: “UPRACE has touched the imagination and the hearts of thousands of people. It inspires us to join hands and run together, to improve the world we live in, to raise awareness and funds for the important issues of our time.”

Lê Hồng Minh, CEO of the VNG, said: “As a runner, I understand the importance of programmes which could bring enthusiasm and joy in jogging and running of each individual. These programmes make running become an indispensable part in life.”

Charity runs and walks

Besides UpRace, many other running races have been organised to raise funds for many charity programmes such as educating children with autism, heart surgeries for children with financial difficulties, environmental protection races, and others.

As of last year, the Run for the Heart has been organised for five years, raising nearly VNĐ18 billion ($775,763) for heart surgeries for 710 children with heart diseases and financial difficulties throughout the country.

Saigon Children’s Charity (Saigonchildren), in partnership with CapitaLand Vietnam, also held The Steps Challenge 2019 to raise funds for people with autism. The event aimed for 10 million steps to unlock a donation of US$25,000 from CapitaLand Hope Foundation (CHF). This was used for the Special Needs Education Programme of Saigon Children’s Charity to directly support the autism community across Việt Nam.

Lê Duy Mạnh of District 1, who has taken part in the UpRace for two years and other community runs, said: “Every kilometre which I run can fetch an amount of money for a certain community activity. That is motivation for me to take part in races:”

Đỗ Thị Thủy of Tân Phú District, who is a member of VietRunners, a club of people who love running and want to develop running in the country, said: “Races which I take part in motivate my 11-year-old daughter to want to run in races along with me.”

Mai Thuận Thảo of District 12, who also is a member of VietRunners, said that races helped encourage more people to run.

“When the country has a large number of people running, the mindset of Việt Nam being too lazy to do physical exercise will change,” Thảo said.

When the country has a large number of people running, the mindset of Việt Nam being too lazy to do physical exercise will change. — VNS Photo Việt Dũng

Mạnh said: “After running, I feel my health is better. It helps build strong bones and strengthen muscles, and helps to lose weight.”

His friends who suffer from diabetes have stable blood glucose levels thanks to running, he added.

Thảo said: “This is a sport that can be done easily. Being in my 40s, I still can run five or ten kilometres. When I get stress, I spend one hour on running. At that time, I focus on my steps, breathing and sweating. I often feel more comfortable after running.”

Executive interview: Steve Sidhu and best tips for building a personal brand and sales skills

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Personal branding plays a crucial role for marketers, sales professionals, even for everyone and helps them deliver better results. If you have already created an influential personal brand, or if you are just starting out, you can never stop growing. Pay attention to the guys at the top of their game. They are people who offer excellent and proven advice.

Vietnam Insider talked to Steve Sidhu, CEO and Founder at CSS Partners, who is based in Tokyo, Japan, born in Australia and an accomplished, award-winning and results-driven global executive who has excelled at creating new business and utilization using powerful networks and proven strategies in sales. His career which spans many years take’s him into assisting local and global companies with global business development expansion, sales and marketing strategies, personal branding, advisory, sales training and coaching. He has considerable experience and demonstrated success in building relationships with top Fortune 1000 CxO management and companies across the globe and delivering results.

Can you please share with us your point of view about Vietnam’s economy?

Vietnam has exceled considerable since the Do Moi period, coupled by many factors; changes to socio economic reforms, free trade agreements, easing of rules to allow foreign entities to establish companies in Vietnam. Currently Vietnam economic growth is around 6.7 percent this year making it the fastest growing economy in Southeast Asia. Its economy grew at 6.8 percent year-on-year in the first quarter that being attributed by manufacturing especially interest from foreign entities and higher output of agriculture.

Foreign direct investment (FDI) and manufacturing are expected to be biggest drivers of economic growth and continue to do so. According to Foreign Investment Agency, FDI in first quarter of 2019 increased by 9.8 percent year-on-year to around US$2.6 billion. Foreign direct investment into Vietnam rose 6.3 percent year-on-year to USD 11.96 billion in January to August 2019.

Other indicators of noteworthy are; because of the US China trade war looming, this would provide Vietnam short term benefits however there still lies a reliance by Vietnam on China. Due to many influences, Vietnam’s has many better options in terms of labor conditions, lower labor costs being cost effective, expansion of free trade agreements and improving infrastructure and a government that is committed to growth hence the attraction of foreign investment coupled by strong tourism. Vietnam government needs to strengthen regulatory frameworks plus bad debts, cybercrime and public investments.

In summary, with the progress of Vietnam’s economy to date,  within 25 years there is a great chance the country will be within the top 25 economies and the very top among Asian countries. There is no doubt with the dynamics and synergy, and exports for this year to date at US$32 Billion, Vietnam economy still has room for more growth and realized profit gains.

What are your views about the new generation of young Vietnamese?

New generation in Vietnam somewhat lack social and soft skills to position themselves in the current world. Many of the young are unsure what jobs they should pursue with a career path of uncertainty. The higher education system needs to explore further ways to embrace and provide skills to the young to better position themselves in society. Introduce courses to cover readiness to the job market, personal branding, deep researching, better preparation of CV’s, thought leaders, to good communication skills.

Any viewpoint on a global level on what they should do? What contribution could they make to the growth of the country?

Vietnamese should attempt to go abroad and study in foreign institutions to gain global viewpoint and bring this back to Vietnam to build a better ecosystem and community. It is imperative that gaining considerable knowledge and experience will only further Vietnam in its development and modernization.

Young Vietnamese innovators or startup leaders should leverage from studying overseas to be more open thinkers and change Vietnam from its previous generations.

For those unable to study abroad, should try and leverage groups where they can take advantage of knowledge and information which is not readily available. More emphasis to be placed on self-learning skills from internet, libraries or other tools to gain more knowledge on different disciplines and self-discovery with more understanding of themselves and the world. Vietnam should at all counts try and prevent brain drain situation from arising. This is a result of highly skilled expertise leaving Vietnam and remaining abroad.

It appears there are more and more opportunities from local and international businesses within Vietnam. What is the best approach for young Vietnamese to work for these companies?

As more and more young Vietnamese are graduating from various universities or colleges, there appears to be a huge demand in AI or IoT, Fin-tech or financial services as the growth is ex-potential.  It’s imperative that firstly the young have the qualifications for sought after jobs. Prior to visiting recruitment agencies or job fairs its essential to discover oneself and meet companies in their third year of studies to be well known to enhance personal branding. Motivation is very key as well as writing a professional CV, strengthening soft skills, proper grooming as perception is key, expanding networks, establish strong relationship in the industry they seek.

It seems Personal Branding is very important, but how can young Vietnamese create a Personal Brand to market themselves?

Each young person should create a personal brand for their career and to market themselves. It is so imperative to maintain reputation and impression on how others think about an individual. Start by creating a profile, work out strengths and weaknesses and what area of life could they make a contribution. Look at the global goals for sustainable development and pick a topic and create content and post that online or offline to raise visibility. The young may want to share their life journeys and look at the target audience where contribution could be made and the value the person’s brand creates.

As the CEO of CSS Partners; global consulting firm, what can your organization do to assist people in building their personal brand?

CSS Partners provides a multitude of services, as an organization are able to provide efficient education via training workshops privately, or to corporates or universities to sharpen each individuals personal brand using practical methods. Today, its not just your education or what you know, its’ rather how social media perceives each and every one of us. Investing in yourself is most important to carry the individuals brand to assist in many facets of life whether it’s career, lifestyle, confidence, socializing, thought leadership, networking or to merely stand out.

As you have been to Vietnam many times and held global sales roles in large multinational companies over the last 20 years, what has been your experience in terms of B2B or B2C sales in Vietnam?

The key factor for any sales person in any country is whether the individual possesses the key inherit qualities to be a closer. On the job training is not the solution to be great sales person. Obtaining and attending meetings is a first step, however getting to the right influencers and decision makers takes skill by seeking answers to open and probing questions.  Ultimately without the right information affects closing deals in the long run. Hence my company addresses this problem by providing “Sales as a Service” where our organization is contracted by any company to be involved in understanding the sales bottlenecks and to finally close the sales funnel with wins.

Vietnam ranks 63rd in WEF tourism competitiveness ranking

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Vietnam ranks 63rd among 140 countries and territories in the recently released Travel & Tourism Competitiveness Index (TTCI) 2019, jumping up four places compared to the latest 2017 ranking. Nhandan Online reports.

Hoi An
@ Shutterstock/Tang Trung Kien
@ Shutterstock/saravutpics

Released by the World Economic Forum (WEF) every two years since 2007, the TTCI 2019 analysed 140 economies and scores each according to their performance on the following six pillars – Air transport infrastructure, ICT readiness, Price competitiveness, International openness, Travel & tourism prioritisation, and Safety and Security.

When it comes to price competitiveness, Vietnam ranks 22nd, rising 13 places while in terms of air transport infrastructure, the country has improved by 11 places, growing to 50th from 61st.

Spain holds the top spot in the ranking, followed by France, Germany and Japan. In Southeast Asia, Singapore was ranked as the most competitive travel and tourism economy while Vietnam was placed 5th.

In 2019, Vietnam’s tourism industry aims to welcome 103 million visitors, including 18 million international visitors and 85 million domestic tourists.

According to the Vietnam National Administration of Tourism Administration (VNAT), in the first eight months of this year, the number of foreign visitors to the country rose by 8.7% year on year to 11.3 million, with the highest growth rate seen in visitors from Asian countries and territories, especially from the Republic of Korea, Thailand and Taiwan (China).

How to Acquire Other Companies in Vietnam

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Vietnam’s mergers and ­acquisitions market recorded steady growth since early last year, buoyed by foreign ­investors who desire a speedy entry into the large market of over 96 million people. Although the M&A market here has become more familiar with foreign investment, some challenges still linger. Investors often complain about the transparency of financial reports and the auction process at state-owned enterprises (SOEs), for example.

Acquiring another company is a difficult process with many laws for regulation. Here is the guide on how to navigate through those laws and avoid mistakes.

Related:

In the business world, companies merge all the time. Today startups are doing the same to expand and change the way they do business. An acquisition involves buying a company and changing it to fit the way you do business. The goal is to create a new company made of the best parts of your business and the proven parts of another.

A startup would buy another business for various reasons. These reasons include access to new technology and access to new markets. Buying a company can mean being able to make new products and having access to new resources or fresh management talent. However, if you handle an acquisition poorly, your business could take on the mistakes of a broken organization and heavy losses.

Here is a step-by-step guide of how to acquire another company in Vietnam.

1. Make a Plan

Look at the reasons to buy a company:

  • Finding new markets
  • Industry roll-up strategy
  • Getting advanced technology
  • Market window strategy
  • Product supplementation strategy
  • Getting new personnel
  • Synergy strategy
  • Geographic growth strategy
  • Increasing market share
  • Diversification strategy
  • Vertical integration strategy
  • Increase supply chain pricing power
  • Adjacent industry strategy
  • Eliminate competition

Consider which of these resources you need. Find out why the business is worth buying. Develop an acquisition plan that gets the most out of the enterprise while spending the least. Focus on the aspect of the company that is most valuable to you and shape your offer around that benefit.

2. Build an Acquisition Team

Build a team that fills the following roles:

  • An executive manages the team to ensure the success of the acquisition. This person also reports progress to the board of directors. Your CEO is the best candidate for this position.
  • An investment banker handles your finances and looks into the stability of the company you are acquiring.
  • An acquisitions lawyer understands the rules of transferring ownership.
  • A human resources expert organizes the staff from the new company.
  • An IT specialist merges your technical infrastructure with that of the new company.
  • A public relations officer promotes the merger to the public. This person informs your business partners and customers about the new merger.

These people will work to provide useful information on the company. They will determine what can become a part of your business and what should not.

3. Do Your Research & Due Diligence

Typically, mergers and acquisitions follow a similar process that includes the following general phases:

Planning: Planning includes elements ranging from strategy, initial research, and investor pitching to communication plans and timelines. Thorough planning is crucial to any successful M&A.

Valuation: This phase entails several specific and highly detailed steps, including financial valuation, culture and synergy mapping, and due diligence. Acquiring companies can use several different techniques to evaluate an organization’s profitability or holdings; many opt to hire outside counsel to perform these analyses.

Integration: Once you’ve signed the deal, it’s time to integrate the two business entities. Successful integration requires planning for organizational structure, finances, roles and responsibilities, culture, and much more. Be sure to monitor integration over time and strive to continually improve.

Common documents needed

  • Summary of business owner requirements
  • Three-five years of financial data (P&L and balance sheet)
  • Annual review of owner’s benefits
  • Summary of top customers
Prepare documents

Non-Disclosure Agreement: This document makes sure all information considered confidential will be treated carefully and not shared. It also means the information has to be returned upon request.

Letter of Intent: This document states that you intend on buying the company after signing the NDA and after considering the business is worth.

Confidential information memorandum: This document provides the prospective buyer with information for the initial offer. It is commonly referred to as the “book” and will typically include: a summary of business operations, summary of industry and market opportuntiies, financial information, and summary of auction process.

Indication of Interest: With this you express an interest in making a deal in vague but formal written offer.

Purchase Agreement: You and the seller formalize the agreement in a binding legal contract.

4. Make Your First Offer

If you like what you have found, make an offer. Make a good first impression with clear positive negotiations by offering a fair price. Because you are attempting to buy this company, you need to make the first offer. Remember that the merger working is your responsibility. Also, keep in mind that you are buying more than a company. You are buying the brand, the company’s goodwill, and its people. Be flexible and make an offer between 75 and 90 percent of the company’s worth.

5. Negotiate the Terms

Reach an agreement that ends in the happy merger of two companies. Be firm but don’t undermine your success by being too harsh. Try not to overpay and work toward an agreement that benefits both parties.

If things go well, you will settle on a price, but this process is about more than money. This is about understanding why the owners are making their counteroffer.

Find out why the company is incentivizing the sale. See if there might be something wrong with the company. This will give you a clearer idea of what you are buying.

After you have settled on a price, work over the soft issues. Figure out who stays with the company and who you will have to let go. This part can be emotional, so be sensitive and try to keep as much of the talent in the company as possible.

6. Write Up (and Then Sign) a Contract

Contracts are not the end of a negotiation. They are where things get complicated. The deals don’t end when you go to contract. Having a lawyer recording the negotiation makes things easier. A contract lawyer will find anything you need to talk about.

If you need a lawyer to help you with an acquisition in Vietnam, contact a local business law firm, such as GBS. Let their expert business and contract lawyers make the process less complicated. Their legal experts have the skills to guide you through the process. GBS can help you avoid costly oversights in the finished contract. GBS’s lawyers have experience with mergers and acquisitions between companies both big and small and the experience to get you the most beneficial deal possible when you sign the contract.

Nominations for EuroCham Business Awards 2019 now open

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EuroCham will hold its 2019 Gala Dinner & Business Awards in Ho Chi Minh City on 25th of October.

This prestigious event follows its successful Gala in 2018, where hundreds of business leaders, entrepreneurs, investors, ambassadors, and consuls came together to celebrate two decades of EuroCham in Vietnam.

“In 2019, we are looking towards the future of European trade and investment in Vietnam. The EU-Vietnam Free Trade Agreement (EVFTA), which was signed in Hanoi in June, should be ratified soon. Once it enters into force, it will open up new opportunities for European enterprises in one of the world’s fastest-growing markets.” EuroCham stated in a press release.

Related: Vietnam, EU just signed landmark free trade agreement

According to  EuroCham, the event will also celebrate some of the most successful and innovative European companies at EuroCham Business Awards 2019. These awards are a wonderful chance for companies to raise their profile and promote their brand.

Nominations are open now in five categories:

  • Business Excellence: This award will recognize the business that has shown long-term growth and success, been a model of responsible and profitable business and made a significant contribution to Vietnam.
  • Best Entrepreneur: This award will recognize the individual that has shown outstanding entrepreneurial qualities including innovation, creativity, and competitiveness to build a successful business.
  • Best Sustainable Business Initiatives: This award will recognize the business that has reduced its environmental impact in Vietnam (e.g. reducing emissions, eliminating plastic waste, or other sustainable policies).
  • Best Green Business: This award will recognize the business that produces environmentally-friendly products and promotes green business in Vietnam.
  • Best New Business: This award will recognize the best new (less than 2 years-old) European business in Vietnam.

The Business Awards’ nominations is exclusively for EuroCham’s members only. To enter business awards, you need to complete the nomination form by click here and send it to: publications@eurochamvn.org before 01 October 2019.

You can purchase Gala Dinner tickets on the website of EuroCham for networking with hundreds of other business leaders and investors at 2019’s biggest European business event.

More information can be found here.

The Government to loosen conditions for auto imports

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The Government will soon issue a revision to Decree 116/2017 on the conditions for production, assembly, import and business of automobile warranty and maintenance services, removing a number of regulations relevant to auto imports. VietnamNews reports.

The statement was released by Minister and Chairman of Government Office Mai Tiến Dũng at a recent conference held in Hà Nội.

He said the revision would include changing from the current inspection for each batch of imported vehicles to type of vehicles, which are considered to be difficult and expensive for businesses.

With the current capacity of auto registration centres, Dũng said the inspection of imported automobiles should change from the current pre-inspection to post-inspection.

The revision, drafted by the Ministry of Industry and Trade (MoIT), would now be open to opinions from businesses and the public.

“In the past two years after the decree was issued, the domestic automobile industry has made progress, protecting the interests of consumers while State management has also been stricter in the import of vehicles,” Dũng said.

According to Dũng, the revision of Decree 116 is appropriate in the context of the automobile market and the import of cars has stabilised. Evidence is that all auto businesses have confirmed the origin and type of imported cars, strictly complying with the provisions of Decree 116. Meanwhile, the number of imported vehicles has increased.

According to a report by the MoIT, after the import duty was reduced to zero from 2018 under the ASEAN Trade in Goods Agreement (ATIGA), domestic manufacturers initially affirmed their role and position in the automobile market. Especially, Decree 116 has played an important role in protecting the production and assembly of cars in the country.

The report shows that after the decree was issued, some ASEAN countries such as Thailand, Indonesia, Malaysia, the Philippines and other WTO members such as the US, Japan and EU raised concerns about Decree 116, saying it may create additional procedures and hinder businesses in exporting cars to Việt Nam as well as violating national treatment principles.

“The import of cars has slowed down due to Decree 116 but has increased sharply again,” stated the report.

The MoIT said that the current output between domestically-produced vehicles and imported vehicles had changed significantly. In 2017, the number of domestically-produced vehicles was 2.5 times higher than imported ones. The figure was 3.72 times in 2018. In the first six months of this year, it decreased to 1.74 times.

However, the ministry said that the domestic sector would not maintain its advantage in the market if it did not attempt to improve quality and lower production costs to increase competitiveness, especially against vehicles imported from ASEAN, which enjoy preferential import tariffs.

The ministry said it needed to issue solutions supporting and promoting the domestic automobile industry to compete with imported cars, especially those from ASEAN.

Nguyễn Minh Đồng, an expert in the automobile industry, told plo.vn that imported cars were increasingly narrowing the sales gap with domestically-assembled cars because the auto businesses had met requirements of Decree 116, increasing supply.

“In addition, imported models are hitting the low-cost segment that used to be the playground for locally-assembled cars,” Đồng said.

To increase the competitiveness for domestic automobiles, Đồng said it was necessary to adjust tax and fee policies to help domestic automobile manufacturers and assemblers reduce costs.

“But the most important thing is that domestic automakers must strive to improve quality and lower production costs to enhance competitiveness. The price of domestically-manufactured and -assembled cars is still high, making it difficult to promote the industry,” he added.

To solve the problem, the MoIT proposed the Government not apply special consumption tax for automobiles which are locally-produced, as part of efforts to reduce the price of cars.

The ministry also expected the Government to adjust import tax on the principle that the import tax rate on components, spare parts and raw materials must be lower than the import tax rate on completely built-up cars, or at floor level according to international commitments in each period.

In addition, the tax rate will be reduced to zero per cent for items on cars with nine seats or fewer, such as engines and gearboxes, which are valid until 2025.

Vietnam is among the top three target countries for phishing websites in Southeast Asia

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Vietnam is among the top three target countries for phishing websites in Southeast Asia in the first half of the year, according to the global cybersecurity company Kaspersky. VietnamPlus reports.

Recent statistics gathered by Kaspersky showed Southeast Asia remains a target of cybercriminals attempting to infect networks and devices through the simplest yet most effective trick called phishing. The global cybersecurity company has detected a total of 14 million phishing attempts against internet users in the region for the first six months of 2019.

It reveals that there were over 11 million combined attempts detected from these three countries. Moreover, Thailand logged nearly 1.5 million attempts while the Philippines had over one million incidents. Singapore posted only 351,510 attempts from January to June of this year.

On the other hand, the ranking of SEA countries dynamically changes when it comes to the percentage of users infected by phishing attacks. In Kaspersky’s phishing statistics for the first half of 2019, it shows the Philippines has the highest percentage of phishing victims at 17.3 percent. The growth posted is a whopping 65.56 percent higher compared with the data for the same period last year at 10.449 percent.

Malaysia scored the second highest with 15.8 percent of users infected through phishing from 11.2 percent in the first half of 2018. Coming behind is Indonesia with 14.3 percent from 10.7 percent last year, Thailand at 11.9 percent from 10.9 percent, and Vietnam followed closely at 11.7 percent from 9.4 percent.

Singapore recorded 5 percent this year compared to 4.1 percent posted last year.

Phishing attempts refer to the frequency that cybercriminals try to entice Kaspersky users to visit fraudulent websites to steal their information in particular regions and territories. Meanwhile, the percentage of infected users indicates the proportion of Kaspersky users targeted by these phishing attempts within a given timeframe.

“This old but effective threat is real in Southeast Asia and shows no signs of fading anytime soon. The region is composed of many young and highly-mobile populations and, admit or not, we need to educate them on the risks of basic attacks like phishing. It is an accepted fact that the young users will buy a new phone then think of securing it physically but never virtually. And as long as individuals will continue to let their guard down when using the internet, we can be sure that we’d keep on counting phishing victims again and again,” said Yeo Siang Tiong, General Manager for Southeast Asia at Kaspersky.

Vietnam U-22s defeat China 2-0 in friendly match

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Vietnam have defeated China PR U-22 national team in a friendly match held at the Huangshi Olympic Sports Center in China on Sunday.  FoxSportAsia reports.

The two teams are preparing for the AFC U23 Championship 2020 scheduled to be held in Thailand in January 2020 while the Vietnam U-22s are also getting ready for the Southeast Asian Games 2019 to be held in Philippines later this year.

Nguyen Tien Linh, who had started Vietnam senior side’s goalless draw against Thailand in the 2022 FIFA World Cup Qualifiers at the Thammasat Stadium, scored in the 18th minute to give Park Hang-seo’s Vietnam 1-0 lead.

21-year-old Becamex Binh Duong forward Tien Linh, who was replaced at half time for the senior team, also scored the second goal of the game in the 60th minute to seal the result for the young Golden Dragons in what was also a reunion between Park, the South Korean who is also in charge of the U-22s, and China U-22 head coach Guus Hiddink.

Dutch tactician Hiddink was Vietnam head coach’s mentor during his stint with the Korea Republic national team for the 2002 FIFA World Cup. Park was coaching the South Korean U-23 side during the time and worked closely with Hiddink’s national team set up.

Drug route shifts from Thailand to Vietnam

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Traffickers are now transporting drugs through Vietnam instead of Thailand, through which it has become more difficult to deliver drugs to third countries, Justice Minister Somsak Thepsutin said on Sunday. Bangkokpost reports.

Mr Somsak said he and his entourage will leave for Vietnam for a ministerial-level meeting on Sept 9-10 about the transnational drug trade. The meeting will be attended by delegates from countries in the Mekong river basin — including Thailand, Myanmar, Laos, Cambodia and China — the Philippines, the United States Drugs Enforcement Administration (DEA), the Australian Federal Police, and the United Nations Office on Drugs and Crime (UNODC).

The meeting will discuss drug prevention and suppression and transnational drug transport as drug traders have shifted their routes away from Thailand, where deliveries have become increasingly difficult, to Vietnam. As a result, Vietnam needs more cooperation from Thailand, other countries and related agencies for both suppression and remedial actions, he said.

Mr Somsak said Thailand and other countries in the Mekong river basin have stepped up cooperation against drugs, forcing the drug traders to look for alternative delivery routes. He did not mention the origin of the drugs.

Statistics show that Thai authorities have arrested more drug traders and users and seized larger quatities of drugs, he added.

The protectors of Ho Chi Minh Mausoleum

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The task of safeguarding the embalmed corpse of Vietnam’s revolutionary leader Ho Chi Minh is grueling. Carefully-selected riflemen work around the clock, watching over the communist nation’s founding father who died 50 years ago last Monday. AsiaTimes reports.

Protecting him is the ultimate patriotic service for men in stiff white uniforms at Ho’s towering tomb in Hanoi, a monolithic shrine to a man who still pervades public life despite his fading relevance among the youth.

The job is a “dream come true” for guard Nguyen Xuan Thang, even if it’s not always easy. “We have to have our eyes on everything to deal with any situation that may arise,” the 41-year-old lieutenant colonel said.

All year round, he works up to four two-hour shifts every day – often outside the tomb in the blistering summer heat, monsoon rains or frigid winter weather.

Some days he works inside the cool, dark chambers where Ho’s waxy body – his wispy goatee beard still intact – is on display for daily pilgrimages by thousands of schoolchildren, tourists and war veterans who come to pay their respects.

Never alone

Even after hours, Ho is never alone – soldiers flank his encased body 24 hours a day.

“For us who see him every day the emotion is still overwhelming,” said Thang, who like the rest of his team was hired because of his physical stamina, communist party dedication and easy-on-the-eyes appearance.

Guards like Thang aren’t the only ones tasked with looking after Uncle Ho, as he is affectionately known in the country. A team of four Russian and seven Vietnamese scientists were hired this year to evaluate his embalmed corpse ahead of the 50th anniversary on September 2.

“The body of president Ho Chi Minh has been kept in very good shape,” said Major General Cao Dinh Kiem, a senior member of the team in charge of guarding the mausoleum, which opened in 1975.

Rumors abound in Vietnam that the body might not really be Ho, or that he is sent to Russia every year for maintenance, which Kiem dismissed with a smile.

“In short, that is not correct,” he said.

Leaning on Russian embalming expertise isn’t new in Vietnam.

Ahead of Ho’s death in 1969 – and behind his back – his aides turned to allies in the Soviet Union to ask how they preserved their own communist founding father, Vladimir Lenin, who is still entombed in Moscow’s Red Square.

Vietnam struck up a deal with the USSR to receive embalming materials and guidance from their experts. The deal died after the collapse of the Soviet Union in 1991, and Hanoi scrambled to replace it with a commercial arrangement for the exchanges, which remains in place today.

State secrets

Considered state secrets, the details of that arrangement cannot be publicly shared, not even with communist allies North Korea or China, which have both preserved former leaders for posterity.

“In terms of (sharing) the pharmaceutical techniques, it’s an absolute no,” said Kiem.

Ho did not live long enough to see the end of the bloody war against the US-backed south in 1975, when North Vietnamese tanks rolled through the former southern capital Saigon, later renamed Ho Chi Minh City.

But Ho did deliver clear burial plans in his will – a request to be cremated and have his ashes modestly displayed in north, central and south Vietnam in a sign of symbolic unity.

“There should be no stone stele or bronze statue,” but rather a small ceramic urn on three tree-lined hills for visitors, he wrote his will.

However, eager to capitalize on the popularity of the north’s communist leader, his aides chose instead to build a grand tomb, drawing inspiration from Lenin’s mausoleum, the pyramids in Egypt and the Washington Monument.

The powerful symbol of Ho Chi Minh continues to be commandeered today by Vietnam’s communist leaders. His teachings are invoked in school curricula, political and military training, children’s books, patriotic songs and on propaganda billboards.

“The Communist party needs Ho and uses Ho whenever and wherever it can … there is a Ho for everyone – children, mothers, cadres, bureaucrats, and soldiers,” said Christopher Goscha, author of Vietnam: A New History.

But for Vietnam’s booming young population – about half the country is under 30 – Ho figures as a distant historic character, far removed from the thriving capitalism, ubiquitous social media and yearning for freedom that preoccupies most of the smartphone-obsessed youth today.

“Ho has stiff competition and it’s only getting more difficult to make him relevant to this younger generation,” Goscha said.

But for Ho’s dutiful minders, the communist leader remains a central focus.

Thang and his team busily prepared for an official wreath-laying ceremony for Ho held last Friday, and expected visitor numbers to surge on Monday for the death anniversary, which also happens to be National Day.

“We have prepared our soldiers spiritually and physically to best serve visitors … and pay respects to the president,” Thang said.

By TRAN THI MINH HA | JENNY VAUGHN. 

Privatizing State-Owned Companies in Vietnam

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When Vietnam started privatizing state-owned enterprises in the 80s, the private sector, which includes local businesses, began to flourish. When Vinamilk, a dairy product company, was privatized the company expanded globally, and today are operating in more than 43 countries, surpassing $2.2billion revenues in 2018. That’s a lot of milk!

By IMF

ADB names VIB “Leading SME Trade Bank” in Vietnam

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Vietnam International Bank (VIB) has been named “Leading SME Trade Bank”” in Vietnam by Asian Development Bank (ADB). This is a prestigious award honoring partner banks of the ADB’s Trade Finance Program with outstanding achievements are .

The award ceremony took place on September 3, 2019 in Singapore, as the only awards and dinner event of the Global Trade Review Asia 2019.

The “Leading SME Trade Bank” award was given to VIB based on the number of transactions the bank carried out to facilitate and sponsor trade for small and medium-sized enterprises (SMEs) under the ADB’s Trade Finance Program. Between July 1, 2018 and June 30, 2019, VIB assisted more than 80 businesses through trade finance transactions worth over 177 million USD in total. VIB is the only bank in Vietnam to win this award in 2019. This is also the third consecutive year that VIB has won this award by ADB..

VIB joined the ADB’s Trade Finance Program in 2009, in order to provide financial assistance to SMEs in importing and exporting sectors, and boost their productivity and competitiveness on the market.

Backed by ADB’s AAA credit rating, the Trade Finance Program provides guarantees and loans to over 200 partner banks to support trade, enabling more companies throughout Asia and the Pacific to engage in import and export activities. Since 2009, ADB’s Trade Finance Program has supported more than 15,000 SMEs across developing Asia—through over 21,000 transactions valued at over $36 billion—in sectors ranging from commodities and capital goods, to medical supplies and consumer goods. In 2018, the Trade Finance Program grew almost 40% to support $6.2 billion in trade through 4,470 transactions. .

Vietnam International Bank (VIB)

Thanks to the confidence that international financial institutions have in VIB, VIB has been given a credit limit of up to USD 300 million from institutions such as the ADB, the IFC (International Finance Corporation) for its trade finance activities.

This is the fourth time in 2019 that VIB has received a prestigious award from international financial institutions for its activities. Recent awards include: The international card organization MasterCard recognized VIB as one of the leading banks in Vietnam in credit card spending in 2018; The financial magazine The Asset (headquartered in Hong Kong) awarded VIB “Digital Bank of the Year” and “Digital Bank with Best Customer Experience” for three consecutive years; and The financial magazine International Finance (UK) awarded VIB “Bank with the most innovative working environment in Vietnam” for its efforts to improve the workspace and strengthen ties among employees.

Besides international recognition, VIB is also one of the first two banks to apply Basel II risk management standards, and has contributed positively to the push for a cashless society in Vietnam.

Vietnam E-Learning Market has been driven by Rising Demand for Multimedia Content

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Vietnam E-Learning Market has been driven by Rising Demand for Multimedia Content coupled with Increasing Internet and Smart Phone Penetration in the Country. Ken Research reports.

“Rising Internet Penetration with the Development of ICT Infrastructure in Vietnam and Increased Number of Students Enrolling In High Schools Has Driven the E-Learning Market of Vietnam”.

Analysts at Ken Research in their latest publication “Vietnam E-Learning Market Outlook to 2023 – Driven by Rising Adoption of Smartclasses, E-books in Schools and MOOCs and Smart Authoring Tools in Corporate Training and Test Preparation Segment” believe that Vietnam E-learning industry is projected to register a positive CAGR of 20.2% during the forecast period 2019-2023. Increasing number of internet users, rising government efforts to grow E-learning in Vietnam, adoption of modern technology by the learners, and the growing use of learning management systems by the corporate sector to integrate their process are expected to drive Vietnam E-learning industry in the future.

Increased Internet Penetration: There is an increase in the number of 3G subscribers to 40.0 million from 2013-2018. In regard of Internet connection services, broadband should maintain healthy growth for the near future, although the fixed line broadband and internet access markets, both controlled by the state-run Vietnam Posts and Telecommunications (VNPT), face competition from mobile services. The improvement of internet infrastructure had built the road for successful launch of E-learning platforms in Vietnam.

Strong Government Initiatives: In order to promote E-learning within Vietnam, the government invited higher education institutions to participate in a set of centrally funded ICT projects, particularly in the area of e-learning. The purpose of these projects was both to enable institutions to improve the efficiency of their internal operations, but also in the case of e-learning to anticipate delivery of education to a broader population of students, both on and off campus. The government’s approach to these projects was initially laissez-faire, with the formulation and implementation of ICT strategies largely left to the institutions themselves.

During the 2000s, the laissez-faire approach of the 1980s and 1990s was replaced with a more interventionist approach, with government taking a leading role in the strategy formulation. With Government being more proactive in the recent years for the promotion of E-learning, a drastic increment in market growth has been witnessed in the years 2013-2018.

Acceptance of online learning away from traditional learning system: From that past 20 years that is 1980’s when distance education came into picture in Vietnam, the people have been very resistant towards online learning. They believed to have credibility issues with online content and always wanted to stick around with the traditional method of learning. However, in the recent years with the increasing awareness of people about the benefits of digital education, the end users have started incorporating E-learning as a secondary form of learning and are willing to complete change the learning system away from traditional methods.

For more information on the research report, refer to: Vietnam E-Learning Market

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