Ho Chi Minh Mausoleum to reopen after annual repairs

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The Ho Chi Minh Mausoleum will reopen to visitors August 15 after two months of annual maintenance work.
The public reopening follows an inspection conducted by Prime Minister Nguyen Xuan Phuc Wednesday.

The management board of the mausoleum in a meeting with Phuc stated that President Ho Chi Minh’s embalmed body is being maintained in the best condition and the technological system and equipment are working well. “Security around the Ba Dinh Square and the adjacent Monument to the Fallen Hero is ensured.”

The board has suggested the building of an underground parking lot at the Ba Dinh Square to serve locals and tourists who come from far and wide to see the mausoleum.

President Ho Chi Minh passed away on September 3, 1969. In the following days, his body was embalmed by Soviet Union experts and a special Vietnamese medical team under a joint agreement between the two governments.

His body is placed in a glass coffin at the mausoleum named after him in Hanoi.

Opened in 1973, the granite memorial was inspired by Lenin’s mausoleum in Moscow and built on the spot where Ho Chi Minh read the Declaration of Independence on September 2, 1945, establishing the Democratic Republic of Vietnam.

The embalmed body of Uncle Ho is preserved in the central hall inside the building, and protected by a military honor guard.

A group of scientists, including four Russian experts and seven Vietnamese who recently examined President Ho Chi Minh’s embalmed body at his mausoleum, said it was in “excellent condition.”

Millions of people visit the memorial every year, making it one of Hanoi’s most popular attractions. It received 1.2 million tourist arrivals in the first half of this year, mausoleum managers said.

Visitors have to abide by a strict prescribed dress code that includes having their legs covered to enter the mausoleum.

It is normally open to the public from 7.30 a.m. to 10.30 a.m., except on Mondays and Fridays.

At night, locals and visitors gather to view the mausoleum lit up and a flag ceremony.

Source: Vnexpress

Hanoi police bust kidney trading ring

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Police in Hanoi’s Thuong Tin District have arrested two people in a kidney trading ring.

According to Colonel Do Duc Cuong, head of the district police board, following being informed by local residents, the police detained two people are Nguyen Quang Dong, 29, from Hanoi and Le Hong Hung, 33, from the central province of Quang Binh on August 10.

At the police station, Dong said that he used to look for kidney sellers through the social network at the price of VND240 million (USD10,434) per kidney. He also paid other costs related to accommodation, tests and post-surgery treatment for the seller. After that, he searched for people who want to buy a kidney. Dong sold a kidney at VND450 million (USD15,565).

Dong took the kidney sellers to a rented house in Thanh Tri District, Hanoi, and then assigned Hung to take care of them. Each successful trade gave Dong a profit of VND45 million and he paid VND10 million for Hung.

The police have continued investigating the case.

People are advised to immediately report such organ trading cases to police.

Source: Dtinews

Vietnam upgrades premium healthcare to attract high-spending patients

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Vietnam is planning premium healthcare upgrades to attract more high-spending patients who spend billions of dollars a year on overseas treatment.
The Ministry of Health is drafting a proposal to have the cost of premium hospital rooms in public hospitals go up 37 percent from VND2.5 million ($107.3 ) a day to VND4 million ($171.7).

Since each room has just one patient bed, with an extra bed for a family member and space for welcoming visitors, it is like a premium hotel room, and nurses are on call at all times, said Nguyen Nam Lien, head of the Department of Planning and Finance under the Health Ministry.

There is a growing demand for premium services in hospitals, he said, adding that the proposal will allow this demand to be met.

Industry insiders say Vietnamese go abroad because there is a lack of top notch treatment and facilities in the country.

“If the bill is implemented well, Vietnamese patients will enjoy healthcare services at lower prices than in other countries, contributing to local hospitals’ income,” Lien said.

A bone marrow transplant in Vietnam, for instance, costs $8,000-15,000, but it is 10 times more expensive in Singapore and five times more in Taiwan, Phu Chi Dung, director of the Blood Transfusion Hematology Hospital in Ho Chi Minh City, said.

Up to 100,000 Vietnamese use healthcare services in another country every year, spending about $2 billion, the health ministry estimates.

Popular destinations are Malaysia, Singapore, Taiwan and Thailand. In Malaysia alone, the number of Vietnamese patients have risen from 8,000 in 2016 to 14,000 last year, according to the Malaysia Healthcare Travel Council. Vietnam is among the five largest healthcare markets for Malaysia, it said.

The bill is being drafted after Ho Chi Minh City last year began a medical tourism initiative by publishing a handbook on the city’s healthcare services for foreigners.

The city accounted for about half of the 80,000 foreigners who came to Vietnam for medical treatment in 2017. They spent $2 billion, of which HCMC accounted for $1 billion.

Last year, the health ministry recorded more than 300,000 foreigners coming to Vietnam for health treatment, up 50 percent against five years ago.

Vietnam’s fast-growing economy, with an aging population, is seeing increased spending on healthcare.

Healthcare expenditure in Vietnam was estimated at $16.1 billion in 2017, accounting for 7.5 percent of GDP, and is set to grow to $22.7 billion in 2021, a compound annual growth rate of 12.5 percent, according to market research firm Business Monitor International (BMI).

Source: Vnexpress

Hong Kong flights resume after protests

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Flights were departing Hong Kong airport largely on schedule on Wednesday morning, a day after protesters caused chaos with a disruptive sit-in that paralysed the busy transport hub.

Hundreds of flights were cancelled on Tuesday after demonstrators blockaded two terminals, the second consecutive day the airport has been targeted in the latest escalation of a 10-week political crisis that has gripped the international finance hub.

Protesters physically blocked travelers from accessing flights throughout the afternoon, before battling with riot police outside the terminal later that evening and turning on two people they accused of being spies or undercover police.

But by the early hours of Wednesday morning the vast majority of protesters had left the building and flights began taking off on a more regular basis.

The airport’s website showed dozens of flights taking off overnight and listed hundreds more scheduled to depart throughout Wednesday, although many were delayed.

An AFP reporter at departures said check-in desks were operating normally and only a handful of protesters remained, most of them sleeping.

It was unclear whether the airport would again be targeted later Wednesday.

Activists turned their attention to the economically vital airport after weeks of huge peaceful rallies – and increasingly violent clashes between hardliners and police – failed to win any concessions from the city’s leaders or Beijing.

Distorting the truth

China on Tuesday refuted several United States politicians’ remarks concerning the Hong Kong issue, saying that the remarks are “distorting the truth”, said a Foreign Ministry spokesperson.

According to reports, U.S. House Speaker Pelosi, Senator McConnell, Senator Rubio and Congressman Yoho on Monday tweeted that Hong Kong police repressed demonstrators with violence and that the Chinese central government eroded democracy and freedom in Hong Kong. Spokesperson Hua Chunying said that the remarks are whitewashing violent crimes as a struggle for human rights and freedom, and deliberately misinterpreting the work of Hong Kong police as violent repression when the police were only enforcing the law, fighting crimes and upholding social order.

The remarks even incited the Hong Kong residents to engage in confrontation with the SAR government and China’s central government, she said.

“They can’t wait to see a world in turmoil,” she said.

She said the U.S. side had repeatedly denied its involvement in the on-going violent incidents in Hong Kong.

However, these remarks have provided the world with new and powerful evidence on the country’s involvement.

“In the U.S., members of the Congress are also called lawmakers. I cannot help asking the relevant senators and House representatives: are you lawmakers or law-breakers?” Hua said.

She said that Hong Kong affairs are entirely China’s internal affairs, and those U.S. politicians are neither entitled nor qualified to comment on them. “Just mind your own business,” Hua said. “Hong Kong is none of your business.”

— AFP/XINHUA/VNS

Vietnam launched Corporate Governance Code of Best Practices for Public Companies

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Code to strengthen capital market and boost sustainable economic growth.

The first Vietnam Corporate Governance Code of Best Practices for Public Companies was launched on August 13 by the State Securities Commission of Vietnam (SSC) in Ho Chi Minh City. Hong Nhung reports on Vietnam Economic Times.

It was developed with technical support from the International Finance Corporation (IFC), a member of the World Bank Group, and in partnership with the Swiss State Secretariat for Economic Affairs (SECO).

The code lays out a series of recommendations on best corporate governance practices, primarily for Vietnamese public companies. It includes standards that go beyond the minimum legal and regulatory requirements, encouraging companies to move towards international best practices. This will also help Vietnam align with its ASEAN peers, which have long instituted similar codes.

“This code is the most recent effort to support public and listed companies in aspiring to international corporate governance standards, which will help raise the quality of companies listed on our stock exchanges,” said Mr. Tran Van Dzung, SSC Chairman. “The ultimate goal is to promote investor confidence and grow Vietnam’s capital markets, which will help fuel the sustainable development of the national economy.”

According to Vietnam Economic Times, the code consists of ten principles with detailed recommendations for best practices and is aimed at addressing priority issues in corporate governance performance by Vietnamese companies. Six principles are focused on the functioning of the board of directors, which is an area that requires further improvement in many Vietnamese firms.

The remaining four principles cover areas such as control environment, transparency and disclosure, shareholder rights, and stakeholder relations. The code also includes provisions relating to responsible business, such as promoting gender diversity and encouraging a stronger focus on environmental and social issues.

“Good corporate governance attracts capital,” said Mr. Philippe Le Houérou, IFC CEO. “Investors have greater confidence in companies with good corporate governance and in markets that are backed by sound legal and regulatory regimes. This Corporate Governance Code of Best Practices can help Vietnamese companies send a signal to investors to come and do business in Vietnam.”

While the code is mainly aimed at guiding good governance practices for Vietnamese public and listed companies, other companies can also utilize the code as a benchmark for best practices.

As the issuer of this code, the SSC, along with the Ho Chi Minh and Hanoi stock exchanges, will use it to promote good corporate governance practices and will monitor the voluntary adoption of the code by companies.

Starting a business in Vietnam as foreign investors: law and incorporation

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The procedures for investing or starting a business in Vietnam as a foreigner have been considerably simplified in recent years. Setting up a business in Vietnam is now quick and easy for foreign investors and entrepreneurs.

In what form should a company be set up in Vietnam?

Several choices are available to you to start your business in Vietnam. Foreign entrepreneurs can start a business in Vietnam by:

  • constituting a company with 100% foreign capital
  • constituting a joint venture
  • concluding a business cooperation contract
  • creating a representative office or a branch office

The representative office or branch office are useful dismemberments for a company abroad. However, these entities are not legal entities and cannot enter into contracts. The representative office can be a useful prerequisite for a commercial establishment. It has a link and prospecting object on the Vietnamese market.

Related: Company formation in Vietnam

Law about creating a foreign or local company in Vietnam

The establishment of the representative office is subject to a licence issued by the Department of Industry and Trade of its place of establishment. A representative office cannot directly carry out activities that generate a profit. A subsidiary may be established by a foreign company only in certain specific sectors including banking, insurance, securities, and some trading activities.

A foreign investor will have a greater interest in setting up a company as a 100% foreign-owned company than as a joint venture. Indeed, the company with 100% foreign capital is much freer in the pursuit of its business, as it is not controlled by the Vietnamese government (i.e. the provincial Department of Planning and Investment).

How to start a business in Vietnam as a foreigner?

All companies must be registered in the company register to benefit from a legal existence in Vietnam. Registration makes it possible to obtain a document certifying the existence of the company, called IRC for “investment registration certificate”.

Companies with foreign capital or where the majority of the capital is held by a foreigner also require an investment certificate, known as an IRC (investment registration certificate). This IRC is obtained by filing a request with the relevant ministerial departments.

Why start a business in Vietnam?

Vietnam has many advantages for foreign investment. First of all, it has a vast market of 90 million inhabitants and domestic consumption is proving to be sustained. The economy of this country is young and is constantly opening up to internationalisation, welcoming more and more foreign investors. Growth continues at a high rate. We can also see a postponement of investment from China to Vietnam. In addition, the workforce is young, dynamic and inexpensive and the cost of living is low. Find more about company registration, formin a foreign LLC or 100 % vietnamese company with this research article on movetosia.com.

By Robin, this article was first posted on newdaylive
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Executive interview: TPBank’s CEO and the key to a successful digital transformation

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Almost every advancement forward in the banking industry today is technology-based. Most analyses of banking trends do focus on what technology will bring to the banking industry.

Most financial institutions in Vietnam understand the major trends that are impacting the banking industry as well as what needs to be done to respond to those trends. The challenge for legacy banking organizations is prioritizing and deploying resources in alignment with these realizations. The question is whether organizations are ready to embrace change, take risks and disrupt themselves?”

Nguyen Hung, CEO of TPBank talks to Vietnam Insider about the digital transformation progresses and impacts on business at TPBank.

Can you describe TPBank’s digital transformation in recent years? How did these changes help boost TPBank’s business performance in 2018 and 2019?

We expanded our network and quickly gained market share thanks to lower investment costs than traditional branches. LiveBank (our internet banking service) developed 50 times faster than a typical branch, and digital channels attract 100 times as many guests as a typical branch. We also attracted more young customers, who would be the dominant customer force in the near future, and managed to reduce costs. Digital channels cost a fraction of what a typical branch costs for transactions and operation.

We tightened our security by using multiple verification methods (including fingerprints, voice and facial recognition), reduced human errors with OCR technology, and implemented new mechanisms to identify and prevent fraud. Finally, we greatly enhanced customer experience with 24/7 digital access through LiveBank, vastly improved transaction speed with low transaction costs, and customized experience. Customers can also open a new card or a new account in less than 5 minutes with LiveBank and other digital channels.

Which technologies have TPBank invested in to develop its banking services?

TPBank always keeps a close eye on financial technology trends. We have an investment strategy that is both diversified and selective in order to build the most effective and impactful technological solutions for our bank. Some of our recent investments include:

  • Artificial intelligence. We fitted our website and Facebook page with a Chatbot with the ability to answer basic questions regarding TPBank’s products and services. Since launch, Chatbot has reduced up to 30% of our Call Center’s workload, freeing up our consultants to address more complex requests from customers.
  • Biometric identification. Aside from greater efficiency for customers, this technology has vastly reduced data input errors and transaction time, while improving customer experience and support system productivity.
  • Blockchain. We have successfully experimented with using blockchain in interbank transactions within NAPAS, alongside two reputable commercial banks. TPBank is also working with SBI on applying blockchain to international transactions. With its flexible, transparent and decentralized nature, blockchain has the potential to greatly improve transaction networks and ensure instant transactions despite geographical distance.
How has TPBank’s business model and strategy changed to adapt to digitalization, as well as to take advantage of its benefits?

Digitalization comes not only from technological transformation, but from transformation of people and procedure as well. TPBank has made a lot of effort to recruit talent for key positions. For long-term employees, we have organized internal training schemes, as well as meetings with experts and old colleagues to facilitate a change in mindset and perspective. Regarding procedure, we founded the Digital Bank center and adapted our internal procedures to allow different departments to cooperate with ease and efficiency.

With regards to strategy, we are approaching customers not only offline through traditional channels but also through online activities, including social media and e-commerce. Thanks to harmonization between channels, customers now have more ways to explore our products at their convenience.

Bank-customer interaction is considered one of the largest challenges for banks in the digital age. What do you think about this assertion? What barriers, if any, has TPBank encountered with regards to digital banking?

Approaching customers through offline channels is familiar to both customers and banks. Approaching customers through online channels is less familiar and therefore more difficult. We have seen a lot of challenges from customer behavior and attitude. Customers remain quite nervous when it comes to digitalization, and they keep old habits that no longer fit new digital processes. To solve these challenges, banks will need to build customer-friendly digital products and familiarize customers with applying digital banking processes to everyday life.

What is TPBank’s plan to accelerate investment in banking digitalization in the coming years?

In the coming years, we will continue to focus on areas in which we have an advantage and attract prime customers. Investing selectively helps to reduce risk and raise productivity, building a sturdy foundation for digital banking. We also need to develop and upgrade our technology constantly to adapt to new trends, and continue to improve our business model regarding human resource, procedure and organization to optimize existing advantages. Alongside external technological and market factors, investing in internal resources contributes significantly to our digitalization journey.

With assistance by Jenny Nguyen
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Chinese ship returns to exclusive economic zone of Vietnam

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Reuters – A Chinese survey ship returned to Vietnam’s exclusive economic zone off its coast on Tuesday (Aug 13), ship tracking data showed, less than a week after it left the area where vessels from the two countries were locked in a month-long standoff.

The Haiyang Dizhi 8 first entered the zone under Chinese coast guard escort in July and appeared to conduct a seismic survey of waters that are a potential global flashpoint as the United States challenges China’s maritime claims.

The survey ship, which according to Vietnam left the area on Aug 7, was now headed back to the zone under escort from at least two Chinese Coast Guard vessels, according to data from Marine Traffic, a website that tracks vessel movements.

Since the standoff began, Chinese coastguard ships have also been operating within a Vietnamese oil block where a rig leased by Russian oil giant Rosneft has been drilling, the data showed.

Vietnam’s foreign ministry did not immediately respond to a Reuters request for comment.

Last month, Vietnam accused the survey ship and its escorts of conducting illegal activities in the economic zone and Vietnam’s continental shelf and demanded that China withdraw the vessels.

After it left the area, the survey ship docked at Fiery Cross Reef, a man-made island controlled by China and built on a disputed South China Sea reef that is claimed by Vietnam and the Philippines.

Chinese survey ship in Vietnam’s East Sea

The impasse has fuelled anti-Chinese sentiment in Vietnam, where previous tension between Beijing and Hanoi over the disputed waters has triggered protests.

Police last week broke up a brief protest outside China’s embassy in Hanoi against the operations of the survey vessel and its escorts.

US Secretary of State Mike Pompeo has criticised Chinese “coercion” in the disputed South China Sea, while Beijing’s top diplomat, Wang Yi, said last month that maritime problems involving Vietnam should not interfere with two-way ties.

Featured image: A Vietnamese pupil holds Vietnamese and Chinese flags before the welcoming ceremony at the Presidential Palace in Hanoi, Vietnam Nov 12, 2017. (Photo: REUTERS/Hoang Dinh Nam/P
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Vietnam ranked 50th out of 175 countries on global cybersecurity index

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Vietnam ranked 50th out of 175 countries on the Global Cybersecurity Index (CGI) in 2018, up 50 places from the previous year, according to a report by the International Telecommunications Union (ITU).

With a score of 0.693, Vietnam ranked11th in the Asia-Pacific region, which was topped by Singapore, Malaysia,Thailand and Indonesia.

Vietnam’s outstanding performance hasexceeded the initial target of climbing to 70th position.

The GCI was launched in 2007 andreflects five pillars including legal, technical, organisational, capacitybuilding, and co-operation. It combines 25 indicators into one benchmarkmeasure to monitor the cybersecurity commitment of 193 ITU member states.

With its 50th position, Vietnam isclassified as a country demonstrating high commitments in all five pillars ofthe index.

The Ministry of Information andCommunications has implemented synchronous solutions to continue to improve theranking, making the country jump 20 places in 2019 in the CGI. It is alsobuilding a strategy to make Vietnam one of the strong countries in terms ofnetwork security.

The ministry would propose to thePrime Minister to instruct ministries, localities and sectors to ensureinformation security at organisations, contributing to improving the ranking.

According to a report on VNS

Park Hang-seo calls 19 players for friendly against Kitchee SC of Hong Kong (China)

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Up to 19 players have been called up to Vietnam U22s by head coach Park Hang-seo in preparation for the upcoming friendly match against Kitchee Sports Club (SC) of Hong Kong (China).

On the afternoon of August 11, Park announced his list of the players summoned for the second camp of Vietnam U22s from August 12 to 15, which is part of their preparation plans towards the gold medal target at the 30th Southeast Asian (SEA) Games.

The Republic of Korea tactician decided to overlook some pillars, such as Nguyen Quang Hai, Doan Van Hau and Nguyen Thanh Chung, allowing them to continue playing for their clubs as the 2019 V.League has entered its most fierce period, with only six matchdays left.

Only 19 players were called up for the second training camp, nine fewer than the first camp on August 5-9. Park continues to test several new faces, including Hue FC’s duo Nguyen Huu Thang (midfielder) and Tran Danh Trung (forward), in addition to two players from the First Division tournament, Do Xuan Thi (Dak Lak FC) and Ngo Hong Phuoc (An Giang FC).

The friendly against Hong Kong’s Kitchee SC is set for August 14 at the PVF Youth Football Training Centre in Hung Yen province.

Kitchee SC is a strong team in Hong Kong (China) and are the champions of the 2017-2018 Hong Kong Premier League. They are considered quality opponents for Park Hang-seo’s players to demonstrate their competence.

According to a report on Nhan Dan

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Vietnam launches one of world’s first online drug banks

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An online database of approved drugs, pharmaceutical producers and distributors, as well as licensed pharmacists in Vietnam is now available on a website launched on Monday by the Drug Administration of Vietnam (DAV).

According to a report on Tuoi Tre Newspaper, the database, available at drugbank.vn, contains information on more than 13,300 types of drugs and nearly 41,000 pharmaceutical producers, distributors and pharmacists, Deputy Minister of Health Truong Quoc Cuong said at the launch in Hanoi.

The drug bank enables the public to easily look up drugs’ information, including their quality and prices, as well as finding drug stores that meet standards set in the Good Pharmacy Practice (GPP), Cuong said.

It also helps state management agencies keep a close watch on the history of drug development and operations of pharmaceutical businesses in Vietnam, and plays an important role in managing drug prices and controlling quality, distribution, and circulation of pharmaceuticals, the official said.

Cuong added it is expected that the database will raise public awareness of safe and effective drug use.

Digitizing a national pharmaceutical database is a landmark step for Vietnam, said DAV head Vo Quoc Tuan.

DAV officials and a local IT solutions company spent three years since 2016 working on the project, which was funded by the private sector.

Together with the U.S. Food and Drug Administration (FDA), Health Canada, and the Central Drugs Standard Control Organization of India, DAV is one of the few national state management agencies to develop an online database that provides a tool to look up information about the country’s pharmaceutical industry, Tuan noted.

- Tuoi Tre
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Researcher makes biological gel to heal wounds without sutures

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A university lecturer in Ho Chi Minh City has invented a gel for healing wounds and is about to test it on humans.
Nguyen Thi Hiep, 38, head of the biomedical engineering department at the International University, Vietnam National University, HCMC, has been researching since 2013 and successfully tested the gel on pigs.

A cross-linking gel based on chitosan, a type of sugar extracted from shell fish, and hyaluronic acid, the gel created by Hiep is for external use to stop bleeding and disinfect and heal wounds.

Hiep said when she and her team tested the product on pigs it prevented wounds from being infected and then quickly healed them without the need for sutures.

There is no need to remove the gel once applied on a wound, and it accelerates the regeneration of damaged tissues, she said.

She said even people with no knowledge of first aid can apply the gel when someone is hurt before taking the victim to hospital, adding the product would be particularly useful for people in remote areas far from medical facilities.

One advantage is that the materials needed to make the gel are easily and cheaply available, she explained.

Chitosan can be extracted from the shell of crustaceans such as shrimp and crab, which are found plentily in Vietnam.

For her invention, Hiep was among four people to receive the 2018 L’Oréal-UNESCO for Women in Science International Rising Talent award in March last year.

Her biggest hurdle so far has been funding for the research.

She got VND2 billion ($86,000) from an American investment fund. But otherwise, during the six years of research and testing, she got some of her students to assist her and paid them herself.

“The gel needs testing on a larger scale and the attention of the government so that the product gets permission for commercial use,” she said.

“I really hope that benefactors, either individuals or organizations, will find this project interesting and useful and offer me financial aid so that I could complete it.”

She has sought funding from her university to study the gel’s anti-bacterial quality and ability to prevent scarring.

She and her team are working to develop a version for injecting into knee joints besides using the gel to regenerate stem cells and tissues in cancer patients.

After graduating from the Ho Chi Minh City University of Science, Hiep received a master’s degree and PhD in biomaterials and tissue engineering at South Korea’s Soonchunhyang University.

She has been studying applied materials in medicine and how they work on cells and tissues for over 10 years.

In July she was one of two Vietnamese named in the list of 100 most outstanding Asian researchers of 2019 by Singapore’s Asian Scientist magazine.

She was also honored with the 2017 ASEAN-U.S. Science Prize for Women for her research on homecare solutions to reduce the pressure on the public healthcare system.

Source: Vnexpress

Standard Chartered: Vietnam to again stand out in ASEAN

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Bank releases Global Focus – Economic Outlook report for Q3 2019.

Standard Chartered has forecast that Vietnam will remain the fastest-growing ASEAN economy in the near term, with 2019 growth projected at 6.9 per cent. The FDI-driven manufacturing sector, which is poised for a fourth consecutive year of double-digit growth, will continue to be a key growth driver.

The forecast is highlighted in the bank’s recently published Global Focus – Economic Outlook report for the third quarter of 2019, entitled “The dovish wave grows”.

“Vietnam’s growth prospects remain strong, with macroeconomic conditions staying stable in the first half, which is likely to continue towards year-end,” said Mr. Chidu Narayanan, Economist, Asia, at Standard Chartered Bank. “We expect growth to accelerate mildly in the second half, from 6.7 per cent in the first.”

According to the latest macroeconomic research, FDI inflows will remain robust this year, particularly in the manufacturing sector, totaling $18 billion. Vietnam’s export growth is likely to remain steady and outperform its peers.

Electronics exports, which make up about one-third of the total, are likely to be less supportive than in recent years due to slowing external demand and lower semiconductor prices. Improving “traditional” exports – textiles and agriculture – should continue to take up some of the slack. Import growth is expected to remain close to 10 per cent on slowing capital-goods imports, which should keep the 2019 trade balance in surplus.

The study also suggests that the State Bank of Vietnam will remain accommodative in the near term to support growth, with still-modest inflation giving it sufficient space. Standard Chartered Bank forecasts that inflation will pick up modestly in the second half, averaging 2.8 per cent compared to 2.6 per cent in the first half, and core inflation, which excludes prices of food, energy, healthcare, and education, will edge up to 2 per cent for the year.

Standard Chartered’s economists expect unchanged policy rates in 2019 and mild appreciation of the Vietnam dong (VND). They anticipate the currency will remain supported near-term by a stable current account surplus and strong FDI inflows, and forecasts the USD-VND exchange rate at 23,100 by end-2019 and VND23,000 in mid-2020.

Source: Vneconomictimes

Trung Nguyen launches new E-Coffee stores

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New franchise outlets small-scale coffee shops targeted at takeaway customers.

Trung Nguyen announced the official launch of its new E-Coffee stores on August 10 in Ho Chi Minh City.

It targets having 3,000 such stores after one year.

With the “E” in E-Coffee standing for “energy”, the outlets are small-scale coffee shop franchises targeted at takeaway customers. Each will have an area of four to 40 sq m and will cost between VND65 million and VND175 million ($2,800 and $7,540) to establish.

E-Coffee stores are suitable for all locations, including office blocks, metro stations, markets, and convenience stores. In the beginning, Trung Nguyen will not charge brand and management fees to franchisees.

It will provide training, advice, business guidance, and operational support for partners. In addition to coffee and confectionery, franchisees are also allowed to sell other beverages.

The new retail coffee franchise model already has 100 stores nationwide. By the end of this year, Trung Nguyen aims to triple this number and expand to 3,000 around the country in 2020.

E-Coffee stores will also sell all other Trung Nguyen products, including coffee dispensers and equipment, targeting lower and middle-income consumers.

The coffee shops are different from the existing Trung Nguyen Legend chain, which requires an average investment of VND1 billion ($43,000) in investment for each shop and tries to create a lot of space for customers to enjoy their coffee.

According to the Trung Nguyen Corporation’s 2018 financial report, the company earned revenues of VND4.84 trillion ($207 million), an increase of nearly 8 per cent compared to 2017, but pre-tax profit fell 50 per cent to VND347 billion ($15 million).

Source: Vneconomictimes

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Mobile virtual network operators find it hard to exist in Vietnam

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The first mobile virtual network operator (MVNO) has been providing service for three months, and more MVNOs are expected to be launched. However, experts believe that it will be difficult to succeed in current conditions.

In late April 2019, Indochina Telecom launched ITelecom, the first MVNO in Vietnam, with the prefix 087.

ITelecom got a license from the Ministry of Information and Communication (MIC) to provide service tens of years ago. At first, the network operator intended to use Viettel’s infrastructure, but the two sides could not reach consensus on the issue.

Due to the frequency limitation (frequency band), the State only allows four companies to develop network infrastructure. The other companies have to lease infrastructure from the four companies to provide telecom services to clients.

In the past, VTC and FPT also intended to ask for permission to run MVNO, but they finally gave up as they could not see opportunities for success.

However, others still believe they have opportunities. Sources said a Vietnamese company is negotiating with MobiFone on leasing infrastructure to develop an MVNO.

Meanwhile, a Malaysian company has decided to lease infrastructure from VNPT to provide services.

Nguyen Phong Nha, director of the Telecommunication Agency, said at the ITelecom opening ceremony that there are 120 million mobile subscribers, and only 50 million are using 3G and 4G mobile data, which means that there are still opportunities for more MVNOs to join the market.

A big challenge for ITelecom, and other MVNOs, is that they have to compete with the ‘big three’ – Viettel, MobiFone and VinaPhone – to provide services at competitive fees.

For ITelecom, the mobile network operator focuses on providing services to workers in IZs in nine cities and provinces, including Hanoi, Thai Nguyen, Vinh Phuc, Bac Giang, Bac NInh, Binh Duong, HCMC, Long An and Dong Nai. It designs diverse service packages that fit different groups of customers – low income earners, students and factory workers.

ITelecom will connect the network operators which have excessive capacity to create high-quality convenient services at reasonable prices.

However, experts doubt the capability of MVNOs to attract clients.

In principle, MVNOs can only exist when mobile network operators with their own infrastructure systems don’t have large sale networks.

Le Dang Dung, president of Viettel, thinks that MVNOs can succeed in some European countries, where the average revenue per subscriber is high. If the price is high, MVNOs, which can save investment costs as they cannot spend money on infrastructure, can cut prices.

Meanwhile, the average spending on mobile service in Vietnam is low, just VND70,000-90,000 a month. Therefore, it is difficult for MVNOs to compete to for subscribers.

According to a report on Vietnamnet

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