Fintech and its impact on the mortgage market

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Applying for a mortgage has always followed the same pattern historically. The first route is a consumer going to a mortgage broker who looks at their financial situation and then compares best products from lenders and said broker then takes a small fee for their hard work. They also carry out the mortgage application process acting as a third party. The other route is a customer visiting a bank directly to discuss their mortgage products and applies to the bank directly. Now however there is another option for consumers.

Most people these days control their finances online and rarely visit their local bank. With the emergence of fintech within the mortgage market, instead of going through the lengthy process of meetings with banks and mortgage brokers, consumers can now enter all their details into an online mortgage platform which then views all mortgage products against the customer’s criteria before making a recommendation on the product which will suit the consumers circumstance. Consumers can then purchase the mortgage product through the mortgage platform, therefore offering a full end to end solution.

The Times discuss how mortgage broker service Dashly have changed the way that consumers purchase mortgages using their platform. Customers are able to upload their documents and details on their current mortgages securely onto the online platform, which then carries out searches twice a day to let customers know of any deals that they may be eligible for. This means that customers can take control of their mortgage and be proactive to ensure that they are receiving the best interest rates.

This service is particularly helpful in making sure that customers do not slip into Standard Variable Rates (SVR) with banks at the end of their fixed term. Many people fix their mortgage for a number of years and then forget to renew their mortgage and fix their rates again, which can be extremely costly. The Financial Times claim by using an online mortgage broker service, consumers could save up to £4,500 a year solely by avoiding slipping into SVR due to the reminders from such services.

By giving consumers better clarity of the mortgage market directly, Fintech businesses are taking some of the control away from banks and allowing customers to be more in control. Online mortgage systems are taking the stress and hassle out of applying for mortgages by providing an end to end solution that then continues to work for you in the background without any fees. It is clear to see that Fintech has finally pushed the mortgage market into the 21st century and is changing the way we can apply for mortgages for the better.

 

 

How Much Do You Know About Vietnam?

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Compiled by MICHAEL GORNCHA, The New York Times

Geography

Vietnam’s capital, Hanoi has experienced extraordinary growth over the last three decades, evolving from a grim, famine-ravaged place into a sophisticated metropolis with high-rises, sensational cuisine and world-class art.

Those shaking their heads at the disappearance of local culture, though, should think twice. For every glitzy mall, there’s an incense-filled temple nearby, and cultural influences of the past are still part of the modern-day fabric, from revered Confucian monuments to trendy French restaurants. In fact, it’s this zeal for barreling toward the future while always looking back that defines this city.

History

The ghosts of the American War, as the Vietnam War is known in Vietnam, have not entirely vanished in Danang, a coastal city that was host to a U.S. air base during the war.

Tang Thi Vui, right, sells savory rice cakes at a market in Da Nang, Vietnam. The central region’s best-known foods can rival specialties from other parts of the country. @ Mike Ives

The conflict killed an estimated 58,000 Americans and 3 million Vietnamese. The legacy of the American War is particularly resonant in Danang.

In 1965, the Ninth Marine Expeditionary Brigade, the first conventional American combat unit deployed in Vietnam, landed on a beach in Danang. Hundreds of thousands more troops would follow over the next few years alone.

Danang’s prettiest stretch of sand, known then as China Beach, gave American troops a sun and surf respite from the war, even as the Communist forces closed in.

Today Danang’s beaches once again lure visitors, and a building frenzy of resorts has brought five-star luxury to one of the world’s five remaining Communist nations.

And signs of a warming relationship between the United States and Vietnam are in evidence down the coast from Danang, where an American aircraft carrier made a call in 2018 at Cam Ranh Bay, the naval base once used by the Americans.

“When we fight, we must use everything we have, the ancient jungle and the deep ocean, the rivers and the mountains and our bones and flesh,” said Dao Kim Long, a veteran of the American War who also fought the French as a 14-year-old guerrilla. “But when we shake hands, we can begin a friendship with all our heart.”

Vietnam’s tilt toward the United States owes much to the looming shadow of a far more enduring and challenging antagonist: China. Like many countries in the region, Vietnam is keen for an American counterweight to balance against the growing heft of China.

Geography

Buzz, buzz, buzz. Whether it’s the roar of motorbikes, the near constant opening of bars and restaurants, the chatty nature of its inhabitants, or the abundance of great coffee, there’s just something invigorating about Ho Chi Minh city (Saigon), Vietnam’s largest metropolis.

A park where bird owners display their pets. Quinn Ryan Mattingly for The New York Times

It’s no surprise that Saigon, as most locals call it, exudes a youthful, inventive energy — after all, over half of its more than eight million dwellers are younger than 35. This dynamic spirit shines through in quirky cafes, innovative cuisine and boutiques selling homegrown fashion. And when you need a breather from all that’s new and fabulous, it’s easy to steal quiet moments in crumbling colonial buildings and contemplative art spaces.

Environment

Vietnam is one of the world’s hot spots of biological diversity.

The Bich Dong Pagoda in Tam Coc. The surrounding area is rich in birdlife, but development is a threat. David Rama Terrazas Morales for The New York Times

Hundreds of new-to-science species of plants and animals have been discovered in Vietnam during the last three decades, and more are recorded each year. The antelope-like saola, for example. Its gentle, streaked face looks as if it has just escaped from a jungle-dream painting by Henri Rousseau. Heralded as “the last unicorn” for its rarity, the saola is the largest land-dwelling animal discovered anywhere since 1937. A small herd of long-lost rhinos, a barking deer and a striped rabbit have also turned up. So has a giant, 21-inch-long walking-stick insect, and many kinds of birds — laughing thrushes! — fish, snakes and frogs hitherto unknown or thought to be extinct.

Vietnam’s forests shelter two dozen species of primates — gibbons, macaques, lorises and langurs, often in colors that make the human tribe look banal by contrast.

However, while the country is an epicenter for wild species diversity, Vietnam has also become a world center for criminal wildlife trafficking.

Its wild populations, already hemmed in by habitat destruction because of an exploding human population, are also being shot, snared and live-captured so efficiently that national parks and other natural areas are now mostly afflicted with “empty forest syndrome”: suitable forest habitat from which even small animals and birds have been hunted into local extinction. Other Asian countries are in various stages of the same convulsion. It’s frequently said that many new species vanish before science can even discover them.

Public Bank eyes to expand its operations in Vietnam

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Public Bank Bhd, the third largest lender by assets in Malaysia, said it it is actively pursuing opportunities in Vietnam and Cambodia in view of the growing potential of the Indochina market.

“Public Bank’s operations in Vietnam, despite still being a small contributor to the group’s profit currently, is also a key focus of the group’s overseas business growth strategy,” Public Bank founder, chairman emeritus and adviser Tan Sri Dr Teh Hong Piow said in a statement today.

He pointed out that since Public Bank Vietnam Ltd (PBVN) became a wholly-owned foreign subsidiary of the group in 2016, the group has been strengthening its presence in Vietnam. Theedgemarkets reports

Teh said in the medium term, the group is targeting to build a wide network of about 40 branches in Vietnam.

“This will further strengthen the group’s foothold in the Indochina market, particularly in Vietnam, in addition to Cambodia.

“From seven branches in 2015, PBVN has expanded to a network of 18 branches. This year, there will be further opening of eight new branches, subject to regulatory approval,” he added.

Public Bank founder, chairman emeritus and adviser Tan Sri Dr Teh Hong Piow

According to Theedgemarkets, Public Bank’s overseas operations continued to record stable profitability for the first quarter ended March 31, 2019 (1QFY19), contributing 10.3% to the group’s total pre-tax profit. Public Financial Holdings Ltd in Hong Kong and Campu Bank remained the main contributors to the group’s overseas business profits.

A separate filing with Bursa Malaysia showed the group posting a marginal 0.34% increase in first-quarter net profit, mainly due to lower loan impairment allowance and higher investment income.

Earnings per share was down slightly to 36.32 sen for 1QFY19 compared with 36.39 sen for 1QFY18. Quarterly revenue, however, rose 4.1% in 1QFY18.

Gross loans grew 4.4% as of March 31, 2019 compared with March 31, 2018, mainly driven by growth in property financing and corporate lending.

Total deposits from customers rose 5.2% year-on-year as at March 31, 2019.

Teh said Public Bank was able to sustain its performance in 1QFY9 despite challenges in the operating environment.

The group’s total customer deposits grew at an annualised rate of 4.5% for 1QFY19.

On the group’s prospect for 2019, Teh said while the Malaysian economy is expected to remain on a sustained growth path in 2019, it is likely to be another year of challenges given the prevailing external headwinds.

“The increasingly challenging macro environment will continue to pose downside pressure on the Malaysian banking sector. However, tapping on the expanding domestic economy and domestic demand, the ongoing demand for financing and banking products will continue to create opportunities for banks to pursue.

“The Public Bank group will continue to grow its business while remaining cautious on downside risks. While the group’s long term banking strength will continue to place the group in good stead to embrace growth, the group will further strengthen its core competencies such as digital capabilities and superior customer service, to capture prospective opportunities and deliver sustained performance in this changing environment,” he said.

At 3.01pm, Public Bank shares were down 6 sen or 0.27%today, with 3.27 million shares done.

Vietnam’s Business environment improving significantly

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By Vietnam Briefing

Vietnam’s business environment continues to improve according to the recently released 2018 Provincial Competitiveness Index (PCI) report.

According to the report, FDI remains strong, with high technology sub-sectors such as electronics accounting for an increasing part of foreign investment.

The PCI is a collaborative report by the Vietnam Chamber of Commerce and Industry (VCCI) and the US Agency for International Development (USAID).

The improvements contributed to a more equitable business climate for private firms, and better administrative reform. The survey mentioned that businesses were also more bullish about further business growth in the coming months.

The PCI, introduced in 2005 looks at several criteria including informal costs, administrative procedures and infrastructure related to the business environment of Vietnam. It looks at reforms made by provincial and city governments that promote the private sector. In 2018 it surveyed more than 8,000 domestic private firms in 63 provinces and 1,600 foreign invested enterprises (FIEs) in 20 provinces and cities.

The PCI index score measures 10 sub indices, which are:

  • low entry costs for business start-ups;
  • easy access to land and security of business premises;
  • a transparent business environment and equitable business information;
  • minimal informal charges;
  • limited time requirements for bureaucratic procedures and inspections;
  • minimal crowding out of private activity from policy biases toward the state, foreign, or connected firms;
  • proactive and creative provincial leadership in solving problems for enterprises;
  • developed and high-quality business support services;
    sound labor training policies; and
  • fair and effective legal procedures for dispute resolution and maintaining law and order.
  • The provinces are surveyed with data collected from businesses with a maximum score of 100 points.

This year Quang Ninh province maintains its top ranking of 70.36 for the second year in a row. Followed by Dong Thap in the Mekong Delta; Dong Thap also surpassed its own record, scoring 70.19 and continues to be in the top five for the past 11 years. Long an and Ben Tre come in at third and fourth with Da Nang finishing in the top five.

Highlights of the PCI

Petty corruption: In 2018, 48.4 percent of businesses said that it was necessary to pay some amount of money to get procurement contracts – this figure was 54.9 percent in 2017. 54.8 percent of firms claim to have paid small facilitation fees – this was the lowest in the last five years. Despite the decline, the indicator remained high, showing that a sustained effort is needed to further reduce facilitation fees.

Favoritism towards state and foreign investors: In general, favoritism towards select businesses seem to have declined. 37 percent of respondents said that provincial authorities prioritized FDI attraction over domestic private sector development, as compared to 45.7 percent in 2017. While an improvement, further effort is needed to level the playing field for the domestic private sector.

Policy implementation: 46.2 respondents surveyed said that provincial authorities’ attitude towards the private sector as positive; this is an annual improvement since its low of 35 percent in 2015. Firms also said that local provincial authorities were proactively aiding businesses in addressing concerns and were flexible in creating a favorable business environment.

Administrative reforms: 74.7 percent of responders said that government officials handled work efficiently compared with 67.4 percent previously. Firms also said it they were less inspections by government officials with decreases in duplication and overlap.

Entry procedures: On the other hand, the survey found that many firms feel that entry costs are high with 15.8 percent having to wait over one month to complete all required paperwork apart from a business license to become legal. This number has increased over the last five years. Another 29 percent reported challenges in receiving certificates for technical regulation compliances.

Transparency: Access to information remains an ongoing problem in Vietnam. On a scale of 1 to 5 with 1 being Impossible to 5 being Very Easy, access to information and documents was rated 2.38. Similarly access to legal documents proved to be problematic with respondents saying they need “relations” to access provincial documents.

Key challenges

Businesses reported that the most common difficulties were finding customers, accessing credit and financing, dealing with market downturns, difficulty in recruiting workers, finding business partners and regulatory changes.

In addition, small businesses found it difficult to find customers, get credit and suitable land as compared to larger corporations. This was also true for younger firms that were less than five years old.

Firms that were running at a loss found it harder to access finance, find customers, land, suppliers, and business partners. Enterprises planning to shut down their business found a harder time coping with abrupt challenges and faced a higher level of infrastructure challenges compared to those that planned on continuing operations.

Nevertheless, business confidence is still high, with 49.3 percent of firms planning to expand operations in the following two years. Firms that plan to keep the same scale of operations came at 42.4 percent.

Governance and infrastructure

Binh Duong, Da Nang, Vinh Phuc, Hai Duong and Ba Ria-Vung Tau are rated as having the best infrastructure and have been the top performers over several years. A strong correlation exists between governance and infrastructure. Typically, well governed areas tend to have higher quality infrastructure. In addition, the best economic performance is found in locations that have the needed infrastructure for businesses to succeed.

Vietnam’s foreign investors

Typical FDI investors remain small and export driven. Such investors are mainly sub-contractors to larger multinational producers, through global value chains. The report also found that most foreign investors were from Asia with South Korea, Japan, and Taiwan topping the list.

In addition, most foreign invested enterprises (FIEs) are manufacturers with the leading sub-sectors such as fabricated metal products, computer, electronic and optical products, and rubber and plastic products. FIEs remain confident about the business environment due to three reform efforts: reduction in cumbersome regulations, signs of decreased corruption and infrastructure enhancement.

Upbeat business environment

The result of the 2018 survey show that overall there is sustained improvement in provincial governance across Vietnam, which is a positive business indicator. Nevertheless, the government needs to constantly review procedures to further improve Vietnam’s business environment.

Challenges remain, but if local authorities address issues raised in the survey, then Vietnam will develop a conducive business environment in the long term. The survey also helps investors to be aware of the strengths and weaknesses of Vietnam’s provinces and the overall business environment.

Vietnam’s first mobile virtual network operator officially launched

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Indochina Telecom Company, the first mobile virtual network operator has been launched officially in Hanoi – which becomes the sixth telecoms provider operated in Vietnam.

The new mobile phone network with prefix number of 087 aims to bring flexible telecom services and stable quality at a reasonable cost. VNA, a state media reported on April 25.

The firm said in a statement “Indochina Telecom Company has signed an agreement with VNPT to use its mobile phone infrastructure – one of the telecom firms with best coverage and quality in the country”.

In the initial phase, new operator will be introduced to workers at industrial zones in nine provinces and cities including Ha Noi, Thai Nguyen, Vinh Phuc, Bac Giang, Bac Ninh, Binh Duong, Ho Chi Minh City, Long An and Dong Nai.

Indochina Telecom will connect with all of telecom networks which have unused mobile phone capacity to create the most convenient services at reasonable costs.

In addition, Indochina Telecom will diversify mobile phone packages for different segments such as low-income earners, students and workers.

Reunification Day Celebration in Vietnam

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Reunification Day, Victory Day or Liberation Day or the official name of Day of liberating the South for national reunification is a public holiday in Vietnam on April 30 annually.

History of Vietnam Reunification Day

It marks the fall of the Saigon government on 30 April 1975 when Viet Cong and North Vietnamese troops captured Saigon (now Ho Chi Minh City).

According to officeholidays.com, this brought the Vietnam war to an end and began the process of unification of the Democratic Republic of Vietnam (North) in the North and the Republic of Vietnam (South).

A North Vietnamese tank rolls through the gate of the Presidential Palace in Saigon, on April 30, 1975.PHOTO: ASSOCIATED PRESS

Unification of the two countries finally happened on 2 July 1976, when the Socialist Republic of Vietnam was born.

If 30 April falls on a weekend, a public holiday will be observed on the following weekday.

How is Reunification Day celebrated?

Even without its patriotic significance, this is a popular holiday as it is the day before Labour Day meaning it is the start of a welcome two day holiday.

Because of this extended break, many people take the time to return to their families. Banks and government offices will close, but most shops remain open. Tourist sites may be busier than usual, with the Ho Chi Minh Mausoleum in Hanoi being the top place to visit.

The day itself is marked by parades in Ho Chi Minh City and the flag of Vietnam will be flown proudly across the country.

The Growth Of Environmental Awareness In Vietnam

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By Gary Sands, AsiaTimes

With one of the most dynamic economies in the world and an expected GDP growth in 2019 of 6.8%, Vietnam currently struggles to minimize one of the major drawbacks of rapid development, pollution. Along with Hanoi, Ho Chi Minh City is one of the most polluted cities in Southeast Asia, according to the latest World Air Quality Report by AirVisual. While there are no easy answers, how to mitigate this growth-driven pollution was one of the topics discussed at a public forum on the environment held on Wednesday in Ho Chi Minh City.

Latest World Air Quality Report by AirVisual

The forum was the latest in a series of discussions intended to help nurture environmental awareness among Vietnamese – an effort led by the American Center in Ho Chi Minh City, part of the Public Affairs Section of the US Embassy. The latest well-attended forum invited Michael Shell, an air-quality expert from the US Environment Protection Agency, to discuss air pollution in Vietnam and how residents can best protect themselves to help prevent the health impacts of poor air quality.

As an emerging economy in a rush to better living standards, compliance with expensive environmental standards in Vietnam is often overlooked and citizens are often unaware of the full extent of the environmental hazards they are exposed to. Too many Vietnamese continue to litter in public and waste electricity, though most wear protective masks while riding their motorbikes and there are several companies starting to manufacture straws from organic materials such as bamboo.

Shell began his lecture by discussing the harmful effects of particulate matter 2.5 (PM2.5), one of the most dangerous pollutants. Primarily released by motor vehicles and industrial activity, the small size of PM2.5 (a small fraction of the diameter of a human hair) means the particulate can get trapped in the lung and cause a number of respiratory illnesses, including lung cancer. Ho Chi Minh City’s average PM2.5 level last year was 26.9 micrograms per cubic meter of air, according to Switzerland-based air-quality monitor IQAir AirVisual’s 2018 World Air Quality Report (for comparison, Gurgaon, India, registered the worst air pollution in 2018, at 135.8 micrograms per cubic meter of air).

The number of deaths related to air pollution in Vietnam, according to Shell, was more than 60,000 in 2016, mostly from strokes, heart diseases and lung cancer. He advised forum attendees to monitor the air quality in the city, and take measures to minimize exposure during peak hours of pollution, by avoiding strenuous outdoor activity or by staying indoors.

Much of the question-and-answer session concentrated on Ho Chi Minh City’s culture of the motorbike and its notorious traffic, and what measures can be taken to reduce those emissions. According to the Institute for Environment and Resources, 99% of the total carbon-dioxide emissions in Ho Chi Minh City comes from traffic activity. One of the measures under consideration by Vietnamese authorities is a ban on motorbike traffic in Hanoi and Ho Chi Minh City.

Major subway lines are also slowly being built to counter growing traffic congestion, but pollution may only be exacerbated by a nascent and fast-growing population of cars, with sales expected to grow by 22.6% on average per year from now to 2025. Shell surprised the audience by pointing out that while there are 790 cars for every 1,000 people in the US, in Vietnam there are a mere 23 cars for every 1,000 people.

Many of the narrow city streets in Vietnam are ill-suited for automobiles, crumbling sidewalks remain cluttered with food stalls, parked cars and motorbikes, and parking garages in downtown areas remain sparse, so it is unclear how much Vietnamese will set aside practical considerations as they aspire to acquire that symbol of middle-class status, the automobile. The percentage of Vietnamese expected to buy a car currently remains lower than in other Southeast Asian nations but could change as purchasing power grows.

One hopeful sign, discussed at the public forum, is the shift to electric vehicles by Vinfast, an automotive startup building electric cars and motorbikes. While electric vehicles could help reduce motorbike emissions, ideally the electricity to run these vehicles should come from renewable energy sources, such as wind and solar.

The development of renewable energy, however, has lagged behind that of other Southeast Asian nations because of low feed-in-tariffs, unbankable power purchase agreement (PPA) terms, and a complex regulatory framework. While laudable efforts are now under way to increase investment in renewables, particularly solar, Vietnam continues to favor coal-fired power plants. According to Vietnam’s latest Power Development Plan, the country plans to increase the number of coal-fired power stations in operation from 20 to 66 by 2030.

Further private-sector initiatives (aided by regulatory overhauls, public-sector incentives, and infrastructure creation) coupled with more public awareness programs, could drive Vietnam in its efforts to curb the undesirable consequences of rapid and uncontrolled growth. Vietnamese people do not have to travel far to experience the devastating effects on the environments of other countries that failed to enact the proper measures needed to deal with rampant growth.

 

GARY SANDS

Gary Sands is a senior analyst at Wikistrat, a crowdsourced consultancy, and a director at Highway West Capital Advisors, a venture capital, project finance and political risk advisory. He has contributed a number of op-eds for Forbes, US News and World Report, Newsweek, The Diplomat, The National Interest, EurasiaNet, and the South China Morning Post. He spent six years in Shanghai, four years in Ho Chi Minh City, and is now based in Taipei. Twitter@ForeignDevil666

Southeast Asia’s largest solar power complex inaugurated in Vietnam

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A solar power complex with a total capacity of 330MWp, the largest of its kind in Southeast Asia, was inaugurated by BIM Group in Ninh Thuan province of Vietnam on April 27.

BIM group started the construction on the complex in January 2018 and signed a power purchase agreement with Vietnam Electricity at the end of last year.

The complex boasts three plants with capacity of 30MWp, 250MWp and and 50MWp and will be connected to national electric network this month.

According to a report on VNExpress online news channel, built at the cost of $300 million, the solar power complex has installed more than one million solar panels and is expected to generate 600 million kWh annually to serve 200,000 households and help reducing 304,400 tonnes of CO2 each year.

“BIM Group aims to become the leading pioneer investor in renewable energy in Vietnam. The total capacity of clean energy supplied by BIM Energy will reach 1000MWp, including solar and wind power in 2022”. Said Doan Quoc Huy, deputy chairman of BIM Group cum general director of BIM Energy.

“We want to contribute to protect the environment, fight climate change, support national energy security and build sustainable energy sources for the country’s future,” Huy added.

BIM Energy and AC Energy of Ayala, which is one of the largest companies in the Philippines, jointly established BIM/AC Renewable joint venture to develop renewable energy projects in Ninh Thuan province.

AC Energy is one of the fastest growing energy companies with over $2 billion of investment in renewable and thermal energy in the Philippines and around the region by 2025.

First Solar Power Plant in Central Vietnam Opened

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Built by the Thien Tan investment construction JSC with an investment of nearly 900 billion VND (38.66 million USD), the Mo Duc solar power plant has a capacity of 19.2 MW. This is a long-delayed solar power plant in central Vietnam.

According to Vietnam Plus, the project uses the advanced FTC Solar technology of the US. Vice Chairman of Quang Ngai province’s People’s Committee Nguyen Tang Binh said the plant will supply clean power for the national power grid, helping ease the pressure of rising power demand.

He instructed the province’s departments and agencies to implement policies and legal documents on developing the abundant solar power source, contributing to local socio-economic development.

VNExpress, a local online news channel reports, the number of solar power projects in Vietnam has started rising since the government issued a decree in November 2017 to encourage the development of this renewable energy.

Most projects are located in the central region and Central Highlands. The central Ninh Thuan Province tops the country with 29 projects, followed by the central province of Khanh Hoa with 10.

As of September last year, over 120 solar projects had been approved to contribute to the national grid, with a total capacity of 6,100 MW by 2020 and 7,200 MW by 2030, according to the Ministry of Industry and Trade.

According to VNExpress, there are 221 other projects in Vietnam with registered capacity of over 13,000 MW are pending for approval.

The rapid growth of Vietnam’s economy, one of the fastest rates in the region, makes it hungry for power with demand expected to rise by around 8 percent a year over the next decade.

World Bank country director for Vietnam, Ousmane Dione, said the country would need to raise $150 billion by 2030 to develop its energy sector.

Vietnam’s police broke up $1b illegal online gambling ring, 22 arrested

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Vietnam police bust an illegal online gambling ring that had handled more than US$1 billion (S$1.36 billion) in bets and arrested 22 people, in what is believed to be the largest-ever Internet betting operation in the communist country.

Most forms of gambling are illegal for locals in Vietnam but black market betting flourishes, especially on sports. AFP reports.

Massive raids in cities and provinces across the country this week came after the discovery of hundreds of thousands of accounts tied to a ring processing an estimated US$1.28 billion in funds, state-run Thanh Nien newspaper said on Saturday (April 27).

The gambling ring was operating in a “sophisticated manner that had been so difficult to detect”, the report said, citing police sources.

It explained that gamblers who visited the website Fxx88.com were asked to deposit cash into banks in exchange for virtual money in coded accounts, mostly for football betting.

The accused hid the scope of the funds by using bank accounts with small amounts of money to conduct transactions.

So far a total of 22 people have been arrested including 12 organizers, police said.

The authorities declined to comment when asked for additional details.

The one-party state has started loosening its rules on domestic gambling, allowing Vietnamese to bet in casinos on a trial basis and opening up some sports betting.

But lucrative illegal operations have mushroomed, prompting a crackdown.

Last year, 91 people – several of them high-ranking police officials – were either jailed or ordered to pay fines for their links with a gambling ring that handled US$420 million in wagers.

Among those imprisoned was a former head of the “high-technology department” in charge of policing online gambling at the powerful Ministry of Public Security.

Investigations from that case are ongoing.

A former chief inspector at the Ministry of Information and Communication was arrested in Hanoi on Thursday for failing to spot illicit activity in the US$420-million ring.

The communist party headed by conservative leader Nguyen Phu Trong has carried out an unprecedented anti-graft campaign nationwide.

Dozens of executives alongside former and current officials have been jailed while harassment of activists has mounted.

Google Station, global free wifi service available in Vietnam

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Google Station appears to have made its presence felt at several universities in some key cities of Vietnam.

Google Station ít a global free Wi-Fi initiative of the Internet giant, which allows partners to roll out Wi-Fi hotspots in public places by providing software and advice on hardware to turn fiber connections into Wi-Fi. It was first implemented in India in December 2016, and has then extended its reach to Indonesia, Mexico, Thailand, Nigeria and the Philippines.

Vietnam will be the seventh country in the world and the fifth in Asia to receive free Wi-Fi services, powered by Google. Tuoi Tre Newspaper reports.

Students at the Electric Power University in Hanoi, the University of Technology in the central city of Da Nang, the Ho Chi Minh City University of Technology and Education, and the Post and Telecommunications Institute of Technology in Ho Chi Minh City have reported that they use Google free Wi-Fi service at their campuses since earlier this week.

Nguyen Van Tang, a student at the Ho Chi Minh City University of Technology and Education, said he has been online with the free Wi-Fi since Tuesday.

“The connection quality is good,” Tang told news website VnExpress, adding that he can watch YouTube, access websites and social media at normal speed using the free Internet service.

Users have to watch an advertisement to get an hour’s worth of free Internet access from Google Station, according to the students.

The free wireless network is named “FreeGoogleStation – Swifi” and a Swifi logo will appear during the connecting process.

With S-wifi being a public Internet provider under the Saigon Postel Corporation, it is speculated that Google is partnering with the Vietnamese company to introduce Google Station at these universities in Ho Chi Minh City.

The Young People newspaper of Vietnam reported on Friday a Google executive has confirmed the tech giant is testing its Google Station in Vietnam but declined to give further comment, saying the company would make an official announcement later.

Vietnam’s economy to grow by 6.6 pct in 2019: World Bank

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The World Bank predicts Vietnam’s economic growth rate would reach 6.6 percent in 2019 in its latest Managing Headwinds report.

The growth rate will be driven by credit tightening, slower private consumption and weaker external demand. Vietnam News Agency, a state-run media reported on April 25.

For the medium term, the growth is projected to stay around 6.5 percent, due to the impact of current cyclical uptick dissipates, the report said, adding that poverty may decline further as labour market conditions remain favourable.

In its report, the World Bank advised Vietnam to stay ready to respond to changes in the global economy and to continue managing its macro-economy actively and carefully.

It forecasts growth in other developing countries in East Asia and the Pacific to soften to 6.0 percent in 2019 and 2020, down from 6.3 percent in 2018.

The prediction of World Bank is different from Asian Development Bank (ADB). In its report “Asian Development Outlook 2019” ADB said: Strong exports and domestic demand pushed Vietnam’s gross domestic product (GDP) growth higher in 2018 than in more than a decade, standing at 7.1 percent, but in 2019 and 2020, a weaker external environment will likely moderate growth and narrow the current account surplus, while inflation remains stable this year but will rise somewhat next year, the ADB stated in its report released Wednesday.

Asian Development Outlook (ADO) 2019 – ADB

According to ADB, Vietnam’s economic growth will continue to be broad-based, underpinned by export-oriented manufacturing, inward foreign direct investment (FDI), and sustained domestic demand. Ongoing reform to improve the business environment should encourage private investment, as should efforts to forge stronger ties with partners around the world through various trade agreements.

Landmark 81 among three fireworks locations in HCMC on Reunification Day

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Fireworks will sparkle at three locations in Ho Chi Minh City, including Landmark 81, the tallest building in Vietnam, to celebrate Vietnam’s Reunification Day later this month.

The performances will take place from 9:00 pm to 9:15 pm on April 30, marking the 44th anniversary of the nation’s Reunification Day, according to a recent directive issued by the municipal administration. Tuoi Tre Newspaper reports.

Two high-altitude fireworks displays will be carried out at the Saigon River Tunnel in District 2 and Landmark 81 in Binh Thanh District.

At 461.2 meters high, the Landmark 81, located at the heart of a luxury residential complex developed by Vietnamese conglomerate Vingroup, is Vietnam’s tallest skyscraper and the 14th tallest building in the world.

The building hosted its first-ever fireworks displays on the 2019 Lunar New Year’s Eve, five months after its inauguration in July 2018.

One low-range show will be organized at Dam Sen Theme Park in District 11.

The municipal Department of Transport will be in charge of redirecting traffic along streets near the three locations so that residents will be able to enjoy the shows.

Public workers in Vietnam are expected to be given five days off to celebrate the upcoming Reunification Day (April 30) and International Workers’ Day (May 1).

The holiday will run from Saturday, April 27, till the end of Wednesday, May 1.

Vietnam’s FDI disbursement rose by 7.5 percent, highest in the past four years

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Vietnam’s foreign direct investment (FDI) witnessed a significant yearly increase of 81 percent to 14.59 billion USD in the first four months of the year. The result is the highest in the past four years.

FDI disbursement also rose by 7.5 percent from the same period last year to reach 5.7 billion USD. Vietnam News Agency reports.

According to the Foreign Investment Agency (FIA) under Ministry of Planning and Investment, up to 1,082 new projects were granted licences with total registered capital of 5.34 billion USD, up 50.4 percent from the same period last year, while 395 existing projects receiving an additional 2.11 billion USD, 94 percent of the level from the corresponding period last year.

Meanwhile, capital pledged for stake acquisitions reached 5.68 billion USD, triple the same period last year, said an officer of FIA.

Foreign investors poured their cash into 19 sectors. Manufacturing and processing remained the most appealing sector by attracting 10.5 billion USD, accounting for 72 percent of total investment inflow. It was followed by real estate with 1.1 billion USD (7.5 percent) and wholesale and retail with 742.7 million USD (5 percent).

Hong Kong was the leading source of foreign investment with 4.7 billion USD among 80 countries and territories investing in Vietnam, nearly 32.5 percent of the country’s total FDI. The Republic of Korea ranked second with 1.98 billion USD (13.6 percent), and Singapore came next with 1.87 billion USD (12.8 percent).

In the first four months of the year, Hanoi lured the largest share of registered capital with 4.47 billion USD, or 30.6 percent of total investment. The capital was followed by HCM City with 2.37 billion USD (16.3 percent) and the southern province of Binh Duong with 1 billion USD (7 percent).

Exports (including crude oil) of the foreign sector reached 55.4 billion USD, a 4 percent year-on-year increase and accounting for 70 percent of the country’s total export turnover.

The sector’s import turnover in the January-April period rose by 9 percent compared to the same period last year to 42.3 billion USD, accounting for 58 percent of the country’s total import turnover.

The foreign sector enjoyed a trade surplus of 13.1 billion USD in the four months.

To be advised on how to start your business in Vietnam as a foreign investor, contact GBS, a business law firm in Vietnam at: info@gbs.com.vn , hotline: +84903189033 or visit the website: https://gbs.com.vn

Vietnam’s Attractions: Imperial City – Huế

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A UNESCO world heritage site

Situated on the banks of the Perfume River, sightseeing in Huế, is filled with pagodas, tombs, glimpses of the Perfume River, a UNESCO World Heritage Site and the incredible Imperial City. Huế is one of the most charming towns in Vietnam to visit.

This part of Vietnam has a long and illustrious history as it used to be one of the main royal capitals of the country. There is plenty to soak in here, from the rambling ancient architecture to the engaging museums to the quaint and magical alleys. Most tourists are here in particular to check out the ancient tombs of former emperors which are dotted all over the city and provide a fascinating insight into Huế in the days of yore. Thecitizen reports.

The Perfume River (Sông Hương or Hương Giang; 香江) is a river that crosses the city of Huế, in the central Vietnamese province of Thừa Thiên-Huế Province.

Once you enter through the towering main gate and appreciate the magnificent architecture and gardens, the guide explains the events and the intrigue surrounding the former royal court. Despite being heavily bombed during the Vietnam War, there are some incredibly well-preserved sections intact and others which are being carefully restored.

Huế’s best-preserved religious monument is the Thien Mu Pagoda. Built in 1601, the seven-storied tower pagoda, perched on top of on a hill overlooking the Perfume River, is one of Vietnam’s most recognizable icons. There is another hidden place where you can make a quick stop to see one of the most romantic sceneries in Huế. It’s Vong Canh Hill – a favorite destination for not only young travelers who love to explore but also couples or families to pause in awe at the gift that nature has given to Huế city.

Quietly nestled in a thick pine forest in the West of Huế, Vong Canh is a flat hill which is famous for its picturesque sight. The view from Vong Canh Hill resembles a colourful painting with the emerald water from Perfume River, and the green forest in the mountains from afar. Therefore, it is apt that the meaning of the name “Vong Canh” is “to admire the beauty of nature”.

In ancient times, when Tu Duc Emperor came to check on his tomb‘s construction, he often came by this hill to overlook the kingdom which was built by his ancestors. In addition, Vong Canh Hill is also a place where many poems based on the beauty around and nature’s bounty were created. Due to its great panoramic view of the city, the US and the Southern Republic of Vietnam took this place as a strategic bird-eye point to guard the city against their enemy. Thus, it comes as no surprise to find here some old American bunkers still in great shape. The hill itself is now covered with pine trees and daisy.

The surrounding area is filled with royal tombs of not only King Tu Duc but also Dong Khanh’s, Thieu Tri’s and several Queens’. Combined with that complex of royal monuments is Hon Chen Temple – a place that local people worship Y-A-Na Goddess and Lieu Hanh Goddess.

Tourists are often bewitched by the villages stretching along the river banks: Huong Ho, Hai Cat, Ngoc Ho, etc. with fruit gardens under the shades of pine trees, corn fields, and small boats silently skimming and then drawing several lines on the tranquil water surface.

On any given day, outside the gates of Huế’s historic citadel, you can spot cyclists by the dozens, students and workers stopping to buy banana-leaf-wrapped packages of sticky rice and shopkeepers holding steaming bowls of Pho while selling their wares. I often feel that life in Vietnam carries on at the same languid pace regardless of history or politics, and particularly so in the ancient capital of Huế.

A visit to the elaborate Khai Dinh Royal Tomb is a must. Its architecture showcases elements of Eastern art and Western design. The tomb’s blackened concrete exterior and colorful mosaic interior are unique. The Tu Duc Royal Tomb is the most impressive of all the royal mausoleums, built by Emperor Tu Duc between 1864 and 1867.

Huế is where the river and mountain gather to create an interesting and romantic space of an ancient Imperial city.

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