Vietnamese martial artists have won 35 gold medals after three days of competition at the 2nd Asian Open Taekwondo Championship held in HCM City on August 17, the final day of competition.
Besides gold medals, Vietnam also won 30 silvers and 28 bronzes in both combatand performance categories.
Among the gold medallists, Truong Thi Kim Tuyen, Vietnam’s leadingfemale martial artist, secured a gold medal in the under-49kg event.
The event attracted more than 400 athletes from 25 countries andterritories, including taekwondo powerhouses such as the Republic of Korea,Japan and Iran.
This year’s event is of significance to athletes from Southeast Asia, includingVietnam, who are preparing for the upcoming 30th Southeast Asian Games in the Philippines.
A new cargo transport service under the method of “from home to home” has been launched by the Hanoi Railway Transport Joint Stock Company (HARACO) across the Vietnam railway network.
The company announced on August 17 that its new shipping service, launched at http://www.harapost.vn, aims to diversify services to meet customer requirements.
Accordingly, the company receives orders from customers to flexibly transport multiple types of goods, from the smallest package to big shipments, to customers’ requested addresses in the fastest shipping times and in a safe manner.
Customers only need to visit the website http://www.harapost.vn to book online shipping or make shipping orders at the registration desk dedicated to freight transport through the harapost system at relevant stations.
In addition, the unit also launched a cash on delivery (COD) service to collect money from the buyers at the time of delivery on behalf of the sellers at a fee equal to 1% of the total collected amount.
Donald Trump said the US is “doing very well with China, and talking”, but suggested he wasn’t ready to sign a trade deal, hours after his top economic adviser laid out a potential timeline for the resumption of substantive discussions with Beijing.
Trump vowed that the US was “poised for big growth” after various trade deals are reached. But speaking to reporters as he departed New Jersey for Washington on Sunday, Trump said China needs a trade agreement more than the US given the relatively weak condition of the Asian nation’s economy. Bloomberg reports.
The president tied trade negotiations with the ongoing situation in Hong Kong on camera for the first time, saying that a deal between the US and China would be harder if there’s a violent conclusion to protests there because of concerns raised by US lawmakers. He tweeted last week that “of course China wants to make a deal. Let them work humanely with Hong Kong first!”
Huawei is a company that we may not do business with at all… We’ll see what happens. I’m making a decision tomorrow
Trump also pushed back on media reports this weekend that the US commerce department is poised, as soon as Monday, to renew Huawei Technologies’ temporary general licence to buy supplies for the US. “Huawei is a company that we may not do business with at all,” Trump said, calling the Chinese company a “national security threat”.
“We’ll see what happens. I’m making a decision tomorrow,” Trump said.
FedEx, meanwhile, is in more trouble in China, after Fujian province started an investigation into a package containing a gun that the company delivered to a firm in China. FedEx was already under investigation after Huawei said it misdirected some packages, and China has been preparing to add the US company to a blacklist of so-called unreliable entities, people familiar with the matter have said.
‘Positive’
White House economic director Larry Kudlow said earlier on Sunday that recent phone calls between US and Chinese trade negotiators had been “positive”, potentially opening the door to further progress toward a deal.
More teleconference meetings with Chinese negotiators are planned over the next week to 10 days, the White House National Economic Council director said on Fox News Sunday.
“If those deputies meetings pan out, as we hope they will, and we can have a substantive renewal of negotiations, then we are planning to have China come to the USA and meet with our principals to continue the negotiations and the talks,” Kudlow added.
Kudlow and Peter Navarro, Trump’s trade adviser, made multiple appearances on Sunday talk shows to discuss the economy and China trade prospects after a tumultuous week in financial markets that included an 800-point dip in the Dow Jones Industrial Average on Wednesday, its worst rout of the year.
The state of the economy is key to Trump’s re-election prospects in 2020; a downturn would dim the outlook for a president whose approval ratings have stayed stubbornly low. Major US equity indices, often referenced by Trump as a litmus test of his success, are essentially flat over the past 12 months.
US-China trade tension boiled over this month after a brief detente. The US declared it would expand tariffs on Chinese goods from 1 September and China responded with a boycott of American farm products and allowed its currency to weaken, signalling that this can help cushion the tariff blow. The US then officially declared China a currency manipulator.
Trump and his top aides have said repeatedly that Beijing, not US companies or consumers, are bearing the brunt of the tariffs imposed on imports from China. Trump tweeted on Sunday that China is “eating” the tariffs.
— Reported by Hailey Waller, Jordan Yadoo and Jennifer Jacobs, with assistance from Katia Dmitrieva, (c) 2019 Bloomberg LP
Ton Duc Thang University in Ho Chi Minh City has become the first university in Viet Nam entering Academic Ranking of World Universities’ top 1,000.
Ton Duc Thang is in 901-1000th place in the list leased last week.
Last year, Ton Duc Thang University organized a ceremony to receive certificate of four-star institution from the United Kingdom’s QS Stars University Ratings.
The university has been listed among top 250 universities on Sustainable Development in the UI Greenmetric World University Rankings and top ten research and educational institutions in Viet Nam based on the Web of Science, an online subscription-based scientific citation indexing service originally produced by the U.S. Institute for Scientific Information (ISI).
In July 2018, the High Council for Evaluation of Research and Higher Education (HCERES) recognized the university as being compliant with French and European standards for universities. This accreditation has been granted for a five-year term, from July 2018 to July 2023.
The university expects to rank among top 60 universities in Asia by 2037.
The Academic Ranking of World Universities (ARWU) is the first global university ranking with multifarious indicators. It is published and copyrighted annually by Shanghai Ranking Consultancy, an independent organization focusing on higher education.
ARWU is considered one of the world’s most prestigious university rankings along with the QS World University Rankings and Times Higher Education.
It comes up with the final list by analyzing four factors: education quality (10%), faculty quality (40%), scientific research (40%), and average academic productivity per capita (10%).
A young man has won a British Council award to study in Canada after creating a YouTube channel to teach Vietnamese youth how to prepare for IELTS exams.
Nguyen Duc Thinh, 25, is the creator of the 5 Minutes About IELTS YouTube channel, where he shared tips on preparing for the IELTS test without learners having to pay big sums for English courses at language centers.
Thinh graduated in English studies from Banking Academy in Hanoi in 2015 and started teaching English at language centers for a year before he run his own English tutoring courses.
In 2017, Thinh tried to make videos teaching IELTS to others as he always enjoys making videos to spread the knowledge he has learned.
“I started making short videos of less than five minutes about tips on learning English, or how to improve listening, speaking, reading, and writing skills for IELTS exams, with topics like vocabulary and grammar,” Thinh said.
The more followers Thinh had, the more he was encouraged to make new videos.
“The comments and thanks from my viewers were the motivation for me to keep making new videos.”
There is a great difference between being an English teacher and a YouTuber even though both work to impart language knowledge, Thinh said.
As a YouTuber, Thinh has to think of creative ways to create content and to pass the knowledge, emphasizing that humor is a crucial for attracting the audience.
Other important skills that Thinh has learned is how to speak and act in front of the camera, how to deal with negative comments, and how to attract likes and subscribers without compromsing the content of his video lessons.
Thinh believes the best way to handle negative comments is knowing the importance of what he is spreading and delivering to others as well as understanding that he always does his best so that the comments pointing out his imperfections and complaining about the lessons would not affect him personally.
The number of subscribers and likes seems to be an obsession of all YouTubers and Thinh is not an exception, as the 25-year-old admitted how he moved in the wrong direction so as to attract more likes and subscribers.
“The worst time was when a rookie YouTuber overtook me,” Thinh recalled, adding that the pressure coming from that caused him to deviate from his original purpose and to focus more on entertaining his audience.
But this phase did not last long, as Thinh soon realized the real reason why his audience liked him and started focusing on making useful videos that can improve his viewers’ English skills.
“Gradually I calmed down and tried not to compare myself with others, which used to make me very uncomfortable,” Thinh said.
“Working as a YouTuber is a long and tiring process which needs one to control their own jealousy in order to maintain happiness and useful content for the viewers,” Thinh added.
He believes he owes his good English command to YouTube.
As a college student, YouTube was where he learned English as for him it was the only way to communicate with native English speakers without having to pay great sums of money to come to language centers.
Thanks to his YouTube channel that has over 231,000 subscribers, he realized his love for media and broadcasting, which is also the reason why he decided to pursue this area of study at the University of Prince Edward Island in Canada.
He said that he would make better use of his English fluency in Canada than in Vietnam.
Recently, he won the IELTS Prize 2019 awarded by the British Council, which is a scholarship awarded to high-calibre individuals to enable them to study any chosen course in an undergraduate or postgraduate program of a higher education institution that accepts IELTS as a part of its admission requirement.
“Once I move to Canada, in addition to studying I will still keep on making YouTube videos,” Thinh said.
“Besides English, I will also record my life and my journey studying abroad.”
The Vietnam Startup Day 2019 is scheduled to kick off in Ho Chi Minh City on August 23, gathering startup communities from around the world.
Nearly 200 startups from 12 countries willparticipate in the event, displaying impressive technologies with highapplicability at HiTech Showcase, introducing creative and unique startupmodels at Startup Exhibition, and raising funding from investors at Live Pitch.
Intense competitions among them will also formpart of the Vietnam Startup Day 2019.
The event aims to connect startup talents,inventors and researchers from across Vietnam and other countries.
It is organised by the Vietnam Youth Federation,the Business Startup Support Centre of the HCM City Department of Science andTechnology, and the HCM City Young Business Association.
Shinhan Bank has become the largest foreign bank operating in Vietnam by setting up 36 branches across the country.
Shinhan Bank announced on Aug. 16 that its subsidiary in Vietnam has opened four additional branches in Vietnam, one each in Da Nang, Hanoi, Haiphong and Binh Duong Province. Business Korea News Portal reports.
With six additions this year alone, Shinhan Bank Vietnam, the local subsidiary of South Korea’s major lender, now operates 36 outlets across Vietnam, the biggest network among foreign lenders. It has 20 branches in southern cities like Ho Chi Minh, 15 in northern regions including Hanoi, and one in Da Nang, central Vietnam.
Shinhan Bank CEO Jin Ok-dong (center) cuts the ribbon along with other officials at the opening of Shinhan Bank Vietnam’s Da Nang branch at the Hilton Da Nang Hotel in Vietnam on Aug. 15. | @ businesskorea
In particular, Shinhan Bank is the first among South Korean banks to open an outlet in Da Nang, an important port city in central Vietnam.
According to Business Korea, while expanding channels, Shinhan Bank Vietnam is promoting a “One Shinhan” project by connecting with other affiliates of Shinhan Financial Group, such as Shinhan Card Co., Shinhan Investment Corp., Shinhan Life Insurance Co. and Shinhan DS Co.
In additiown, the bank has established the headquarters of its corporate investment banking unit in Vietnam and strengthened its asset management business in the Southeastern country. Vietnam has emerged as Shinhan Bank’s business base for the New Southern Policy. The head of Shinhan Bank Vietnam also serves as the head for the bank’s operations in the Indochina region which includes Vietnam, Myanmar and Cambodia.
Only a small proportion of construction works in Vietnam can obtain certificates for green real estate, but the demand is increasing rapidly in the context of climate change.
A real estate project in Bac Tu Liem district in Hanoi has been granted an EDGE certificate by IFC belonging to the World Bank Group.
According to the investor, the project can save 25 percent of energy and 36 percent of water. The landscape is also designed in a green way that helps reduce the urban heat island.
This is one of very few projects which went through the examination to be granted the green certificate.
According to the Ministry of Construction (MOC), Vietnam has 87 construction works meeting green certificates. Of these, 13 works have m EDGE, 53 LEED and 21 LOTUS.
Meanwhile, a report of CBRE Vietnam showed that by December 2018, Vietnam had had only 104 construction works, or several percent of total works, granted with green certificates, a modest figure compared with the strong development of the construction market. The figure is much lower than the 37 percent in Singapore.
The low percentage of construction works in Vietnam is attributed to the high investment rate and strict requirements. To obtain LEED, LOTOS and EDGE, investors have to prove that their projects have lower energy and power consumption levels.
To obtain EDGE, for example, the energy consumption of the project must be at least equal to 20 percent of a typical project according to IFC standards.
Experts believe that developing green environmentally friendly real estate will be a continuing trend in the future in the context of climate change having a bigger impact on Vietnam. The increasingly high demand for green real estate and the willingness to pay more for convenient and smarter living space will accelerate the development of the market.
World Green Building Trends 2018, a report from Dodge Data & Analytics, shows optimistic predictions about the development of green construction works in Vietnam. Such works now account for 13 percent of total works at this moment, but the figure is expected to double to 24 percent by 2021.
According to the report, Vietnam has the highest growth rate of green apartment construction works by 2021, 61 percent, higher than the world’s average growth rate of 30 percent and Singapore’s 25 percent.
Vietnam’s interest in green buildings is 28 percent, higher than the global average level, just lower than India, China, South Africa and the US.
Big real estate developers in Vietnam, such as Gamuda Land, Capital House, Phuc Khang, Nam Long, Flamingo Group and Novaland, have poured money into green works. Gamuda Land, the real estate developer from Malaysia, for example, has two large green projects Gamuda City and Celadon City.
Vietjet Aviation Company (HOSE code: VJC) was recognized as one of Vietnam’s 50 best listed companies in 2019 by Forbes Magazine during an award ceremony in Ho Chi Minh City last Thursday.
This year’s list also including other leading companies on the HCM Stock Exchange (HOSE) and Hanoi Stock Exchange (HNX) such as dairy firm Vietnamilk, beer maker Sabeco, IT giant FPT Corp, DHG Pharmaceutical, insurance-finance group Bảo Việt, digital retailer Mobile World and realty developer Vingroup.
A Vietjet representative (centre) receives the Forbes award. — VNS Photo
Honoured companies this year were rated on the basis of compound annual growth, profit, return on equity, earnings per share growth between 2013 and 2018, branding, quality of corporate management, source of profit and the prospect of sustainable development.
According to Forbes, the total capitalization of the 50 companies reached US$94 billion, accounting for 63 per cent of the total market capitalization on the two bourses.
The company has launched luxury models in an effort to win over local consumers and avoid the fate of Malaysia’s Proton
But in a land where foreign brands are often seen as a symbol of success it has its work cut out in winning over the sceptics
VinFast’s ambition to become the national car brand of Vietnam has gone up a gear with the first deliveries of its two luxury models to customers.
With the recent roll-out of the Lux A2.0, a sedan that retails for US$65,000, and the Lux SA2.0 SUV that starts at US$86,000, the automobile company owned by Vingroup, Vietnam’s largest private corporation, hopes to avoid the fate of other Southeast Asian car companies, such as Malaysia’s Proton, that have launched with much fanfare only to stall later on. Michael Tatarski reports on SCMP.
The two models, which have been designed by Pininfarina and based on technology purchased from the likes of BMW, are central to the company’s desire to be taken seriously as a brand – a desire reflected in their flashy international debut at the Paris Motor Show in October, an event that included an appearance by David Beckham.
As Le Thi Thu Thuy, VinFast’s chairwoman, put it: “VinFast has the vision to become one of the top automobile manufacturers in the world, converging the quintessence of the automobile industry to create world-class products which deliver the value that Vietnamese people can be proud of and are affordable to Vietnamese customers.”
But realizing its ambitions is likely to prove challenging. In a fast-growing economy where highly regarded foreign brands are often seen as a symbol of success, VinFast will need to convince Vietnamese consumers that their luxury cars are a viable alternative to competing models from BMW, Mercedes and Lexus. If current public sentiment is any indicator, that will be no easy task.
THE CONSUMER VIEW
Jonathan Nguyen, a furniture factory owner who lives in Ho Chi Minh City, drives a mid-range Japanese SUV. He said he had heard a lot about VinFast, mostly through local news media.
“So far, none of my friends have bought one of their cars,” he said.
In addition to the Lux A2.0 and LUX SA2.0, VinFast sells a compact hatchback, the Fadil, for about US$20,000.
Nguyen is sceptical of their products. “It will take me at least two years to consider buying anything from them as I don’t trust the quality,” he said. “It may be good or bad, but they are so new, they need to be stable first and then I would consider it.”
Asked if VinFast was seen as a peer to luxury European and Japanese car brands, Nguyen was unequivocal: “They want to be ranked as high as other luxury cars, but I think it will take them years to get there. I don’t think people will look at them like other brands since they all have history.”
Duc Tran, who works in advertising in Ho Chi Minh City, agreed.
“I wouldn’t buy one because I’m not familiar with the brand and I don’t trust their quality,” said Tran, who owns a Mercedes. He is indifferent to VinFast’s positioning of itself as a national brand for Vietnamese people.
Workers operate the car assembly line at the new automobile plant of VinFast. Photo: AFP
Members of the public can currently test drive the new models at Landmark 81, Vietnam’s tallest building, located in Ho Chi Minh City and owned by Vingroup.
On a recent visit to the skyscraper, around a dozen people were looking at the cars on display, though none agreed to be interviewed on the record. While there is a Facebook group called “VinFast Club” with 5,400 members, no one responded to a post asking if anyone had bought a VinFast car.
SALES ‘ROBUST’
Nevertheless, Thuy, the company’s chairwoman, said sales had been robust: “By the time of the grand opening of our automobile manufacturing plant on June 14, VinFast had received 10,000 purchase orders for our three car models.”
Delivery of the Fadil began on June 17, when 650 cars were handed over to customers.
These figures cannot be independently verified, and Thuy did not break the sales down by model, making it difficult to compare the luxury cars to their competitors.
According to local media, Vietnam Customs reported a 366 per cent increase in car imports in the first seven months of this year over the same period last year. Imports nosedived in early 2018 when the Vietnamese government introduced strict new import requirements, but brands have since recovered. However, the customs department does not break import data down by brand.
The Vietnam Automobile Manufacturers Association does track data by company, but only for cars built within the country.
According to their report from June, the most recent month for which statistics are available, 1,434 Mercedes-Benz models had been sold since the start of the year. The figure for Lexus was 871.
While people like Nguyen and Tran have their doubts about VinFast, Thuy is confident her company will win them over.
“Our strategy is to focus on the production of safe, reliable and high-quality vehicles whose designs are elegant, trendy and apt to consumers’ tastes while satisfying international standards,” she said.
“We are also fixated on implementation speed to bring our prestige to our customers, which simply means launching products without delay, as per our commitments.” ■
Fueled by continuous growth, Vietnam continues to attract record foreign direct investment. The latest data from the Foreign Investment Agency shows that FDI in Vietnam in the first seven months of the year, foreign investors pumped $20.2 billion into Vietnam.
Of the sum, nearly $8.27 billion came from 2,064 newly licensed projects, $3.42 billion came from 781 existing projects raising their capital and the remainder of more than $8.52 billion was spent by foreign players to acquire shares in Vietnamese companies.
Despite the reduction in new investment, disbursement of FDI saw a positive increase of 7 per cent to $10.6 billion compared to the same period last year, the agency noted.
Yutaka Moriwaki, Member of the Board of Director at Vietnam’s Eximbank talks to Vietnam Insider about the point of view as a foreign investor in Vietnam .
What is your assessment on the state of Vietnam’s economy? So far, Vietnam is an attractive destination for foreign investors, including Japanese investors. Can you share your experience?
Vietnam continues to be very attractive market and a very strong economy. Even despite the US-China trade war, Vietnam continues to enjoy strong growth, which will also have a positive effect in the long run.
We feel 100% confident in this country. The first reason is the potentiality of the market. Vietnam has a large population and very rapid growth. The socio-political system is also very stable, and very safe for foreigners. The Vietnamese government continuously protects free trade, even as some countries become very protective. All of these factors enabled foreign investors to enjoy the growing economic environment.
A few years ago Japan ranked No.1 in investment into Vietnam, but nowadays it’s Korea, Hong Kong and even China.
I don’t think this is the long-term trend. I think Japan was No.1 in 2017-2018, contributed by some large projects in real estate and petroleum. In the first half of this year, there weren’t any big investments, so we fell behind, but that doesn’t mean Japan has stopped investing in Vietnam. Especially now, due to the US-China trade war, many companies are shifting their manufacturing plants from China to Vietnam. I expect Japanese investment will increase again, because among Southeast Asian countries, Vietnam is still the most favorable place for investors.
As a foreign investor in Vietnam, how do you think foreign investment has changed Vietnam’s economy, and specifically in which sectors?
Firstly, manufacturing sector. FDI contributed significantly to its growth, by bringing in new technology, which also helped to boost export from Vietnam. According to the statistics, 70% of Vietnam’s exports came from FDI companies. Another sector is infrastructure: metro lines, airports, power plants, highways, etc. And of course, the banking industry. Many local banks are now looking for partnerships with foreign investors in order to enhance equity capital and improve their business platform.
How different is the banking industry in Vietnam compared to Japan?
Firstly, I would say there are a lot of similarities between Vietnam and Japan. For example, Japanese society relies on cash. While the US, China, and Korea are becoming much more cashless economy. According to recent statistics, transactions in Japan are 80% cash and 20% cashless. I think more and more people are using cashless methods, but our mindset is still slow to change. Japan is a big society, and it is not easy to change overnight. It is amazing that such a big market like China has changed so quickly.
Regarding the differences, the banking industry in Vietnamese banks still relies more on traditional banking business such as deposit and lending. Currently I believe 80-90% of banks’ revenue comes from loans and deposit. In Japan and other developed countries, the proportion of traditional business is much less. Banks rely more on service fees, such as credit cards, investment products, loan arrangement, advisory fees, etc. I think it is because Vietnamese economy is growing very fast and therefore has more borrowing needs. Japan is growing slowly now and doesn’t have as much need for investment.
Earlier this year Vietnam Insider talked to you about Eximbank’s transformation project, “New Eximbank.” Can you give us an update on how it is going?
In our restructuring project, Eximbank has set three goals: to improve our interest margin, increase our service fee income, and improve risk management and cost efficiency. Over the first half of the year, we have seen a big improvement in net margin. Although costs of funding also increased, which is common in the market, we also improved loan margins, by shifting our loan to SME segments. So our first goal, improving net interest margin, is on the way. Regarding service fee income, we expanded fee-based businesses such as bancassurance and credit cards. Fee levels have not increased as much as expected, however, so we still need to work hard on this point.
Eximbank | Illustrated photo
On risk management, our NPL (non-performing loan) ratio has improved a lot. When we started, three years ago, the NPL ratio was 2.27%. Last year it was 1.8%, and now it is around 1.7%. Unfortunately, our expense ratio in the first half increased, probably due to seasonal reasons such as salary adjustment and bonuses, but in the second half we expect to manage costs to ensure cost-efficiency. Our productivity is still behind our competitors, because we started restructuring later than a lot of banks. But we have started our productivity improvement initiative, called the Network Restructuring Project, to optimize productivity all over the network.
So restructuring is on the way, even though we still have room to improve. Our aim is to become “the leading quality bank in Vietnam.” We don’t focus as much on asset size but on the quality of our balance sheet. We actually achieved very good growth on our deposit, but our loan balance did not increase as much as deposit growth. Rather, we want to control the quality of our asset and ensure reasonable prices.
Did you have any reservations about living and working in Vietnam as a foreign investor?
As we are allowed to live and work in Vietnam, we need to pay respect to local rules, practice, and people here. Even though there may be a conflict between you and local counterpart, I believe we must make every effort to communicate with the people well to find win-win solutions.
Apple CEO Tim Cook has met Donald Trump at least five times over the past year, as the president wages a trade war with China.
The latest meeting took place on Friday. Trump tweeted: “Having dinner tonight with Tim Cook of Apple. They will be spending vast sums of money in the U.S. Great!”
There are signs that Cook’s open dialogue with Trump has benefited Apple, with the company this week being granted a reprieve from Trump’s 10% China import tariffs.
Apple CEO Tim Cook has met with Donald Trump at least five times over the past year in a desperate bid to keep the US president on-side as he wages a trade war with China. Jake Kanter reports on Business Insider.
Cook has been on a charm offensive with the Trump, the latest installment of which took place on Friday, when the two sat down to dinner while the president is on a working vacation at his golf club in Bedminster, New Jersey.
“Having dinner tonight with Tim Cook of Apple. They will be spending vast sums of money in the U.S. Great!” Trump tweeted on Friday evening.
It is the fifth time that we know of that the pair have sat down together since August last year, and the meetings have coincided with trade tensions between the US and China becoming more intense. This is not good news for Apple, which relies on Chinese manufacturing to make its most lucrative products, including iPhones and iPads.
Cook and Trump last met in June, in addition to talks held in April and March of this year, the latter of which was when Trump famously referred to Cook as “Tim Apple.” Trump and Cook also sat down in August 2018.
Between these five meetings, Cook has also involved himself in other White House initiatives. In February this year, he joined Trump’s American Workforce Policy Advisory Board, while in November 2018, the Apple CEO promoted science, technology, engineering and math education by visiting an Idaho school with Ivanka Trump.
There are signs that Cook’s open dialogue with Trump has benefited Apple. Only this week, the Trump administration said Apple’s MacBooks and iPhones would be given a temporary reprieve from the 10% tariff it is introducing on some products imported from China. This sent Apple shares up 4% on Tuesday.
The reprieve coincided with Apple publishing a press release on Thursday boasting about its contribution to the US economy — an announcement that might have sparked Trump’s comment about the firm “spending vast sums of money” in America. In the release, Apple said it spent $60 billion with US suppliers last year, supporting 450,000 jobs.
Cook has previously been upbeat that the trade war will resolve itself. “I’m optimistic because trade is one of those things where it’s not a zero sum game. You know you and I can trade something and we can both win. And so I’m optimistic that the two countries will sort this out and life will go on,” he said in September.
Southeast Asia draws flurry of investment but concerns over China linger
Southeast Asia is becoming ever more of a hotbed for investment related to China’s Belt and Road Initiative, two separate reports issued this month show. DYLAN LOH, Nikkei staff writer reports.
Chinese investment and construction contracts in the region almost doubled to $11 billion in the first half of 2019, from $5.6 billion in the last six months of the previous year, one report issued by Maybank Kim Eng’s research arm says.
According to Nikkei, within Southeast Asia, Indonesia drew the lion’s share of new BRI contracts, valued at $3 billion in the first half. It was followed by Cambodia at $2.5 billion, Singapore at $1.9 billion and Vietnam at $1.6 billion. Most of the projects were in transport and energy, the report notes.
These numbers reflect thriving interest in BRI participation in the region, also captured in the other report by PwC and the Singapore Business Federation, which represents more than 25,000 companies’ interests in the city-state.
Their report, released at a mid-August conference in Singapore on infrastructure development, named Vietnam, Singapore and Indonesia as the top countries where organizations see BRI opportunities.
The report cites a survey of about 50 public- and private-sector leaders in the region — from industries like financial services, energy and construction — which found that 66% of respondents identified Vietnam as a place with BRI opportunities, followed by Singapore and Indonesia at 57%. Countries like Bangladesh and Sri Lanka drew less interest at 30%, while Pakistan was near the bottom at 18%.
Three-quarters of those polled cited political risk as a top concern associated with BRI projects — a sentiment echoed by private-sector representatives who spoke at the Singapore conference.
“Infrastructure projects are long term,” said Boon Chin Hau, managing director of Singapore sovereign wealth fund GIC, during a panel discussion on inbound investment. “They are there to serve the country, the people. They have social needs and therefore they are very long term. So having very stable government is quite critical to create an environment for private investors to come in.”
The China-led Asian Infrastructure Investment Bank has lauded the role that the Association of Southeast Asian Nations has played in realizing development opportunities. At the conference, AIIB President Jin Liqun noted that while progress varies within the bloc, ASEAN nations are becoming better connected with the rest of the world.
“The vision of a seamless and integrated ASEAN that examines institutional connectivity alongside the physical infrastructure provides common frameworks that can remove trade barriers and maximize the infrastructure investment, and bring benefit to the people,” Jin said.
He noted that ASEAN countries were among the first to help form the AIIB when it was established in 2016, even as others viewed the institution with wariness. “The Asian Infrastructure Investment Bank was conceived and born with the birthmark of China. But it is not China’s bank. It’s an international development institution. It’s been brought up in the international community,” Jin emphasized at the conference, as he addressed over 600 government officials and industry leaders.
But Beijing’s specter looms over BRI ventures, even as businesses demonstrate interest in associated infrastructure projects. A report published in January by the ASEAN Studies Centre highlighted suspicions about China’s presence.
In a survey which included public officials and businesspeople in the region, 47% of about 1,000 respondents said they think the BRI “will bring ASEAN member states closer into China’s orbit.” The report noted that this finding “may have profound implications for Southeast Asia given the region’s concern that China will become a revisionist power.”
CNN — The U.S President Donald Trump has repeatedly expressed interest in recent weeks in buying Greenland.
That is not a sentence from an Onion article, although you could be forgiven if you made that mistake. This President, the most unorthodox resident of the White House in modern history, is actually, apparently, interested in buying Greenland — the world’s largest island currently owned by Denmark.
1. Why?
It makes sense to get the big one out of the way first, right? Why would the US President want to purchase an island that is 80% covered by an ice sheet and where less than 60,000 people actually live? Trump himself hasn’t said — yet — but there are a few obvious reasons.
The first is because Greenland is widely believed to be hugely rich in natural resources — including iron ore, lead, zinc, diamonds, gold, rare earth elements, uranium and oil. And much of it is currently untapped, due to the fact that, well, 80% of the country is covered by an ice sheet. But due to global warming, that ice sheet is melting rapidly — this summer NASA scientists observed two of the largest melts in the history of Greenland — and that erosion of the ice sheet is expected to make the mining of Greenland’s natural resources more doable.
The second is for geopolitical reasons. The United States already has a foothold in the country — Thule Air Base — and, as The Wall Street Journal, which broke the Greenland purchase story, notes:
“Located 750 miles north of the Arctic Circle, it includes a radar station that is part of a U.S. ballistic missile early-warning system. The base is also used by the U.S. Air Force Space Command and the North American Aerospace Defense Command.”
Third, Trump is a man very interested in his legacy in office. Buying Greenland would be a major bullet point on his presidential resume.
2. Is Greenland for sale?
Seems like no!
“#Greenland is rich in valuable resources such as minerals, the purest water and ice, fish stocks, seafood, renewable energy and is a new frontier for adventure tourism,” tweeted the country’s government on Friday morning. “We’re open for business, not for sale.”
Denmark owns Greenland, but the country has its own autonomous government. The country was granted home rule by the Danes in 1979 and in 2008 voted via referendum for even more autonomy from Denmark.
3. Is this crazy?
Nope — despite what Twitter might make you think.
The United States has actually pursued the purchase of Greenland before,according to a Danish historian named Tage Kaarsted. In 1946, US Secretary of State James Byrnes — serving under President Harry Truman — broached the idea with the Danish foreign minister at a United Nations meeting in New York. Nothing ever came of it. Almost 100 years before that, Secretary of State William Seward — fresh off the US’s purchase of Alaska — apparently looked into buying Greenland from the Danes.
4. Does the US buy a lot of other countries?
Um, no.
One of the last times the United States bought land from a foreign country was in 1867, when Seward orchestrated the purchase of Alaska from the Russians for $7.2 million. It was heavily criticized at the time — and has gone down as “Seward’s Folly” in the history books. The US also purchased the Philippine islands from Spain in 1898 for $20 million and the Virgin Islands from Denmark in 1917 for $25 million.
The most famous land acquisition by the United States came earlier — 1803 to be exact — when we agreed to the Louisiana Purchase with France. The US paid $15 million at the time for land that makes up almost one-quarter of America’s current territory.
5. How does that saying go about Greenland and Iceland?
It goes like this: Greenland is actually icy and Iceland is actually green. And it’s generally true! Blame the Vikings for the names!
Vietnam Airlines has taken delivery of its first Boeing 787-10 aircraft. The largest Dreamliner variant will operate alongside their 787-9 aircraft.
This aircraft is the first of eight 787-10s Vietnam Airlines will operate. Although official schedules have not been announced, the 787-10 has an extensive range that allows it to operate a number of new routes. Jay Singh reports on simpleflying
The configuration
Vietnam Airlines already operates the Boeing 787-9, so the 787-10 is a natural complement to its existing fleet. In a Boeing press release, additional details pertaining to the aircraft are now clear. Vietnam Airlines will offer 24 business class seats and 343 economy class seats. On its 787-9s, the carrier offers reverse herringbone seats in business class.
I had a fantastic flight on Vietnam Airlines from Sydney to Ho Chi Minh City – one of their hubs. The flight was operated on a Boeing 787-9. Should you fly on a 787-10 with Vietnam Airlines, it will likely end up being a good flight. The crew seemed to take pride in service and were wonderful to interact with.
The routes
Vietnam Airlines did not release any official routes yet. However, the press release mentioned that the 787-10 would “elevate the customer experience on the Hanoi to Ho Chi Minh route as well as many international routes.”
Hanoi to Ho Chi Minh is a major domestic route in Vietnam. Thus, the 787-10 would help Vietnam Airlines add capacity on that route with new, fuel-efficient aircraft. The airline does already operate widebodies between the two major cities. The 787-10 could replace the other aircraft entirely and solely operate flights between Hanoi and Ho Chi Minh City.
The configuration does give a little hint to this plane’s purpose. Without premium economy, it does not seem that Vietnam Airlines would place this aircraft on long-haul service. Instead, these planes could fly high-density routes in East Asia. In particular, could include routes to China, South Korea, and Japan. Shanghai, Seoul, and Tokyo could make for profitable, high-density markets for the 787-10.
Overall
With the first of eight 787-10s on lease from Air Lease Corporation, Vietnam Airlines is on a path of expansion and fleet renewal. Hopefully, if the 787-10 does replace other services, then Vietnam Airlines will launch new long-haul missions. Perhaps Los Angeles could be on the cards? Both the A350-900 and 787-9 could make the trip.
By Jay Singh, this was first posted on simpleflying
