A new hope for Vietnam’s shrimp and pangasius producers

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A number of pilot plants that aim to demonstrate how dual land use for aquaculture and photovoltaics can solve Vietnam’s growing demands for land and energy are currently being established along the Mekong. TheFishSite reports.

Vietnam is currently experiencing rapid economic and population growth. Its energy demand is currently increasing by ten percent each year and the competition for land use is growing as a result. This is why the project Solar-Aquaculture Habitats as Resource-Efficient and Integrated Multilayer Production Systems (SHRIMPS), has been established by the Fraunhofer Institute for Solar Energy Systems ISE and its partners.

By providing shade, the solar modules integrated into the housing improve working conditions for the employees at the facility. They also offer protection from predators and maintain a lower water temperature enhancing shrimp growth
According to initial analyses, the 1-megawatt pilot plant in Bac Lieu should reduce CO2 emissions by about 15,000 tonnes each year and cut water consumption by 75 percent compared to a conventional shrimp farm © Fraunhofer Institute

Fraunhofer ISE had already carried out a pre-feasibility study on the potential for combining shrimp farming with photovoltaics in Vietnam’s Mekong Delta in 2018 on behalf of GIZ, a German service provider in the field of international cooperation. It is now testing the technical and commercial feasibility of dual land use for solar power generation and commercial aquaculture on a shrimp farm run by Vietnam’s national market leader Viet Uc Seafood.

For reasons of hygiene, more and more aquaculture facilities in Southeast Asia are covered with closed greenhouses to prevent the introduction of diseases by birds or other aquatic animals. Theoretically, these canopies allow the integration of solar modules.

The scientists involved in the project consider on-land shrimp farming in closed systems to be a promising approach to the careful use of land and water resources in the region. This more efficient use of land helps to preserve the remaining mangrove forests and significantly reduces water consumption. In addition, the use of antibiotics is reduced to a minimum thanks to the sealed environment and the biofloc system, where the shrimp are fed on micro-organisms in a closed loop. By providing shade, the solar modules integrated into the housing improve working conditions for the employees at the facility. They also offer protection from predators and maintain a lower water temperature enhancing shrimp growth. According to initial analyses, the 1-megawatt pilot plant in Bac Lieu should reduce CO2 emissions by about 15,000 tonnes each year and cut water consumption by 75 percent compared to a conventional shrimp farm.

Another plant with a 400-kW capacity is being installed above a freshwater basin where pangasius are bred. The solar modules are to be elevated above the surface of the water, which will reduce water consumption via evaporation as well as protecting the fish from predatory birds.

One hundred percent of the solar power generated will be used by the pangasius farm itself, as the plant is a hybrid designed for off-grid operation. This will significantly reduce the need for diesel typically used for powering the farm.

“We want to use this project to demonstrate the added value that can be generated by integrating photovoltaics into different areas of life,” explains project manager Maximilian Trommsdorff of Fraunhofer ISE. This is particularly true for aquaculture, he says. “For Aqua-PV, we’re currently working on the assumption that the land use rate can be almost doubled compared with a ground-mounted PV system alone.”

The project is set to run for three years and will begin with simulations looking at small systems before the two larger plants are built.

“In the third step we’ll then scale down again to develop a solution for small and medium-sized aquaculture businesses. This will make the approach accessible for the average rural inhabitant in terms of the technology and investment needed,” Trommsdorff adds. The market launch of the Aqua-PV technology combined with the efforts of local partners should help drive improvements to energy security in the region as well as boosting its economy. With aquaculture and photovoltaics experiencing rapid growth worldwide, the project team believes that their approach has a lot to offer for many other developing and industrialising nations.

As part of Germany’s development cooperation efforts in Vietnam, GIZ conducts further work in the field of renewable energies as well as in coastal protection and agriculture in the Mekong Delta. Fraunhofer ISE and GIZ developed the research approach and project proposal on the basis of findings from this work. The Federal Ministry of Education and Research supports the project within the framework programme “Research for Sustainable Development” (FONA3) by supporting the research and development activities of the partners SMA Sunbelt Energy GmbH, Suntrace GmbH, Fraunhofer ISE and the German Thünen Institute of Fisheries Ecology.

Further partners of the bilaterally financed project on the Vietnamese side are the Nong Lam University, the Vietnamese Institute of Energy and the Viet Uc Seafood Corporation.

Young people in Vietnam are not interested in working in the agricultural sector despite the abundant job opportunities

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The agriculture, forestry and fishery sector lacks high-qualified human resources but few young people want to work in the sector despite the abundant job opportunities. Vietnamnet reports.

Many colleges and universities’ agriculture-forestry-fishery schools have few students, even zero, registered for this academic year.

In recent months, colleges and universities have run job consultancy campaigns, but few young people have been swayed to study in the field.

HCM City’s Food Industry University has been very active in seeking students, but the faculties of seafood processing technology and fishery studies are only at 30 per cent of the enrollment target, while business management and tourism are at 90 per cent.

Phạm Thái Sơn, director of the university’s centre of enrollment and communication, told the newspaper that although the entry scores for the faculties were low, young people were not interested.

The Mekong Delta is a key agriculture production region of the country so the need for skilled workers is very high.

Despite this, universities in Cần Thơ, An Giang and Bạc Liêu provinces have also struggled to get students interested in agricultural studies.

According to Nguyễn Thị Kim Phụng, head of university education of the Ministry of Education and Training, after graduating, students in agricultural fields easily find jobs with good salaries, especially as many big businesses have invested in clean and hi-tech agricultural production.

“For a long time, agricultural production was thought to be hard work and attached to paddy fields,” Phụng said.

“Parents did not want their children to participate in the sector therefore the number of students studying the subjects was less year by years,” Phụng said.

A representative of Huế Agriculture and Forestry University said they were experiencing similar problems.

“Last year, about 50 businesses needed 2,050 agriculture staff. But the number of graduates was only 1,000,” he said.

In HCM City, many big businesses have invested in hi-tech agriculture production, which requires a lot of skilled employees, said Dương Hoa Xô, director of the city’s Agriculture and Rural Development Department.

Training and improving the human resource was one of three solutions for hi-tech agricultural production development, Xô said.

According to Nguyễn Đăng Lực, a former student of the HCM City Agriculture and Forestry University, graduates could easily find jobs in institutes, companies or groups specialising in animal feed, veterinary medicines, seedlings or fishery.

Agro-forestry graduates could even work for international groups overseas, Lực said.

“The field is also ‘fertile ground’ for students who want to launch start-up businesses,” he added.

 

SmartPay has acquired over 200,000 users and 3,000 merchants across Vietnam since May 2019

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Launched by Smartnet in May 2019, SmartPay acquired over 200,000 users and 3,000 merchants across Vietnam. Different types of merchants have been joining SmartPay to accept mobile payments – from individual entrepreneurs and street food vendors to food and beverage chains. Fintechnews reports.

Merchants and users can become a part of SmartPay ecosystem by simply installing the app and passing KYC (“Know-Your-Customer”) procedure which implies providing their national ID or linking a bank card to their account.

A merchant receives an additional QR code to accept payments from users. All personal information and data collected from users are encrypted and protected according to international Payment Card Industry Data Security Standard (PCI DSS).

Besides fee-free instant money transfers, utility bills payments, and jobs board, SmartPay offers its users to apply for a loan through the app’s feature named Credit Probability Index (CPI), as well as to disburse and repay loans. Users can also withdraw money from the wallet at Sacombank ATMs without card. The company is launching a savings feature soon.

Micro merchants and non-banked population are the main target groups of SmartPay’s strategy in providing its users access to financial services and boosting cashless economy in Vietnam.

“We are wholeheartedly devoted to help Vietnamese sustain financial stability. In every interaction on daily basis, our users will get higher values of profitability, convenience, and connection. We firmly believe regardless of your backgrounds you all deserve the simplest access to diverse financial resources in order to make the most of your money”.

Marek Forysiak, Chairman of SmartNet

By Company Announcement.

Golfzon makes foray into Vietnam

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South Korea’s leading golf simulator maker, Golfzon, is seeking to enhance its business presence in Vietnam, riding on the sport’s growing popularity in the Southeast Asian country. The Korea Herald reports.

By the end of the year, Golfzon plans to operate a total of 12 Vietnamese branches where people can play virtual golf at indoor facilities. Five branches have opened in the country since Golfzon began its business there last year. 

The company is also seeking to expand into the construction of outdoor golf courses across Vietnam. By adopting a computer-simulated swing analysis system, the company is looking to provide golf lessons as well.

“While it has been only a year since we entered the Vietnamese market, we are glad to see a remarkable business outcome,” said Kim Joo-hyun, who leads Golfzon’s global business. “By updating golf courses in Vietnam, we have been doing our best to meet local consumers’ needs.”

According to statistics from the Vietnam Professional Golf Association, the number of those playing golf as a leisure sport surpassed 70,000 last year, up from 10,000 in 2009.

By Yeo Jun-Suk.

Vietnam and Australia collaborate on e-government and digital transformation

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The Australian Government has joined forces with Vietnam in an agreement that will allow each country to share their “digital transformation experience”. The Mandarin reports.

On behalf of the Digital Transformation Agency, Australian Ambassador to Vietnam Robyn Mudie signed a memorandum of understanding (MoU) with the Vietnam Office of the Government in Hanoi.

Chief Executive Officer of the DTA Randall Brugeaud said the three-year MoU will foster cooperation between Australia and Vietnam on digital transformation and build capability across the region.

“Digital transformation doesn’t happen in isolation. It is both a challenge and an opportunity that governments around the world are all facing. We cannot underestimate the value of sharing expertise and learning from our international counterparts,” he said.

“This MoU with Vietnam provides a significant opportunity to collaborate and formally facilitate the exchange of experience and knowledge.”

The agreement was signed as the Prime Minister made a two-day visit to Hanoi to discuss trade with the Vietnamese Prime Minister Nguyen Xuan Phuc, where a total of five MoU’s were signed on a range of issues including drug and human trafficking and trade.

Vietnam and the Turnbull government established a strategic partnership last year, promising to reaffirm the commitment to closer defence, law and justice, intelligence and security cooperation.

By Shannon Jenkins.

Vietnam Airlines launches cash and Lotusmiles payment method

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Passengers can pay for Vietnam Airlines flights with a combination of cash and Lotusmiles when buying tickets from today. Vietnam News reports.

This scheme – the first of its kind in Việt Nam – is exclusively for Lotusmiles members purchasing tickets on the website or at its ticket offices, the airline said, adding that it is working to extend this payment method to its mobile app.

Photo: TUAN PHUNG

Starting from 2,000 Lotusmiles miles per passenger per flight, members can use miles to pay for a part of a flight’s cost or the whole value of a flight operated by the carrier (not including payment of taxes, fees, and additional costs). The value of the miles used for the payment depends on the time of purchase, departure date, itinerary and booking class.

In addition, Lotusmiles members can use cash and miles to buy a ticket for an accompanying passenger if they share a reservation code, select the seat in advance and purchase checked baggage during the payment process.

To mark the 20th anniversary of the Lotusmiles programme, Vietnam Airlines is offering 2,000 bonus miles for new members registered by September 2019 and on the 20th day of each month until December 31, 2019.

The cash and miles payment method has been implemented by many major airlines in the world including Emirates (UAE), Lufthansa (Germany), Delta Air Lines (US), Thai Airways (Thailand) and EVA Air (Taiwan).

The launch of this payment method allows Vietnam Airlines’ passengers to enjoy its 4-star services at attractive prices, the carrier said in a statement.

Ken Research releases new Research Report on Vietnam Leather and Footwear Market

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The global’s tanning industry is characterized by small or medium-sized family businesses. Countries with the fastest growing in tanning industry such as South Korea, Taiwan, China, and Indonesia, have difficulty in supplying raw materials and have to import large quantities of raw materials.

Currently, many tanneries have been built in these countries to meet the growing demand for leather, while most of the tanneries in Europe, Japan, and the United States have been shut down.

Over the years, the global’s leather consumption growth has been negligible for cow leather and decreased by 2% per year for sheep and goat leather. In contrast, skin consumption in developing countries has tended to increase sharply. In the Far East especially in China, where improvements in incomes combined with increased tanning capacity and increased efficiency in the production of footwear to boost demand.

Vietnam leather and footwear industry continues to benefit from China’s fluctuations such as the devaluation of the Chinese yuan and the high increase in labor costs. In addition, many investors in the leather and footwear industry are turning to invest and expand production in Vietnam (utilizing cheap labor) and to reduce investment risks in China. Along with the participation of foreign invested enterprises, the export turnover of footwear in 2017 reached xx.xxx billion, up 12.7% compared to the same period in 2016. Meanwhile, in China, due to production costs tend to increase, FDI leather and footwear enterprises tend to shift investment from China to Vietnam. The footwear industry is forecast to continue to grow sharply from 8-15% in the period 2018 to 2020.

The Far East continues to be the largest net importer of cow leather. This is due to the development of leather products and footwear production in China, Vietnam Export of cow leather from Africa has grown at a rapid pace due to the important supply of some countries such as Kenya, Ethiopia, Somalia, and Zimbabwe, while exports of sheep and goat leather are likely to decline due to the reduction of domestic demand.

Total global footwear production maintained 23 billion pairs in the past two years after an average growth rate of 15% from 2010 to 2014. China, India, and Vietnam are the global’s largest footwear producers with 70% of world output.

Leather and footwear manufacturing is a key industry of Vietnam. However, the production of leather and footwear is still mainly in the form of export processing, with the source of input materials specified by importing customers. Therefore, the value added to the product is low and highly dependent on the supply from abroad. Each year, Vietnam consumes billions of dollars to import. The localization rate of leather and footwear industry at 50% is not enough to meet the export requirements of Trade Agreements (almost 55%) signed and being negotiated. For leather footwear products, the localization rate is even lower due to the dependence on the imported leather source.

For more information on the research report, refer to Vietnam Leather and Footwear Market.

Thing you need to know about phases of mergers and acquisitions (M&A)

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An acquisition occurs when one company takes over another company and becomes the new owner. If you are a company looking to acquire another company, you will need to understand how acquisitions work and how to find quality target company candidates.

Pretty early in the acquisition process, you will be asked to write and submit an acquisition proposal to the target company. An acquisition proposal is a formal offer to purchase another company. Within your proposal you will identify the companies involved, describe the transaction, and attach related business documents.

Related: Mergers and Acquisitions

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.

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. However, whether the market will continue flourishing in the time to come depends on how existing hurdles are tackled. 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.

For a step-by-step walkthrough of M&A processes or to be advised on How to Acquire Other Companies in Vietnam, contact GBS – A business law firm in Vietnam at info@gbs.com.vn or visit the website: https://gbs.com.vn

SEA Games contests launched in Vietnam

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The 31st Southeast Asian (SEA) Games organisers have launched a public competition to create the logo, mascot, slogan and song for the multi-sport event in Vietnam in 2021.

Designers and musicians have also invited to create the above items for the 11th ASEAN Para Games which will follow the SEA Games in Hanoi and surrounding areas.

The contests are being run by the National Sports Administration, the Vietnam Olympics Committee and Hanoi City Trail Company.

Vietnamese citizens from 15 years old and above can enter. Submissions will be accepted from September 1 to October 10 with the winning ones to be announced in a ceremony on October 30 live aired on Thể thao TV and Bóng đá TV. The deadline for the song competition is November 10.

The winning designer for each work will receive VNĐ30 million while the musician with the chosen song will get VNĐ50 million.

The 31st SEA Games’ slogan, logo, mascot and song will be introduced during the 30th Games in the Philippines later this year.

Miss Vietnam and Miss Universe 2018’s top five H’Hen Nie will be the contests’ ambassador while other influencers such as rapper Den Vau and MC Quang Bao will attend.

The SEA Games and Para Games are two biggest sporting events held every two years in the region.

It will be the second time Vietnam has won the right to host the Games, following the first time in 2003.

Source: VNN

Defender Van Hau to join top league Dutch club

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Hanoi FC and Vietnamese national team star, Doan Van Hau is set to join Dutch top division club SC Heerenveen under a one-year loan agreement.

The 20-year-old fullback, who plays as the left-wing-back for the national team arrived in the Netherlands, completed his medical check-up and is expected to sign the contract today, September 2.

Van Hau will have a salary of USD22,000 per month and if he performs well, SC Heerenveen buy him for a permanent contract at USD1.7 million.

After the contract, Hau is expected to make a start at a match between SC Heerenveen and Ajax on September 14.

Hanoi FC confirmed that a deal had been agreed for Doan Van Hau to join SC Heerenveen on loan.

According to the club, they have been discussing the contract with SC Heerenveen over the past two months.

“The key is that the Dutch club are committed to creating the maximum conditions for Van Hau to play because SC Heerenveen have watched the Hanoi FC defender closely for a long period of time. SC Heerenveen are confident that the left back is capable of playing in the Dutch league,” the club stated.

Hau started playing for the national team when he was 18. At 20, he had already won major tournaments including the AFF Cup in 2018 with the Vietnam national team and V. League championship with Hanoi FC last season.

After signing the contract, Hau will fly to Thailand to prepare for Vietnam’s clash with Thailand in World Cup 2020 qualifiers on September 5.

Source: Dtinews

Is minimalism the answer to a complicated life?

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After getting married recently, a young couple in the southern province of Kiên Giang led a life of Japanese-style minimalism, refusing all furniture presented by their parents and friends.

“We don’t use a wardrobe, TV set, cupboard, unnecessary kitchen kits or furniture in the living room,” the wife Nguyễn Thị Hân says.

They spent VNĐ150 million (US$6,500) on adapting their house to minimalism.

The husband Võ Hoàng Bắc made a bed-plank, several wooden shelves, a table and wooden toys for his nine-month-old boy by himself.

One of the two bedrooms in their 100sq.m house has been dismantled to make the living room more spacious and airy.

Hân, who is a full-time mother, has three sets of pyjamas, three shirts and two pairs of jeans for going out while her husband, working for a rice exporting company, has even fewer – only two sets of clothes to go to work. Whenever attending a special event, they will hire outfits.

Their young son might also have fewer clothes than others.

The mother uses a single induction stove, mostly for boiled or fried dishes while others could be steamed in the cooker with rice to preserve their original flavours.

They don’t use any kind of chemicals but soaps with natural ingredients for bathing and washing. Plastic bags are also rarely used by the couple.

“I come back home at noon each day to cook meals while my wife spends all of her time looking after our son. After giving birth, we have become more aware of leading a simple life because we expect my son to live in an environment of little possessions but full of happiness,” Bắc says.

After two years of minimalism, the couple does not pay much concern about financial issues and feels satisfied with their simple life.

“As long as we live more slowly and understand the life that we want to live in, we will be naturally aware of what we have to do,” they reckon.

Minimalism has been wide-spread in Japan since 2011, particularly after a 9.0-magnitude quake and tsunami which claimed nearly 20,000 lives and led to many re-evaluating their possessions.

It is estimated that around 30 to 50 per cent of injuries and deaths during earthquakes are caused by falling objects in Japan. By living in an apartment with less furniture, the owner will be less concerned about losses of property and spend less time cleaning and shopping; in other words, less for more happiness.

In modern life with increasing stress and concerns, minimalism has also become popular among Vietnamese youth. Many social groups dedicated to the lifestyle have been set up with thousands of members nationwide, like Vietminimalists Group with over 8,000 members or Minimalism Lifestyle with over 31,000 members.

Minimalism might be less for more to many people but to some, it does not always bring convenience. Some minimalists have even reverted to their former lifestyle after leading a minimal life for a while.

“It made life easier at first,” says Nguyễn Văn Lượng from Cầu Giấy District. “Our house became more spacious. My wife and I have just several clothes so it does not take us much time to choose what to wear for the day.”

After Lượng and his wife liquidated their household items like the sofa, water heater, microwave and washing machine with the wish to simplify their life, gradually more and more inconveniences occurred for the couple.

“We had to use a gas stove to heat the food but we needed to pay attention in order to prevent the food from being burned, which we wouldn’t have to do with a microwave. Instead, we could have used that time to do other things like making a cup of tea,” he says.

“The kitchenware was also minimised, which discouraged my wife from cooking. That’s why we had to spend more money on eating out.

“Adding to that, people thought we were wearing unwashed clothes by repeatedly wearing the same clothes. Our washing machine was sold so we had to wash our clothes manually at the weekend instead of hanging out with friends. We also found it uncomfortable seeing our guests sit on the floor instead of on a sofa.”

After all of these inconveniences, the couple started to question the value of pursuing minimalism.

“Much of our time can be saved for relaxation if the work is done by machines. Recently, we decided to revert to our former lifestyle and re-purchased the household items we had sold,” Lượng says.

According to Chi Nguyễn, the author of A Book about Minimalism and also a minimalist since 2015, many have a misunderstanding that minimalism means eliminating unnecessary household items instead of understanding its core meaning. The lifestyle is demonstrated not only in material factors but also in immaterial aspects like ways of thinking, relationships or the use of social networks.

“Everyone has their own definition depending on their views and life. To me, minimalism is an option for life, eliminating both unnecessary material and spiritual stuff to make room for new positive things,” Chi says.

“Every goal needs determination and actions. To people who have quit minimalism, they should have experienced different aspects of the lifestyle. Discarding unnecessary material things is just a small segment of minimalism.

“To me, as long as I have led this lifestyle, I never want to return to the former lifestyle which was too tiring and complicated with too many unnecessary relationships and hobbies,” she adds.

The writer also reckons that everyone does not need to follow the trend.

“Minimalism is only dedicated to people with the need to get rid of abundances in life to welcome more wonderful things. People who already feel happy with their life can totally choose their own way of living,” she said.

Source: VNS

Google Doodle honors late Vietnamese painter Bui Xuan Phai

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Google Doodle, a temporary logo on the Google homepage, on Sunday featured Bui Xuan Phai, a late Vietnamese painter and artist, on the occasion of his 99th birth anniversary.

This is the second time a famous Vietnamese figure has been featured on the homepage of the world’s most popular search engine.

Google Doodle previously honored late Vietnamese songwriter Trinh Cong Son on February 28, which was his 80th birthday.

Bui Thanh Phuong, who is Phai’s son and also a professional painter, has expressed his gratitude toward Google on the official Facebook fanpage of Bui Xuan Phai.

“We sincerely thank Google, a multinational technology corporation from the United States, for honoring Bui Xuan Phai, my father, on the occasion of his 99th birthday (1.9.1920-1.9.2019),” Phuong wrote in the Facebook post.

Bui Xuan Phai loves his country and Hanoi, Phuong stated, adding that the late artist had contributed to the development of modern Vietnamese art with his unique works.

This Google Doodle has a very special meaning not only to the family but also to those who have been admiring Phai, according to Phuong.

During an interview with Tuoi Tre (Youth) newspaper, Phuong said Google had contacted the family nearly one year ago to prepare for this.

Phuong has supplied Google with documents about his father, including his self-portrait.

According to Phan Cam Thuong, a researcher and art critic, Phai’s unique talent helped him become widely loved and stay “immortal” in the hearts of art lovers.

Through his works, Phai was able to create a very special sense of nostalgia for Hanoi, which no one has ever been able to do, Thuong elaborated.

Bui Xuan Phai was born in 1920 in Kim Hoang Village, Ha Dong District, Hanoi. He had lived in several places within Hanoi’s Old Quarter until his passing in 1988.

He attended the Indochina Fine Arts College in1941.

Aside from his well-known paintings about the Old Quarter, Phai was also famous for his artworks about theatrical topics, nude paintings, and portraits.

He was honored with many local and international awards, including the Ho Chi Minh Prize in literature and art in 1996, national art exhibition awards in 1946 and 1980, and Graphic Prize of Leipzig (Germany).

Source: Tuoitrenews

Vietnam’s diplomatic missions in many countries celebrate the country’s National Day

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Vietnam’s diplomatic missions in many countries have held ceremonies to celebrate the country’s 74th National Day (September 2, 1945-2019). Vietnam News Agency reports.

In Europe, the Vietnamese Embassy in Hungary held a banquet in Budapest on August 29, with the attendance of Deputy Speaker of the Hungarian National Assembly Itsvan Jakab, Deputy State Secretary of the Hungarian Ministry of Foreign Affairs and Trade Andras Baranyi and over 200 guests.

In his speech, Vietnamese Ambassador to Hungary Nguyen Tien Thuc hailed Hungary for always considering Vietnam a priority in its official development assistance policy.

He said Vietnam hopes to receive further support from Hungary, nations and partners globally in the near future, especially at a time when Vietnam assumes ASEAN Chair and non-permanent member of the United Nations Security Council next year, which is concurrent with the 70th anniversary of Vietnam – Hungary diplomatic ties.

Baranyi stated that the Hungary-Vietnam ties are now at its peak in the past decade, noting that the establishment of a bilateral comprehensive partnership with Vietnam was a special case in Hungary’s diplomatic history.

During a banquet in New Delhi, India on August 30, Vietnamese Ambassador Pham Sanh Chau informed guests about Vietnam’s socio-economic and external relation achievements over the past 74 years.

He called on countries to strive for peace, security, stability, development and prosperity in the region.

Indian Minister of State for Home Affairs G. Kishan Reddy described Vietnam as an important partner of India and believed that bilateral ties will grow in the near future.

The Vietnamese Consul General in Vancouver, Canada also held a ceremony on the occasion.

At the event, Minister of State for Trade of British Colombia province George Chow hailed Vietnam as not only the largest trade partner of Canada in ASEAN but also a significant trade partner of the province. At present, British Colombia tops other Canadian provinces and territories in terms of exports to the Asian nation.

- VNA

Flywire and Vietnam’s VPBank partner on international tuition payments for students

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New partnership will simplify international tuition payments for Vietnamese students.

Working together the companies are addressing the unique requirements and nuances of the Vietnamese market and ensuring compliance with local regulations while offering students and their families greater convenience and choice.

By partnering with VPBank, Flywire enables Vietnamese students to make their international tuition payments in VND, via their preferred method, including bank transfers, which are very popular in Vietnam. The joint offering also provides an intuitive, digital workflow for the submission of necessary documentation required by local regulations. Previously, this process was highly manual, and student payment options were very limited.

Flywire is the tuition payment solution of choice for international students and schools, having processed over $12 billion for 2,000+ education institutions around the world. The platform provides a single point of management and payer engagement from billing and payment through reconciliation. Schools can offer students and families a highly-tailored, convenient and secure payment experience – customized by school, country, and currency – while accelerating funds flow and streamlining operational expense.

“Vietnam is one of the fastest-growing countries of origin for international students around the world, and as the country’s economy continues to grow at a rapid rate, so too does the number of Vietnamese families sending children to study abroad,” said Ryan Frere, vice president of global payments for Flywire. “Many of Flywire’s client schools in the US, Canada, UK, and Australia already have large Vietnamese student populations. Our collaboration with VPBank makes it significantly easier for those schools to serve students at higher levels in this important market.”

The Prime Minister and the State Bank of Vietnam are promoting increased digitalization in the banking sector in the country. This includes a focus on facilitating non-cash payments and streamlining administrative procedures to save time and expense for organizations, individuals and society in general.

“The cooperation with Flywire demonstrates the bank’s dynamic thinking and actions, which reaffirms its advantages in technology, its ability to capture market demand and create the most convenient experience for customers,” said a VPB spokesperson.

Flywire is headquartered in Boston and has offices in Chicago, London and Manchester (UK), Valencia (Spain), Shanghai, Singapore, Tokyo, Cluj (Romania), and Sydney, The company solves complex payment problems for businesses and institutions to empower new opportunities globally and locally. The company processes billions in payments per year, connecting entities to make transactions faster, more secure, less expensive, and more transparent. Clients in business, education and healthcare use Flywire’s full-service platform to tailor the payment experience for their customers and to create a single point of visibility and control for payer engagement and receivables management – from invoicing to payment reconciliation. Flywire also supports its clients with end-to-end customer support, including multilingual servicing via phone, email, and chat, as well as around-the-clock online payment tracking.

VPBank is one of the earliest-established joint-stock commercial banks in Vietnam, which has achieved steady growth throughout its history. The bank has set an ambitious target of becoming the most consumer-friendly, technology-driven bank and one of Vietnam’s top three most valuable banks by 2022. VPBank is the first private bank of Vietnam named in the world’s Top 500 most valuable banking brands. The ranking was announced by Brand Finance, the top Brand Valuation Consultancy, in February 2019. As of June 30, 2019, VPBank has VND 348,732 billion in total assets, around 6.1 million active customers, VND 16,832 billion TOI and 4,343 billion PBT with full coverage of all banking segments.

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