Vietnam Airlines is raising the weight limit for carry-on bags from 7kg to 12-18kg starting August 2019, the national flag carrier said Monday.
Currently, Vietnam Airlines passengers are allowed one carry-on weighing no more than 7kg in economy class and up to two luggage bags weighing no more than 7kg each in premium economy and business class.
The new policy will allow one carry-on weighing up to 12kg for economy class and two carry-on bags weighing up to 18kg in total for premium economy and business class, Vietnam Airlines said in a statement on Monday.
The new baggage policy is based on a baggage count-based system adopted by many major airlines such as Air France, Aeroflot, British Airways, Lufthansa, All Nippon Airways, and Korean Air.
As for the checked baggage, all weight limits remain unchanged. Accordingly, each piece of checked baggage must not exceed 23kg for economy or premium economy class, or 32kg for business class.
Passengers can check in between one and two bags for free depending on their class and flight route.
Excess baggage fees will also be reduced by 50 percent compared to current rates from August 1.
For tickets issued or exchanged before August, 1 2019, the old baggage policy applies.
Passengers booking flights to or from Europe and Australia with departure dates falling between August 1 and December 31, 2019 will enjoy one additional free checked bag weighing no more than 23kg as a promotion.
Vietnam Airlines operated nearly 142,000 flights in 2018, transporting some 22 million passengers and nearly 350,000 metric tons of cargo.
The national flag carrier reported a consolidated pre-tax profit of nearly VND2.8 trillion (US$120.18 million) last year.
86 percent of children in Vietnam’s urban areas are overweight and/or obese, compared to 35 percent in rural areas, a recent study found.
The study, published by the National Institute of Nutrition last week, was conducted over 12 months on 5,028 students aged 7-17 from 75 schools in Hanoi, Ho Chi Minh City, the northern province of Thai Nguyen, the central province of Nghe An and the southern province of Soc Trang.
It found that overweight students tend to consume more protein-rich food. Many students, including those who are not overweight, tend to pursue unhealthy food habits, consuming sugary drinks and sweet food product.
Primary school students tend to consume more energy and protein foods than recommended, while secondary and high school students don’t consume enough food rich in energy, iron, zinc, calcium and other vitamins, the study found.
Low levels of physical activity and high screen time were contributing to the increased rate of obesity among urban kids.
The study also found that obesity rate among students decreased with age, while the rates of underweight students increased with age.
Tran Thuy Nga, who headed the study, said intervention programs were needed to combat malnutrition among rural children and obesity among urban ones.
Vietnamese people are consuming too much meat and not enough vegetables, experts said. The amount of meat consumed by an average Vietnamese has increased six times over the past 30 years, to nearly 100 grams a day. Their vegetable consumption yet has reduced to around 200 grams a day, half of the amount recommended by the World Health Organization.
Vietnam is also among the least physically active countries in the world, a Stanford University survey in 2017 found. It showed that an average person walked only 3,600 steps a day, compared to 4,000 steps in the Philippines, 5,800 steps in South Korea and 6,200 steps in China.
About 30 percent of the population do not get the physical recommended by the WHO, of at least 150 minutes a week, according to study by the Ministry of Health.
Vietnamese children fared worse however. About 46 percent of students in secondary school and 39 percent in primary school in Hanoi and Ho Chi Minh City don’t get enough physical activity, the National Institute of Nutrition has estimated.
The lack of physical activity among Vietnamese children is partly attributed to the lack of priority given to physical education in schools and families, alongside increasing consumption of fast food and sugared beverages.
Authorities are trying to change the situation. The health ministry aims to reduce the number of people engaging in low activity from 30 percent to 10 percent by 2025. It has launched a campaign urging citizens to walk 10,000 steps a day to stay fit.
We should take care of our cars just like other things we do for us like eating the right food, exercise, and meditation, etc. People often have to use their savings for car repairs but consistent care can prevent it. Likewise, the right car covers also keep the car in good shape.
If you often travel, you may need to keep your vehicle in the best condition but that needs some considerations. There are certain steps that we have to take before traveling and some during our journey. Generally, every driver knows how to take care of a vehicle but the below tips will help a driver more.
1. Keep An Eye On The Oil
The heart of the car is oil and without it, the car will not work so monitor it and change it regularly. You can ask the mechanic about oil change but generally, you have to change the oil after 3000 to 3500 miles. Most oil companies claim that they sell the best oil that lasts for 10000 miles but one must use the oil that is good till 5000 miles because beyond that the engine will not work. Before your tour, do checking the oil like once a week and change it when required.
2. Change The Car Seat Covers
If you think the seat covers for cars have to be changed then do it in the first place because the old seat covers will annoy you.If the covers need a wash, use a machine or wash them according to the material. Never use chemicals for cover washing because they will remove color or will damage the covers. However, buy new covers if you think they are too old. Some car owners are also expert and can replace the covers perfectly.Let a professional install the car seat covers if you can’t do it yourself because he knows his job.
3. Check Battery, Breaks, and Belts
New car models have such a braking system that needs a periodic change for better efficiency.Always check the brakes before leaving for a road trip as we all know how dangerous it becomes when the brakes fail. Likewise, make sure the seat belts are in good condition and change them if they need to. Also, keep an eye on the battery and change it or get it repaired if it has any problem. Make sure to use the best car seat covers that don’t hinder with the belts.
4. Don’t Ignore Warning Signs
If you see the dashboard lights, call your mechanic immediately. A delay would lead to big damage or may interfere with your driving. Don’t hire a fresh mechanic who has less knowledge but always get an expert. Even if your car does not give any warning sign, get it checked by a mechanic before you step onto the road. Also, monitor the fuel sign to make sure you have enough.
5. Enough Fluid and Right Tires
Always emphasize on fuel because this is what we need to keep going smoothly. A good car seat cover also helps in smooth driving. Be it gas or petrol, make sure you have enough for the road and know where you are going to have it when the sign gets down. The tires must have an enough inflate as prescribed by the manufacturer. Check your tires and get them inflated by a mechanic maintaining the right pressure. Everybody knows how important it is to keep spare tires and a new set of wheels. It is also a very important factor to know the proper wheel offset to ensure that your new set of wheels has enough clearance so it does not have any friction points with the brakes, suspensions, bumpers, fenders, or mud flaps.
The driver should have a good tire changing skill. If you don’t like tire changing, get help from the fellow passenger.
The above tips and good car seat covers are not the end of the safe driving but we also need to focus on other things like a well-maintained car body with proper paint and wax, clean interior, dashboard covers, rear board covers, and a car kit. The windows should be clean because a blurred glass may result in an accident. Check the oxygen sensors and EGR levels to ensure safe driving. Use a cover if you have to park the car in the sun so the paint does not fade away. We have a huge variety of online stores including the Car Cover World where we can have what we need for our vehicles.
The domestic shrimp industry considers the EU-Vietnam free trade agreement (EVFTA) a good chance to boost exports to the EU market, according to the Vietnam Association Seafood Exporters and Producers (VASEP). Especially, tariffs on frozen prawn exported from Vietnam to the EU will fall from 20 per cent at present to zero as soon as the agreement comes into effect.
The tariffs for other shrimp products are reduced according to the 3-5 year roadmap, while processed shrimp products will have a seven-year tariff reduction schedule, excluding canned tuna and fish balls with a tariff quota of 11,500 tonnes each, VASEP said. The EVFTA will contribute to helping Vietnam’s shrimp exports to the EU increase by 4-6 per cent this year, according to the association’s forecast.
Now, the EU mainly imports frozen raw shrimp and processed shrimp from Vietnam with the Generalized System of Preferences (GSP) tariffs at 4.2 per cent and 7 per cent, respectively. With those tariffs, Vietnam has had an advantage over the two rival countries, Thailand and China, because these two countries are not entitled to the EU’s GSP tariffs.
In the first five months of this year, Vietnam’s shrimp exports to the EU reached USD243.4 million, down 26.3 per cent compared to the same period in 2018. The EVFTA also helps Vietnamese seafood exporters have more chances to take services relating to production such as logistics, insurance and finance. Therefore, they could reduce production costs and increase competitiveness compared to competitors not having FTAs with the EU, such as India, Thailand and China. The local exports will also have the opportunity to participate in the European region’s supply chain thanks to moving investment of multinational corporations to Vietnam.
However, there still are many challenges for Vietnam’s fisheries sector when participating in the EVFTA, such as technical barriers, quality standards and strict rules of origin. In addition, labour rules under the agreement will be stricter, requiring local businesses to adapt to the agreement’s requirements.
Vietnam is home to some 2,030 miles of beautiful coastline and hundreds of islands.
But one in particular is well on its way to contending with beach giants such as Phuket or Bali.
Phu Quoc, a 222-square-mile island in the Gulf of Thailand, has welcomed rapid development and an ever-increasing list of direct flight connections.
Visitor numbers have grown in parallel, catapulting to an estimated 2.5 million in 2018 — a 25% jump compared with the year prior.
Most come for the beautiful beaches — such as Sao Beach, Long Beach and Ong Lang Beach — but there’s much more on this travel menu.
Phu Quoc’s beautiful Sao Beach.@ John’s Tours
Travelers can kayak through fishing villages or dine on fresh seafood aboard a floating platoon, go squid fishing or visit a pearl farm to see how “Pearl Island” got its nickname.
“I grew up on the island and it’s changed a lot in the past 10 years but has retained its natural beauty,” Anna Nguyen, a local expert who works with travel experience platform Klook, tells CNN Travel.
“Many people come for a weekend getaway, since it’s a quick flight from Ho Chi Minh City, but there’s so much to do; you can live here your whole life like me and still be exploring.”
For some inspiration, here are a few things to do in Phu Quoc to add to your itinerary.
Dive right in
A man scuba dives off the coast of Phu Quoc, Vietnam.@ Justin Mott/Redux
Whether you’re keen to snorkel or scuba dive, the waters around Phu Quoc are teeming with marine life, most of which is centered around the Phu Quoc Marine Park in the south or the Ganh Dau Coral Gardens just off the northwestern tip.
In addition to crabs, squid and hundreds of coral reef fish, you might also be lucky enough to spot a hawksbill turtle or a green turtle — both of which are endangered.
If you have your heart set on diving, the best time to go is during the dry season, from October to April, for the best visibility.
Dine at Ham Ninh fishing village
Phu Quoc’s Ham Ninh fishing village. @ Frank Heuer/laif/Redux
A combination of an outdoor restaurant and seafood market, Ham Ninh fishing village promises an affordable, convivial night out.
Located on the eastern coast, the village is set inland from the ocean along a canal where stilt houses, colorful boats and floating restaurants hover above the water.
“You can find so many types of seafood here, such as the famous crabs, clams, oysters and sea urchin — that’s really special,” says Nguyen. “But if you like fish, you should try cobia fish [also known as black kingfish] — it’s a tender, flaky white fish with black scales.”
For lunch or dinner, travelers can simply pick from the daily catch and choose a preparation method — grilled, steamed, hot pot style or fried up with local pepper, garlic and a mountain of Vietnamese herbs.
Go kayaking
Paddling down Phu Quoc’s Cua Can river is a great way to spend an afternoon. @ John’s Tours
On the northern end of Phu Quoc, Cua Can river winds from the sea into the center of the island.
The 14-kilometer stretch of water is an ideal place to go kayaking, especially for beginners, thanks to the calm currents and jungle surrounds.
“It’s very quiet and peaceful — it feels like a hidden gem because you can’t get there by car,” says Nguyen. “You really have to know where you’re going.”
At the end of the river, where the water feeds into the Gulf of Thailand and white sandbanks glisten under the sun, a small fishing village of wooden bridges and stilt houses offers a chance to stop for an atmospheric lunch.
If you’re confident in the kayak, travelers can paddle out into the ocean and explore nearby coral reefs and isles.
Head to the night market
The Dinh Cau night market in Duong Dong, Phu Quoc. @ Alamy
The one and only Dinh Cau Night Market, in the west coast town of Duong Dong (Phu Quoc’s largest urban center), is an experience not to be missed.
A stomping ground for food obsessives, there are dozens of food stalls, aromatic grills and outdoor tables, as well as excellent gourmet souvenirs — think black pepper, coffee, tea leaves, peanuts, chocolate and more.
“Overall the feeling is very much like other night markets in Southeast Asia, but here it’s special because everything is really local,” Nguyen.
“The vendors always invite foreigners to try little bites of food as they walk around, so you should definitely bring an appetite.”
A series of little bars along the river provide a resting place to enjoy a chilled beer or coconut ice cream after your market feast.
Deutsche Bank is planning to shutter the majority of its equities business in the Asia-Pacific region as part of a restructuring to be announced as soon as Sunday, a person with knowledge of the matter said.
The Frankfurt-based lender expects to stop offering trading of cash equities, equities research and may no longer underwrite initial public offerings in the region, the person said, asking not to be identified as the matter is private. Bloomberg reports.
As many as half the Asia equities staff will leave initially and the remainder later this year, the person said, adding that the final decision depends on the bank’s supervisory board meeting on Sunday. The lender may keep its margin lending business, the person said.
According to Bloomberg, Deutsche Bank’s supervisory board is convening to adopt a far-reaching plan presented by Chief Executive Officer Christian Sewing that’s built around dramatically shrinking and perhaps even shuttering equities trading outside Europe, people familiar with the matter have said. Peter Selman, the head of equities, is among executives said to be leaving the bank. Asia has been one of the bright spots for equity issuance revenue for Deutsche Bank.
Some employees at the bank’s offices in Hong Kong have already started packing their belongings, the person said. Deutsche Bank relied on Asia Pacific for 12% of its 25.3 billion euros of revenue last year. The corporate and investment bank unit, which includes equity trading, accounted for 2.51 billion euros of income from the region, company filings show. Deutsche Bank had about 20,000 employees in Asia Pacific, about a fifth of its combined workforce.
A Deutsche Bank spokesman declined to comment.
Deutsche Bank’s total revenue from trading stocks and related derivatives slumped 18% to 468 million euros in the first quarter from a year earlier as it experienced “challenging market conditions” and lost income after shrinking the business.
After recording its slowest pace in more than three year last month, Vietnam’s inflation is forecast to hit only 2.7 percent in 2019 after standing at 3.5 percent last year.
HSBC analysts made the forecast in the ‘Vietnam at a glance’ report released this week.
Vietnam’sheadline inflation last month moderated to 2.2 percent year-on-year, from 2.9 percent in May. This marks not only the lowest year-on-year inflation growth since 2019, but the slowest pace in more than three years.
Prices fell 0.1 percent month-on-month, reversing the incremental increases over the past two consecutive months. The main drag came from lower transport prices, falling 1.7 percent month-on-month, primarily due to declining global oil prices.
Meanwhile, housing and construction materials prices fell 0.2 percent month-on-month and food costs remained steady at 0.1 percent. In addition, healthcare prices were unchanged over the past half a year.
Typically, the Government adjusts healthcare costs every six months, which means an upward adjustment to healthcare costs could happen in July or August. In addition, given how well inflation has been contained, there could be more room for the Government to continue healthcare reforms.
Overall, Vietnam’sinflation has remained subdued with inflation growing at 2.6 percent year-on-year on average in the first six-month period. Although higher global food prices stemming from El Nino and recent retail electricity price hikes could pose upside risks, they are unlikely to pose imminent threats to the State Bank of Vietnam (SBV)’s inflation target of below 4 percent.
Givenbenign inflationary pressures and solid economic growth, HSBC predicted the SBVwill keep monetary policy on hold in 2019.
HSBC also noted during what has been a bumpy 2019, Vietnam has managed to weather risks to grow relatively well.
At first glance, some headline numbers may not look rosy compared to previous quarters,HSBC said, citing Vietnam’s GDP in the second quarter gradually slowed to 6.6 percent year-on-year, due to slower growth in the manufacturing sector of 9.4 percent,while manufacturing’s contribution to GDP fell below 2 percentage points for the first time in two years, dragging down economic growth slightly.
However,they said, Vietnam’s performance is not as bad as it looks in the broader context of a cooling tech cycle and subdued global demand.
Exports rebounded strongly to 9.5 percent year-on-year from the 13-quarter low of 5.1 percent in the first quarter.
The Purchasing Manufacturing Index (PMI) accelerated to 52.5 in June, ending the second quarter with a stronger reading than the first quarter.
But it’snot only manufacturing. Services, another pillar of growth, continued to expand steadily, at 6.9 percent year-on-year in the second quarter, thanks in part to flourishing tourism.
Unsurprisingly tourism-related industries, such as retail sales, transportation and accommodation services, continued to grow steadily, contributing to a more diversified growth outlook. Viet Nam welcomed a record high 15.6 million tourists in 2018, and by mid-2019, tourist arrivals are growing 7.5 percent year-on-year.
The trend is likely to continue in the second half of 2019, especially as the northern hemisphereenters winter season.
An import surge of cheaper Chinese toys courtesy of the U.S.-China trade war is making life difficult for Vietnamese producers.
Hoang, a local importer, said Chinese toys are 30 percent cheaper this year. In the first five months, his import volume doubled compared to the same period last year.
A Chinese toy airplane costs VND100,000-150,000 ($4.3-6.4), while a Vietnamese or Japanese one costs five times as much, he added.
“Chinese toys are selling well at low prices. About 60 percent of the toys I sell are from China, the rest from Vietnam and the U.S.”
The CEO of a toy company in Ho Chi Minh City, who did not want to be named, said the quantity of Chinese toys in the market has been growing fast in the first few months. They are being sold in most local shops, markets, street vendors and online, with many not having clear origin and safety certificates.
“Vietnamese toys are struggling to compete as Chinese toys are being sold at much lower prices,” he said.
Vietnam Customs said that toy imports from China in the first five months this year has already accounted for over half of the total value last year, and is set to increase for the rest of this year.
The surge in toy imports is being attributed to the year-long U.S-China trade war, which shows no signs of ending. Experts had warned earlier that China could increase the export of cheap goods to Vietnam to avoid U.S. tariffs.
The U.S. has so far slapped a 25 percent tariff on $250 billion worth of Chinese goods, and President Donald Trump has threatened to apply the same elevated levy on remaining imports from China worth around $300 billion. In retaliation, Beijing also raised tariffs on $60 billion worth of American products.
China has been weakening its currency to improve exports. The yuan fell to its lowest this year on Jun 10 at CNY6.93 per dollar. As of Friday, it has fallen by 3.7 percent compared to a year earlier, according to Bloomberg data.
Vietnam imported $68.7 million worth of toys from China last year, up 21 percent from 2017, according to Vietnam Customs.
One man has died and 14 others injured after a tourist coach crashed into a container truck on Saturday.
The accident happened at the Lồi Bridge, Diễn Hồng Commune, Diễn Châu District in the central province of Nghệ An.
The coach was carrying 50 passengers including adults and children from the northern province of Bắc Giang to Nghệ An. It collided with a container lorry heading in the same direction.
Passenger Nguyễn Văn Tất from Bắc Giang Province’s Hiệp Hòa District, 59, was killed instantly. The injured were taken to the 115 Nghệ An General Hospital.
Vũ Ngọc, a doctor at the hospital, said they were suffering with injuries to their heads, arms and legs.
Vietnam has no regulations on criteria for goods to be labeled ‘made in Vietnam’, so consumers have no basis to distinguish ‘made in Vietnam’ and foreign-made products.
Government agencies have started an investigation into Asanzo electronic products following allegations that the manufacturer is importing Chinese products and selling them as its own, or made-in-Vietnam, products.
Tuoi Tre newspaper quoted its sources as saying that the Asanzo plant only assembled televisions using components imported from China, whereas other home appliances sold by Asanzo were finished products purchased directly from China.
Asanzo chair Pham Van Tam, at the meeting with the local press, said this claim is incorrect, though he admitted he uses Chinese components for his products.
VietNamNet reporters contacted a deputy director of the Domestic Market Department under the Ministry of Industry and Trade, a member of ‘Buy Vietnamese’ Organization Board to learn about the current regulations on Vietnamese origin and find what products could be considered ‘Vietnamese products’.
The Asanzo plant only assembled televisions using components imported from China, whereas other home appliances sold by Asanzo were finished products purchased directly from China.
However, the official did not give a clear answer about the criteria to define Vietnamese products, but referred to information the Import/Export Department published on the website of the department.
In February 2019, the Import/Export Department issued a warning about trade fraud in labeling products. In many cases, the products imported from other countries or made in foreign countries under outsourcing contracts were labeled ‘made in Vietnam’ products to deceive consumers.
The existing legal framework still doesn’t have regulations on the labeling of goods as made in Vietnam.
“Regarding labelling, the government released Decree 43 dated April 14, 2017 which stipulates how to label products in circulation in Vietnam and import products, but doesn’t stipulate the criteria that products must meet to be labelled as ‘made in Vietnam’.
The current regulations do not clearly specify the percentage of locally made content products needed to be recognized as ‘made in Vietnam’.
A lawyer said since there are no criteria about ‘made in Vietnam’ products, the concept is understood in many different ways. They could be products with Vietnamese origin which enjoy preferential tariffs under FTAs; products made in Vietnam in some stages; or products with Vietnamese brands.
Meanwhile, other countries set regulations on labelling goods to protect local production and brands of specific products. The information on labels could be shown in general such as ‘made in…’, ‘produced in…’, or could be given in details such as ‘designed by/in…’, ‘assembled in…’, ‘packaged in…’ and imported by/for…’
A western low-pressure area and the southwest wind will bring a new heat wave to the northern and central region, according to the National Centre for Hydro-meteorological Forecasting.
The centre said on July 5 that the western low-pressure area was spreading toward the southeastern parts. Combining with the southwest wind, the temperatures in the Red River Delta will be around 35-36 degrees and the temperatures in the central region will be 35 to 38 degrees.
Starting from July 6, the northern region will have 11 to 16 hours of 35 degrees. The heat wave will last up to four days in the northeastern parts and even longer in the central region.
Two or three widespread heat waves have been forecasted for the northern and central regions in July.
After the recent rains, the central region will have to continue facing the drought and long hot days in July. The average temperatures will also higher than previous years’ temperatures by 0.5 to 1 degrees.
The northern region will still have three or four widespread rains in July, especially in the mountainous areas in the northern midland and mountainous areas. Warnings about flash floods, landslides in the mountainous areas and flooding in low-lying lands have also been put up.
A number of disposable plastic products are used every day in Vietnam, and plastic waste can be found in every nook and cranny in big cities, but many positive changes are taking place, especially among the youth.
At the recent G20 Summit in Japan, Vietnamese Prime Minister Nguyen Xuan Phuc emphasized that Vietnam is ‘at war’ with plastic waste and is making a significant effort to reach an ultimate goal that the whole country will not use disposable plastic products by 2025.
An increasing number of young Vietnamese people have already been making positive changes as they embraced a trend to switch from single-use plastics to eco-products, while food and beverage stores have also gone green.
The first single-use plastic item to be replaced with more environmentally friendly alternatives are straws.
Straws made of bamboos, glass, or steel, with prices varying from VND10,000 (US$0.4) to VND 50,000 ($2) apiece depending on quality, material, shape, and size, are now widely available in Ho Chi Minh City.
In the meantime, many beverage shops and restaurants started using bagasse-based boxes in lieu of plastic and foam products in an effort to reduce plastic waste. Some have also replaced disposable plastic spoons and forks with wooden alternatives.
For instance, at the Gong Cha Milk Tea store on Phan Xich Long Street in Phu Nhuan District, plastic straws are replaced with those made of bagasse, and cups come with paper, instead of plastic, lids.
The paper lids also feature a layer of biodegradable plastics, with their content printed using soy-based ink.
The store also provides biodegradable plastic bags, which degrade after six months, to take-away customers.
Another business that has jumped on the no-plastic bandwagon is Vietnamese cafe chain The Coffee House, which now serves its drink-in customers using glass and porcelain cups, which will be reused in six months before being replaced.
For their parts, more and more customers are bringing their own cups, bottles, and tumblers when buying tea and coffee so as to ‘say no’ single-use plastic cups.
Bank licensed by New York and US regulators to open office in Q3.
The New York representative office of the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) is expected to officially begin operations in the third quarter of this year, becoming an extended arm of Vietcombank in North America and the first representative office of a Vietnamese bank in the city to be approved by US regulators.
The New York State Department of Financial Services (NYDFS) recently issued an official license to Vietcombank for the office, located in the famous One Rockefeller Plaza in Manhattan.
Previously, in October 2018, Vietcombank received federal approval from the US Federal Reserve (US Fed) as well as in-principle approval from NYDFS.
To meet the strict requirements of US regulators in regard to licensing, Vietcombank proved its compliance with international banking standards and affirmed its leading role in Vietnam’s banking system.
Vietcombank was recognized as the most profitable bank in Vietnam last year, with consolidated profit of $783.4 million, an increase of 61.1 per cent compared to 2017. Total assets and equity increased dramatically and credit quality was controlled well. Maintaining its growth momentum, the bank also recorded impressive business results in the first quarter of this year, with pre-tax profit of over $252 million, a 35 per cent increase year-on-year. Ranked by profit, Vietcombank retained its top position among listed companies on Vietnam’s stock market.
Vietcombank’s existing network includes over 500 domestic branches, transaction offices, representative offices, and subsidiaries, along with overseas operations such as the Vietnam Finance Company in Hong Kong, a representative office in Singapore, VCB Money Inc. in the US, and Vietcombank Laos.
Hanoi City People’s Committee has just proposed the construction of the third metro project connecting Hanoi Station to Hoang Mai District.
According to the proposal, the project is estimated to need a total investment of USD1.7 billion and will be carried out from 2021-2025.
“84.5% of the investment, or USD1.5 billion, will be sourced from ODA loans, while the city will contribute USD271 million in reciprocal capital,” the committee said, adding that the Asian Development Bank has committed to finance USD 450 million for the project.
The committee also revealed that other international organisations including the German Reconstruction Bank, the Agence Française de Développement, the French government, and the World Bank have also expressed interest in providing ODA loans to the project. The city’s budget for the 2021-2025 period can provide enough reciprocal capital to carry out the project.
Debt repayments would be made from 2026 and completed in 20 to 30 years based on the terms and conditions signed with the lenders.
The proposed Hanoi Station-Hoang Mai metro line will span 8.7 kilometres including 8.13 kilometres running underground through Tran Hung Dao, Tran Thanh Tong, Kim Nguu and Nguyen Tam Trinh streets.
Four people were arrested in the central province of Nghe An on Wednesday for allegedly trafficking drugs from Laos to southern Vietnam.
Nguyen Phi Hung, 42, Le Hong Hai, 42, Le Ba Thao, 39, and Lau Ba Chong, 24, were arrested in the province’s capital town Vinh while carrying the drugs to a transit point.
The gang, led by Hung, would later have delivered them to the south for selling, the police said.
Officers seized 20 kilograms of methamphetamine, 20 kg of ketamine, 6.6 kg of heroin and three cars.
Billions of dong in cash were later seized from Hung’s house in Vinh (VND1 billion = $43,000).
The police are investigating.
Vietnam is a key trafficking hub for narcotics from the Golden Triangle, an intersection of China, Laos, Thailand, and Myanmar.
Those convicted of possessing or smuggling more than 600 grams of heroin or cocaine or more than 2.5 kg of methamphetamine face death. The production or sale of 100 grams of heroin or 300 grams of other illegal narcotics is also punishable by death.
