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After Record Share Sales, Vietnam Experiences Slowdown This Year: Bloomberg

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By Nguyen Kieu Giang

Lack of big deals leads to drop in foreign investor interest
Vietnam raised a record $3.51 billion first 5 months of 2018

After last-year’s record-setting sales of shares in companies, Vietnam is experiencing a comedown as fewer businesses offer stakes to stock investors amid uncertainties in the market.

Twenty-one companies have sold shares so far this year — raising just $281.03 million as of May 31. For the same period in 2018, 39 companies garnered $3.51 billion from share sales, the highest-ever in the Southeast Asian country, according to data compiled by Bloomberg.

The biggest difference so far: no marquee companies are offering up stakes. In the first five months last year, there were eight share offerings valued at more than $100 million each. In 2019, all the deals were valued at less than $80 million.

“The scales of share sales are quite small with companies that have low market caps, making them less attractive to foreign investors,” said Tran Hoang Son, Hanoi-based market strategist at MB Securities JSC.

In 2017 and 2018, it was a very different market. Vietnam experienced its largest-ever share sales in those years, including the offering of shopping-mall operator Vincom Retail JSC in 2017 — which pulled in 16.1 trillion dong ($688 million) — Techcombank’s share sale in April last year, which garnered $922 million, and luxury property developer Vinhomes JSC, which hauled in almost $1.4 billion that same month.

Vietnam’s equity benchmark index lost 2% in May, the biggest monthly loss since December, as intensifying trade tensions hurt market sentiment. The MSCI Asia Pacific Index lost 6.2% in May, the most since October.

There has also been a reduction in the value of trading. The daily average value of stocks changing hands on the Ho Chi Minh City Stock Exchange in the first five months totaled $170 million, compared with about $320 million in the same period last year, according to Bloomberg data.

Adding to the muted market has been the failure of the government to spur faster stake sales of state-owned companies. The privatization process of state companies has been “much slower than the government expected,” with 97 such firms yet to go public, Deputy Finance Minister Vu Thi Mai told reporters at a May briefing in Hanoi.

In an effort to speed up the process, the government recently allowed state-owned enterprises to apply the book-building method, allowing companies to have a better sense of investor appetite for their offerings and to set prices accordingly.

Private and state-owned companies that have indicated plans to sell shares this year include:

Vietnam International Commercial Bank JSC, or VIB
Saigon Commercial Bank
Mobile Information Services JSC, known as Mobifone
Vietnam Posts & Telecommunications Group, or VNPT
Vinafood and Vietnam National Chemical Group, known as Vinachem

— With assistance by Mai Ngoc Chau, and Zhen Hao Toh

This article first appeared on Bloomberg

Online sellers on Facebook expect profit decrease after new tax policy

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After selling goods online via Facebook, Ngoc Thanh now has enough money to pay for the house she bought before on installment.

The 26-year-old owner of a footwear and clothes shop on Facebook said she is satisfied about the job. “The income is really good, though I sometimes have to work very hard,” Thanh said.

Declining to give exact figure about her real income from online sales, Thanh said the income is several times higher than the salary of VND20 million she received when working for a Japanese invested enterprise some years ago.

Thanh and other online sellers don’t have to pay for ads, retail premises or tax.

Ngoc Anh, a distributor of safe fruits and home-made dishes, said she once had a fruit shop in Dong Da district in Hanoi, but later decided to ‘go online’ because young customers now prefer buying goods via Facebook.

“Young people are always on Facebook,” she said.

“In general, customers feel annoyed if you try to persuade them to buy goods. But if you show your products on Facebook with clear images and detailed information, customers won’t feel bothered,” she added.

Affirming that all individuals and businesses have to pay tax for the profits they make, the HCM City Taxation Agency has requested online sellers to make tax declarations.

However, the ‘golden days’ of online sellers via Facebook are coming to an end as the taxation agencies are tracking them down to collect tax. Affirming that all individuals and businesses have to pay tax for the profits they make, the HCM City Taxation Agency has requested online sellers to make tax declarations.

“If I have to pay tax, I will have to raise the selling prices to ensure profit. But I will lose many customers if I do this,” Thanh complained.

Thanh and other sellers are wavering between coming to the taxation agency to make tax declarations and staying ‘hidden’.

However, sources said the taxation agency can find online sellers easily because it can get the cooperation from banks, which allow them to trace money transfer transactions.

Nhip Cau Dau Tu newspaper quoted its sources as reporting that thousands of accounts have been found having revenue from social networks. The figure is 15,297 in HCM City.

In 2017, the taxation agency collected VND9.1 billion from one Facebook account which sold cosmetics.

The owner of the account did not reveal all items from business, but the taxation agency discovered that the revenue was up to VND439 billion.

Source: VNN

Two CapitaLand Vietnam projects receive green certification

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Singaporean developer also targets 100% green certifications for enlarged global portfolio with Ascendas-Singbridge by 2030.

CapitaLand Vietnam announced on June 4 it has received green certification from Singapore’s Building & Construction Authority for its two residential projects Seasons Avenue and Vista Verde.

At the same time, the CapitaLand Group also set a target of achieving 100 per cent green certification of the enlarged global portfolio with Ascendas-Singbridge by 2030. It aims to have at least 20 per cent of energy consumption coming from renewable energy for the enlarged group by 2025.

These are among the sustainability targets CapitaLand has committed to achieve as it works towards completing a transaction to acquire the businesses of Ascendas-Singbridge by the end of June. CapitaLand is set to become one of Asia’s largest diversified real estate groups, with over S$123 billion ($90 billion) in assets under management upon the completion of the transaction.

These targets were unveiled by Mr. Lee Chee Koon, President and CEO of the CapitaLand Group, in his message within CapitaLand’s 10th Global Sustainability Report. “At CapitaLand, we recognize that the long-term success of our business is closely intertwined with the health and prosperity of the communities we operate in,” he wrote. “We firmly believe in doing good and doing right, as we do well, and will continue to place sustainability as an integral part of our global business,” he said.

In line with CapitaLand Group’s new target of achieving 100 per cent green certification of its enlarged global portfolio, CapitaLand Vietnam’s has recently been recognized for its greening efforts. Its two residential projects – Seasons Avenue and Vista Verde – won Singapore’s Building and Construction Authority’s (BCA) Green Mark Gold award for overseas projects.

Seasons Avenue in Hanoi and Vista Verde in Ho Chi Minh City are residential projects comprised of four residential blocks each. Both feature lush green landscaping, providing a welcoming and tranquil environment for its residents. Residents can relax, exercise and organize activities while being close to nature. Units in both developments are also designed to maximize daylight and are well-ventilated to promote increased natural airflow and cooling.

Apart from Seasons Avenue and Vista Verde, in 2018, Somerset Ho Chi Minh City received the BCA Green Mark GoldPLUS award. The serviced residence is fitted with water efficient fixtures as well as efficient air-conditioning systems and LED lightings to reduce the building’s carbon footprint.

The serviced residence also encourages its residents to live sustainably. Friendly reminders to switch off lights, save water, and reduce the use of single-use plastic can be found within the block. Somerset Ho Chi Minh City has also set up a green corner to promote recycling and also organizes events such as tree-planting and environmental-themed movie screenings to further inculcate green habits among the residents.

Source: Vneconomictimes

Vietnam sees declining smoking rates

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The number of Vietnamese men smoking decreased during the 2014-2018 period.

According to the report by the Fund for Prevention and Control of Tobacco Harm, under the Ministry of Health, from 2014 to 2018, public awareness about smoking had increased greatly. The smoking rate among men decreased by 2.1% to 45.3%.

The smoking rate among women also decreased by 0.3% to 1.1% and the smoking rate in the urban areas decreased by 2.7% to 20.6%. There was also a decline in the smoking rate among adolescents.

As a result, passive smoking rates also decreased in most locations. This rate decreased from 55.9% to 42.6% at workplaces, from 54.3% to 37.9% at universities, from 34.4% to 19.4% on public transport and from 73.1% to 59.9% at home.

Up to 70% of smokers said they were trying to quit and 61% of asked people said they had persuaded other people to quit.

Luong Ngoc Khue, Director of the Fund for Prevention and Control of Tobacco Harm, said since 2014, they had help authorities in many provinces and cities to hold 8,000 live events and 1,000 promotion programmes about smoking and harmful effects. As of now, over 1,500 state offices, 10,000 schools and universities, and 508 hospitals have applied a smoking ban.

Even though the smoking rate in Vietnam has fallen, it is still among the top 15 countries for smokers in the world. 40,000 people die every year because of smoking-related diseases. The government hopes to pull the general smoking rate down to 39% in 2020.

There are also many shortcomings and difficulties in monitoring and dealing with violations due to lack of personnel and low public awareness. Khue went on to say that in the coming time, they will continue promotion programmes. In 2019 and 2020, they will build a mobile app to receive feedback from the public and deal with violations much quicker.

Source: Dtinews

Drug mule shoots and kills border officer in central Vietnam

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A Vietnamese border officer was killed and two others were wounded in a gunfight with drug smugglers on the Laos border Monday.
The three officers from the drug and crime prevention task force in Thanh Hoa Province were patrolling the border in Thuong Xuan District that afternoon when they spotted a suspicious-looking man with a bag.

As they stopped the man and checked him, they were ambushed by another man hiding in the forest nearby. The three shot back but could not catch the two men, who fled toward Laos.

All three officers were injured in the shooting. They managed to collect the bag the man had carried, which contained 12,000 synthetic drug pills.

Major Vi Van Nhat, 36, died in hospital that evening due to loss of blood. Captain Vu Xuan Phuong and Sub Lieutenant Nguyen Binh Minh are still in hospital.

A manhunt has been launched for the smugglers.

Vietnam is a key trafficking hub for narcotics from the Golden Triangle, an intersection of Laos, Thailand and Myanmar, the world’s second largest drug producing area after the Golden Crescent in South Asia.

Vietnamese authorities deal with around 20,000 cases involving drugs every year and arrest around 30,000 people. The country has some 250,000 registered users, but the actual figures are thought to be much higher.

While heroin has long been common among drug users, the use of synthetic drugs like meth and ecstasy has been rising of late, especially among partying youth.

Source: Vnexpress

Finance firms dominate Forbes’ Vietnam top 50 list

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Forbes Vietnam’s list of 50 best listed companies has 10 firms in banking, finance, securities and insurance.
Of these, half are commercial banks: MBBank, ACB, Techcombank, Vietcombank and VPBank.

Three were securities companies, namely Viet Capital Securities, Saigon Securities Incorporation, Ho Chi Minh City Securities Corporation; and two were in insurance, Bao Viet Group and Petro Vietnam Insurance.

The next industry groups accounting for the largest number of the top 50 companies published Monday were real estate and logistics, with six companies named in each category, followed by tech firms, construction and raw materials, multi-sector trading groups and agriculture.

The top six real estate firms were Hoa Binh Corporation, Khang Dien JSC, Kinh Bac City Development Holding Corporation, Nam Long Group, Dat Xanh Group and Coteccons.

The six logistics firms named were Vietnam Airlines, Vietjet Air, Dong Nai Port, Vietnam Container Shipping Corporation, Saigon Cargo Service Corporation, and PetroVietnam Transportation.

The list was derived using a methodology from Forbes, an American business magazine, which involves evaluating several metrics including sales, profits, assets, and market value.

The assessment uses financial statements audited over five consecutive years from 2014 to 2018 and firms’ mid-May market capitalization figures.

Forbes Vietnam did not rank the firms in a specific order of business performance, merely listing them with revenue and market cap figures.

According to Forbes Vietnam, the after-tax profit of the 50 best listed companies in 2019 on the Ho Chi Minh City Stock Exchange (HoSE) and the Hanoi Exchange (HNX) was over VND127 trillion ($5.46 billion), up 19.2 percent from last year.

Their market capitalization was $94 billion, or 63 percent of the total market caps of both exchanges as of mid-May.

Forbes noted the impressive growth of the private sector, in particular Vinhomes, the property arm of Vietnam’s biggest private conglomerate Vingroup.

Vinhomes, listed in mid-2018, ranks second in terms of profit after tax and is one of four firms in the list with a market cap of above $10 billion.

Major steelmaker Hoa Phat made it to the top five list in terms of profit after tax for the first time.

In the list of 50, HSX had 45 representatives as the exchange represents around 90 percent of Vietnam’s total market cap. This year’s list saw 13 changes, with 11 new entrants and two returning after being absent last year.

Forbes has been publishing the list for the last seven years.

Source: Vnexpress

Vietnam Petrochemical Comprehensive Market Research Report: Ken Research

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Petrochemicals and oil refining are two areas in the oil and gas processing industry. These two areas are two consecutive and intertwined phases of the entire oil and gas processing industry.

Petrochemical is a heavy industry that plays an important role in the development of many countries around the world, providing a great source of raw materials for many other industries such as plastics, garments, chemicals, etc.

Vietnam Petrochemical Industry inputs are products of the oil and gas industry, namely products of refineries and natural gas processing plants such as naphtha, ethane, propane and LPG. Petrochemical products include primary products such as ethylene, propyl naphthalene, butadiene, benzene, xylene, toluene, methanol … and secondary products such as polyethylene, polypropylene, LDPE, etc.

In the period 2012-2022, global production of primary petrochemical products is estimated to grow at a CAGR of 4.29%. In 2017, primary production of petrochemical products will reach around xxx.x million tons. In 2016, the total output of polymer on the world market will be about 335 million tons, the annual growth rate will be 5.2% in the period 2010-2016. Demand for petrochemical products is on the upward trend.

In general, in 2017, according to the Platts Global Petrochemical Index (PGPI), petrochemical prices rose slightly between January and March, then fell from April to July and rebounded from August to the end of the year. In the first quarter of 2018, PGPI is cooling down due to the impact of crude oil prices. At present, almost all petrochemical refineries in Vietnam are supplied by Dung Quat oil refinery of PVN, with the rest coming from the Cat Lai refinery with a capacity of 2,000 barrels a day. Vietnam’s oil refining capacity could triple in the next five years, from 140,000 barrels per day in 2016 to xxx barrels per day by 2020, with two new refineries Nghi Son (200,000 barrels per day) and Vung Ro (160,720 barrels per day), scheduled to come into operation in 2017 and 2018.

The demand for petrochemical products is high, but the domestic production capacity is unable to meet. According to the Vietnam Packaging Association (VIPAS), in recent years, the plastic packaging industry has also grown at an average annual growth rate of more than 25% as food and foodstuffs grow. This will be the driving force for domestic petrochemicals as demand grows.

Companies Covered in this Report:

Binh Son Refining and Oil Company Limited
Formosa Hung Nghiep Company Limited
TPC VINA Plastics and Chemicals Company Limited
AGC Vietnam Chemicals Limited Company
Vietnam Polystyrene Limited Company

To know more, click here: Vietnam Petrochemical Market

FIABCI World Prix d’Excellence names Celadon City the World-Class Township

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• Celadon City is one of the extraordinary projects in Vietnam received FIABCI’s World Silver Award under Master Plan Category
• FIABCI World Prix d’Excellence Awards is one of the most prestigious international awards for the real estate industry
• Celadon City masterfully integrates green spaces with modern conveniences
• 20% of total area has been dedicated for green space and more than 100 ready-to-use amenities

The FIABCI World Prix d’Excellence Awards – the most prestigious international awards that honors projects best embodying excellence in the real estate industry – has announced that, Celadon City, a project by Malaysian property developer Gamuda Land being recognized as World Silver Winner under Master Plan category. Celadon City is qualified for this recognition by showcasing its strategy and humanity in master planning which maximized land use to integrate nature and biodiversity with a multitude of modern-day conveniences.

According to FIABCI World Prix d’Excellence, with a selection and judging panel comprised of internationally renowned real estate professionals and experts, FIABCI World Prix d’Excellence rewards projects not just on aesthetics, functionality, or size, but their overall merits. Thus, the FIABCI World Prix d’Excellence awardees truly represent projects that are a cut above the rest.

The award is indeed a milestone for Celadon City, marking it as one of the extraordinary projects in Vietnam that have achieved the honor from FIABCI World Prix d’Excellence under the Master Plan category. This achievement once again underscored Celadon City’s competitiveness in Vietnam’s real estate market, as well as reaffirmed its position as a world-class township.

Mr. Wyeren Yap Vooi Soon, General Director of Gamuda Land HCMC to Vietnam Insider, “This award is the recognition of our efforts to harmoniously bring the development’s key elements together – architecture, facilities, amenities, nature, and most importantly, the community. The symphony of all these elements creates a thriving and sustainable township that has a strong sense of identity and belonging. In recent years, Gamuda Land has focused on developing Celadon City to bring sustainable values to its residents by creating a place that people will be pleasure to call home, want to be a part of, grow up, and grow old in.”

Embracing values from nature, Celadon City is built on a total area of 82 hectares with more than 16 hectares dedicated to lush parklands. 6,000 major trees insides the town parks as well as 3 lakes provide residents the privilege to enjoy nature from anywhere in the property – whether in the corner of their balcony with the green space view, a favorite spot in the park where they can walk and share memories with family, or the roads around the lake where they can take in the fresh air.

“What is foremost in our town planning is to mindfully create a place where the community members will get to know one another and ultimately look out for each other,” Wyeren Yap Vooi Soon added.

To promote social connections, the property includes an extensive array of amenities ranging from education, culture, sports, shopping to entertainment areas. International schools such as Maple Bear Kindergarten, The Asian International School, and ILA English Centre provide children with complete and modern educational system. Hoan My Medical Centre is just next door; always ready to take care of residents’ health and medical issues. AEON Mall is currently the biggest shopping and entertainment destination in Ho Chi Minh City, while the luxurious Celadon Sports & Resort Club provides an international standard complex for healthcare, entertainment, and relaxation.

Moreover, Gamuda Land is famous for the careful selection in the projects’ design, from the landscaping and infrastructure, right to the comfort and modernity of every home. The homes in Celadon City are assessed by the stringent quality benchmarking system GQUAS based on CONQUAS – Construction Quality Assessment System – developed by Singapore’s Building & Construction Authority and ISO 9001. Likewise, Celadon City is strategically located in the center of Tan Phu district – the gateway of West Saigon that connecting all the key locations in the city as well as linking all the arterial thoroughfares and routes leading to provinces in the Southwest and Southeast.

In upcoming months, Celadon City will also have Gamuda Boulevard, a tourist enclave which will have boutique shops, restaurants, and entertainment areas. This project is targeted to bring to residents and visitors a shopping experience much like in Singapore’s famous shopping center, Orchard Road

Vietnam Tops List of Biggest Winners From U.S.-China Trade War

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By Michelle Jamrisko, Bloomberg

Taiwan, Chile, Malaysia also gaining from trade diversion
Importers buy from Vietnam to bypass higher tariffs on China

Vietnam is by far the biggest winner from the U.S.-China trade war so far as importers look to divert their orders to bypass higher tariffs.

Vietnam Wins, Again

Third-party economies gain from goods diversion in U.S.-China tariff battles

Source: Nomura
Notes: U.S. trade diversion is American shift in orders due to higher tariffs on China; Chinese order diversion is that economy’s order substitution due to higher levies on U.S. Data are for year through Q1 2019

The Southeast Asian nation, which shares a border with China, gained orders from trade diversion on tariffed goods equal to 7.9% of gross domestic product in the year through the first quarter of 2019, according to a study by Nomura Holdings Inc. economists Rob Subbaraman, Sonal Varma and Michael Loo. Taiwan is a distant second among the winners, with gains equivalent to 2.1% of GDP. Both economies gained far more from U.S. tariffs on China than from Chinese duties on the U.S.

American and Chinese orders for more than half of the 1,981 tariffed products in the U.S.-China trade dispute thus far have been re-routed, upending the winners and losers in the global supply chain, the analysis shows.

Nomura started with the official tariff lists of product codes and compared those with monthly trade data of the same goods — incorporating the levies on $250 billion in Chinese goods and $110 billion in U.S. products. The analysts estimated the gain for the world’s top 50 economies in the 12-month period.

U.S. tariffs on China have prompted import substitution primarily in electronic products, followed by furniture and travel goods. For China’s duties on the U.S., orders for soybeans, aircraft, grains and cotton were most likely to be diverted away from the U.S. to third-party economies like Chile and Argentina.

This article first appeared on Bloomberg

Forbes lists Vietnam’s Danang Among top 8 Cheapest Places To Live Well Overseas In 2019

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By Alexandra Talty | Senior Contributor | Forbes

Danang is Vietnam’s third largest city, and is located on the Eastern Sea coast, midway between Hanoi and Ho Chi Minh City and the largest city of Central Vietnam. Last week, Forbes has listed Danang among top 8 cheapest places to live overseas in 2019.

The city itself has neither the atmosphere of Hanoi nor the hustle-bustle of Ho Chi Minh City, but has its share of sights and is close to the ancient cities of charming Hoi An and the imperial capital of Hue, making it a popular vacationing spot for those looking to explore the attractions of central Vietnam or soak up some rays while hanging out on the city’s beaches.

For some, becoming an expat is about exploring the world. Others find professional fulfillment with the new challenges of living abroad.

And for some life hackers… they want to snag a higher quality of life at a lower price tag internationally. They want a cheap place where they can live well overseas.

Although many decide to move abroad for retirement or for adventure, living internationally is also way to upgrade your lifestyle if you know where to look. Luckily, Live and Invest Overseas, an online resource and newsletter for serial expats, crunched the numbers and found some of the world’s best hidden gems.

These are the regions and cities where your dollars can go further but you don’t have to sacrifice your standard of living. For more in-depth descriptions and cost breakdowns, check out the full list.

1. Lisbon, Portugal

With one of the best climates in Europe, Lisbon boasts an awesome restaurant scene, decent cost of living and great culture making an expat dream for living abroad.

2. Abruzzo, Italy

Abruzzo might be a forgotten region for tourists in Italy but it is very scenic. With great produce and a slower place, it offers expats a higher quality of life internationally. Photocredit: Getty GETTY

3. Cali, Colombia

The third largest city in Colombia, Cali is the home of salsa music as well as discounted real estate. Expats enjoy a culturally-packed lifestyle at a bargain price here. GETTY

4. Santo Domingo, Dominican Republic

The oldest European city in the Americas, Santo Domingo is an up-and-coming city that offers expats cheap prices while still maintaining a higher quality of life. Photocredit: Getty GETTY

5. Placencia, Belize

Still a relatively undiscovered part of Belize, Placencia boasts cheap real estate, upgraded infrastructure and some beautiful coral reefs, making it a great investment for expats. Photocredit: Getty GETTY

6. Durango City, Mexico

In the foothills of the Sierra Madre Occidental mountain range, this university town gets a bad rap in the press but still offers great value for expats willing to look a bit outside the box. Photocredit: Getty GETTY

7. Da Nang, Vietnam

This popular tourist town boasts great infrastructure and an international airport. Vietnam has made it easier for foreigners to own property, leading to an uptick in the market. Da Nang could be a good place to invest internationally for those interested in living abroad. Photocredit: © 2017 Bloomberg Finance LP © 2017 BLOOMBERG FINANCE LP

This relaxed city boasts great infrastructure, good schools, restaurants and shopping for cheap making it a great place to move abroad. © 2018 BLOOMBERG FINANCE LP

Long Thanh Airport construction to start by end-2020

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The Ministry of Transport has said the construction of the Long Thanh International Airport will be started at the end of 2020.

Minister of Transport Nguyen Van The announced the date during the National Assembly meeting session.

The said they had asked the Airports Corporation of Vietnam to quickly work with their international consultants to complete the feasibility study for the first phase of the project. The report will be submitted to the prime minister and the national appraisal board from June to August.

The Economic Committee will review the project in late August. It is hoped that the National Assembly will its approval to the feasibility study for the first phase in November. The authorities will find suitable contractors, carry out mine detection work and hold a bidding process for construction.

Regarding the ground clearance task, about 1,099 hectares are the rubber plant of Dong Nai Rubber Corporation. The ministry must also relocate nearly 200 households. Mine detection will be carried out after Dong Nai Province authorities complete the ground clearance work and transfer the land to the ministry.

According to the Ministry of Transport, they have issued various guidance documents about monitoring the construction quality and progress.

Long Thanh Airport project will be divided into three phases with a budget of USD16bn. USD5.4 will be spent on the first phase to build a runway, a terminal with a capacity to serve 25 million passengers and 1.2 million tonnes of goods per year.

The construction is scheduled to be completed and go into operation in 2025.

Source: Dtinews

Six firms to have listings cancelled

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The targeted firms are Hoa Binh Mineral JSC (KHB), ALV Infrastructure Development Investment JSC (ALV), ASA Consumer Product JSC (ASA), CMIStone Vietnam JSC (CMI), Song Da Investment and Construction JSC (SDD) and Low Current-Telecom JSC (LTC).

The move will raise the total number of companies to be delisted by force by the HNX in the first half of 2019 to 14. Five were delisted in May.

According to the HNX, the 14 companies had their listings cancelled because they have recorded losses for three straight years in 2016-18, delayed the disclosure of financial reports in the period and were rejected by audit agencies for their 2018 financial reports.

Source: VNA

Two Chinese caught stealing on Vietnam Airlines flights

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There were two cases of theft and another case of attempted theft by Chinese nationals on Vietnam Airlines flights in just the last month.
On May 8, a Vietnamese passenger on a HCMC-Hong Kong flight complained to the cabin crew when the plane was landing that he had lost $300 and HK$2,700 ($344) from his luggage.

The chief flight attendant reported the incident to local police. Two other Vietnamese passengers said they saw a man steal the cash and filmed it on their phones. On checking the accused man, officers found the money on him.

The second theft took place on a flight from the south central resort town Nha Trang to Ho Chi Minh City on May 26 when a passenger filmed a person opening a handbag in the overhead compartment and rummaging through it.

He immediately reported the incident to the flight crew who asked passengers sitting close to the Chinese man to check their luggage. One of them said he had lost a wallet containing VND30 million ($1,281) and some bank cards.

The crew handed the accused man over to security authorities at Tan Son Nhat Airport. The Tan Binh District police said he is in custody pending further investigation.

An attempted theft occurred on a flight from Jakarta to HCMC, when a passenger was caught rummaging through a bag in the overhead compartment.

When an attendant approached, he quickly put away the luggage and went to the toilet. The owner of the luggage said nothing was missing.

Several Chinese nationals have been caught for thefts aboard flights in Vietnam in recent years, but authorities have yet to take effective measures to stop this.

A Vietnam Airlines spokesperson said staff are being trained to be more alert.

The carrier also warns passengers not to keep money and other valuables in their cabin baggage.

Theft is a criminal offense in Vietnam if the value exceeds VND2 million ($87).

Source: Vnexpress

VN-Index plunges to a three-month low

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Vietnam’s benchmark VN-Index closed at 946.47 points at the end of Monday’s session, the lowest point since mid-February.
The VN-Index, which represents approximately 90 percent of market capitalization on all of Vietnam’s exchanges, fell for the fifth consecutive session, closing down by 13.14 points, or 1.4 percent, Monday afternoon.

Only three blue-chip stocks in the VN30-Index, which represents 30 largest-cap stocks on the VN-Index, rose this session. The index fell sharply by over 12 points (1.39 percent) to 864 points.

In Hanoi, the HNX-Index and Unlisted Public Companies Market Index (UPCoM-Index) fell 1.03 and 0.59 percent respectively.

Oil and gas stocks led the market’s decline this session, as global oil prices plunged further amidst escalating trade tensions.

Front-month Brent crude futures, the international benchmark for oil prices, were at $60.97 per barrel at 7.44 a.m. Monday morning, down $1.02, or 1.7 percent below last session’s close.

GAS shares of PetroVietnam Gas Corporation, Vietnam’s biggest listed energy firm, fell by 3 percent, while stocks of other PetroVietnam’s subsidiaries such as PVD, its drilling arm, and PVS, its technical service arm, also fell by around 3 percent.

PVX shares of Vietnam National Petroleum Group, which operates around 2,300 gas stations in the country, also fell by nearly 2 percent.

Banking stocks saw a general decline this session, with only the EIB stock of private bank Eximbank closing positively. Banking stocks lost a total of VND13.49 trillion ($577 million) in market capitalization.

Foreign investor transactions recorded a small net sell of VND24 billion ($1.03 million) on both exchanges, but this was mainly because they sold around VND142 billion ($6.08 million) worth of SBT shares of TTC Sugar, a multi-sector corporation with interests in energy, sugar, real estate and agriculture, in an M&A deal (as opposed to order matching).

In its weekend report, securities firm Bao Viet Securities Company (BVSC) said that with the current momentum, the market could in fact fall to 935- 945 points or even 910-920 points in the near future.

Source: Vnexpress

Vietnam’s first-ever cycling week kicks off

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A week-long event encouraging people to choose cycling as a form of transportation was introduced in Vietnam for the first time on Monday.

WeCyc Week was initiated by Ashui Vietnam Corporation, a media company in the field of construction, in response to Bike Week, an international event usually held on the first week of June, and the United Nation’s World Environment Day on June 5.

Ashui founder Le Viet Ha expressed his hope that from this inaugural edition WeCyc will become an annual activity to encourage an environment-friendly lifestyle in Vietnam.

Biking is one of the eco-friendliest forms of transportation with no carbon emissions. Traveling by bike is also a highly recommended activity thanks to the health benefits it brings.

People are encouraged to travel by bike at least during WeCyc Week, according to Ha.

A trash cleaning challenge will be held in the central city of Hue, whereas a bike-sharing system will be introduced in Hanoi and the central city of Quang Nam during the course of the week-long campaign.

“In the long run, WeCyc will contribute to changing the traditional way of thinking regarding different means of transportation and improving people’s understanding of personal vehicles,” Ha said.

“The initiative is also expected to encourage people to make a change from vehicles that pollute the environment greatly to public ones or those that are more eco-friendly.”

Source: Tuoitrenews