Vietnam Insider - Page 1219 of 1528

Former German vice chancellor: Coming to Vietnam a step forward in career

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Dr. Philipp Roesler, former vice chancellor of Germany, said his experience has prepared him for his new role in Vietnam supporting startups.
Speaking to the Vietnamese media a month after being named chairman of the advisory board of VinaCapital Ventures, one of the largest investment and asset management firms in Vietnam, he called the move a step forward in his career.

He highlighted the similarities between leading a country and leading a business, saying both require a collective spirit and for the leader to understand the root of the issues.

His past experiences and relationships have therefore prepared him for his return to Vietnam, he said.

As VinaCapital Venture’s executive responsible for consulting with and supporting startups, Roesler said his aim is to attract the largest possible number of foreign investors to Vietnam and take as many Vietnamese businesses overseas as possible.He added that the firm prioritizes the quality of a start-up’s staff and its leader’s vision for the business model when choosing which ones to invest in. Roesler is a German of Vietnamese origin. He was born in southern Soc Trang Province in 1973 and adopted by a German couple at nine months from a Christian orphange. Before entering politics, he was a cardiothoracic surgeon.

He was the youngest chairman of the Free Democratic Party (FDP) when he took office in May 2011, and served as vice chancellor and federal minister of economics and technology in Angela Merkel’s government until December 2013.

He resigned and quit politics after his Party lost in the 2013 elections.

His appointment at VinaCapital came after he became acquainted with its CEO and co-founder Don Lam at the World Economic Forum five years ago.

Roesler said he accepted the job because he felt the passion and burning enthusiasm of young Vietnamese startup founders.

Source: Vnexpress

Revealed: the ‘impressive’ family background of Vietnam’s exam cheaters

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More than a dozen students from Son La Province in northern Vietnam whose scores in the 2018 National High School Exam were changed in a high-profile cheating scandal are children of provincial leaders and officials, an investigation by Tuoi Tre (Youth) newspaper shows.

Results of the National High School Examination, held each year in June, are used to determine whether a student qualifies for graduation from high school and acts as a placement test for colleges and universities in Vietnam.

In the 2018 exam, hundreds of exam papers from the three northern provinces of Ha Giang, Son La, and Hoa Binh were found to have been manipulated by officials in order to alter the scores of dozens of students.

A criminal investigation was launched this month against more than a dozen officials and police officers in the three provinces to identify any abuse of power or position which may have played a role in the scandal.

Public opinion has been calling on officials and police officers to reveal a full list of students whose scores were altered in the 2018 exam, but the demand has not been met due to privacy concerns.

Speaking with Tuoi Tre (Youth) newspaper on Wednesday, a Party leader in Son La confirmed that a number of provincial officials are parents of the students involved in the scandal.

An independent investigation by Tuoi Tre reveals that 21 out of 44 confirmed cheaters from Son La are children of local officials or police officers, many of whom hold top positions at their respective government bodies.

The list includes the deputy director of the provincial education department, deputy chairman of Son La’s namesake capital city, director of the provincial statistics office, and the chief inspector of the provincial education department.

The children of these officials had their scores raised by 3-25 points on a test with a maximum score of 30, turning them into ‘top-scorers’ on the exam despite their real scores being much lower than the national average.

Most have dropped out or been expelled from their respective higher education institutions following the exposé.

However, according to a Party leader of Son La, an official court ruling on the role of these parents is needed before any disciplinary measure can be taken against the government officials.

In the meantime, these officials will not be considered for promotion, commendation, or salary bonuses, the source said.

Source: Tuoitrenews

Another ton of meth found in central Vietnam

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By ASIATIMES

Vietnam’s polices made another huge drug seizure this week, finding a ton of what is believed to be crystal meth that was dumped near a salt field in the country’s north after residents called the authorities.

Local residents phoned the local police to complain about bags which they thought were industrial garbage being dumped near a salt field on April 16, according to Tran Quoc Tuan, chairman of the Quynh Thuan Ward in Quynh Luu District in Nghe An Province. VNExpress reported.

On Wednesday, when police arrived at the spot, on the edge of National Highway 48B, they uncovered about a ton of ‘white crystals’ stored inside 23 bags.

Deputy head of the Nghe An Police, Nguyen Manh Hung, said that three suspects from different locations were arrested on April 17 but did not give any further details.

An unnamed police officer pointed out that the dumped meth could be linked to the 600 kilograms of meth that was seized on April 15 when police searched a house in Vinh, the provincial capital, 90 kilometers from Quynh Luu, and arrested five suspects.

Despite having the death penalty for drug traffickers, Vietnam continues to be plagued by drugs as it has become a key transit point for regional drug smugglers thanks to its favorable logistics.

‘Golden Triangle drug lord’

Investigators said last month that a trafficking syndicate run by a Chinese group was transporting large amounts of meth from the Golden Triangle through Laos into Vietnam. And some of those consignments were distributed from Vietnam to other countries.

The gang was allegedly headed by a Chinese man named Wu Heshan, 56, who set up a ‘garment company’ outside Ho Chi Minh City five years ago. But his compound was guarded around the clock and his security guards were kept away whenever ‘goods’ arrived.

Increased surveillance led to a raid on March 20, when 16 Chinese, including Wu, were arrested, with others, and 300 kilograms of meth seized.

Police later found 270 kg of meth had been shipped to the Philippines – a consignment that was seized on March 22.

Even before the latest discovery on Wednesday, more than 1.18 million tons had been seized in recent weeks.

Singapore-based hotel and serviced apartment operator Far East Hospitality is expanding its regional footprint into Vietnam

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The company, a 70/30 joint venture between Far East Orchard and The Straits Trading Co., signed a hotel management and technical services agreement with real estate developer Five Elements Development to manage two boutique hotels in Ho Chi Minh City, Vietnam.

Far East Hospitality will manage hotel operations and sales and marketing functions for both properties and will act as a consultant during the design, planning and construction stages of the hotels.

“Vietnam is one of the fastest growing tourism markets in the world with double-digit percentage increases in the country’s international arrivals since 2015. Furthermore, the Vietnamese government has also set a goal of 20 million foreign visitors by 2020,” Arthur Kiong, CEO of Far East Hospitality, told Singapore newspaper The Edge.

The hospitality market in Vietnam, which has been an attractive sector for investors over the past few years thanks to its consistent growth, is expected to continue to expand this year, partly due to global trends, according to Savills Hotels Asia Pacific.

Vietnam’s hospitality industry is witnessing rising interest from international and local investors. However, transactions have been limited within the operating asset segment due to the scarcity of inventory and the unwillingness of owners to dispose properties.

Vietnam Dairy Comprehensive Market Research Report & Future Outlook

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Dairy is an important and essential food but due to the high price compared to Vietnamese average income leading to the limitations in dairy’s expenses. Dairy’s spending accounts for 10% of the total food’s expenditure in Vietnam. Average GDP per capita growing constantly is the important factor boosting the dairy consumption.

The world’s dairy industry is highly concentrated. Total dairy consumption in developing countries is high, but consumption per capita is lower than in developed countries. In the first quarter of 2018, the dairy price fluctuated with two increases and three decreases, equivalent up 10.8% and down 2.3%.

In recent years, dairy sales in cities have not grown or kept negative growth, while dairy consumption in rural has been steadily growing at double digits. However, in the first quarter of 2018, total spending on dairy products in the whole market was lower than 5%. Especially, the negative growth in the quarter in cities was due to the fact that demand for powdered milk has not recovered.

Vietnam’s dairy production was forecast to increase by about 10% in 2017 and 2018. However, production of new raw milk only met 39-40% of domestic dairy demand, the rest depended on the import source. Dairy sales in Vietnam grew strongly from VND 42,000 billion in 2010 to more than xx, xxx billion in 2017, with an annual double growth rate of 11.7% in the period 2010-2017.

Powdered milk sales in 2017 were estimated to reach xx thousand billion dong, up 14.4% over 2016. According to VDA, powdered milk sales have continuously positively grown in the period 2017-2020. The turnover in 2018 is estimated at xx.xtrillion.

Vietnam’s liquid milk market has an annual double growth rate of 22.4% in the period 2010-2017. Up to the first three months of this year, liquid milk sales reached VND xx.xx thousand billion, up 10.8% compared to the same period in 2017. Yogurt consumption in the first 3 months of 2018 reached about x.xbillion, increasing by 10.7% over the same period last year.

Companies Covered In this report:

Vietnam Dairy Products Joint Stock Company (Vinamilk)

Nestle Vietnam Company Limited

3a Nutrition Company Limited

Nutifood Nutrition Food Joint Stock Company In Binh Duong Province

Frieslandcampina Vietnam Company Limited

Th True Milk Joint Stock Company

Moc Chau Dairy Cattle Breeding Joint Stock Company

Mead Johnson Nutrition (Vietnam) Company Limited

International Dairy Products Joint Stock Company (Idp)

Kido Frozen Food Joint Stock Company (Kdf)

For more information on the research report, refer to below link: Vietnam Dairy Comprehensive Market

Related Report: Dairy Food Global Market Report 2019

Contact:
Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com | +91-9015378249

AirAsia fails to take off in Vietnam, terminates the agreement to set up a joint venture

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AirAsia ’s wholly-owned unit, AirAsia Investment Ltd, together with Gumin Company Ltd and Hai Au Aviation Joint Stock Company, have mutually agreed to terminate the agreement to set up a joint venture in Vietnam, effective April 17, 2019.

According to a report by The Star, AirAsia in a filing with Bursa Malaysia today said AirAsia Investment, Gumin and Hai Au Aviation have amicably agreed to terminate and release each other from all obligations under the transaction agreements in relation to the proposed joint venture in Vietnam.

“The company, nonetheless, remains interested in operating a low-cost airline in Vietnam due to its favourable geographical location, expanding aviation market and overall growth potential,” it said.

How to Calculate High School GPA & Why It’s Important

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By Anna Steve

Yes – it is true that college is an exciting experience and your academically performance also does matter. One of the absolute most significant things that colleges look to get can be a good GPA.

Your Grade Point Average is the number that indicates how efficiently you scored in your classes normally. GPA or grade point average is the calculation of average letter grades and scale between 1.0 and 4.0 & the scale is A=4, B=3, C=2, D=1, F=0.The number is then used to access whether you are fulfilling the criteria and expectations fixed by the institute or degree programme.

Well, quit worrying! You can calculate your both weighted & un-weighted gpa with the assistance of high school gpacalculator.

High School GAP Calculator:

High school gpa calculator is an effective tool through which you can readily calculate your GPA in just a couple of seconds. Many individuals refer this fastest tool as cgpa calculator. You can calculate your grades average whether your goal is to earn a scholarship, get into a prestigious college, or ensure you’ll graduate. There are thousands of student who asked their instructors about how I can calculate my grade. Get the grade average calculator through the legitimate source of calculator-online.net and compute your entire semester grades.

How It Works:

• Step 1 – there is a need to choose your grade format

• Step 2 – you ought to enter your current GPA “this step is optional.”

• Step 3 – you ought to input the name of your semester “this step is optional.”

• Step 4 – you ought to add entire courses to calculate your high school grade point average

• Step 5 – you can add another semester if you would like to calculate multi-semester GPAÂ

Weighted and Unweighted GPA:

Here you come to know about the main difference between both:

Weighted GPA:

Weighted GPA is mostly utilized by the high school to represent student’s educational achievements. Weighted GPA considers course difficulty rather than providing precisely the very same letter grade to GPA conversion for every single student. Usually, a weighted GPA can be measured over the scale of 0 to 5.0, even though some scales move higher.

• The A in a regular-level class indicates a 4.0

• The A in an honors class indicates a 4.5

• The two Bs in AP classes would indicate each 4.0s

• The B in the honors class indicates a 3.5

Unweighted GPA:

Traditionally, the GPA is calculated through an unweightedscale. Unweighted GPA is determined on a scale of 0 to 4.0. It doesn’t require the problem of a student’s coursework into consideration. An unweighted GPA would signify an A as 4.0 if it were earned in an honors class, AP class, or lower-level class.

However, calculate both weighted and unweighted GPA with the assistance of grade average calculator.

Why is GPA Important?

As mentioned earlier that your GPA indicates academically performance – it is important for the following reasons:

• If you are qualified with a better GPA, it means you’re eligible to take Advanced Placement (AP) or International Baccalaureate (IB), classes

• With a good GPA, you’ve better chances of admission into the prestigious educational institute

• Your grade point average plays an important role in your future as it indicates how well you are with your studies. So, you are responsible for maintaining your GPA for better jobs

• With excellent GPA you are eligible for a scholarship

• With a good GPA, you’ll get the ease of applying for a graduate or post-graduate programme

Well, you unfold the question of how can I calculate my grade. Track your high school grade through cgpa calculator within a couple of seconds. Good Luck!

Ho Chi Minh City Open university to promote plastic-free meetings

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Ho Chi Minh City Open University will stop using plastic water bottles, drinking straws and other products during events held within the school from next month, in response to a movement to fight single-use plastics.

The management board of the Ho Chi Minh City Open University has observed an alarming number of over a hundred thousand plastic water bottles used in meetings, events and even in classes for the past few years, despite the school’s huge efforts on promoting environment campaigns on its campus.

A fresh effort is underway to tackle the issue, with the school expected to cut off the use of plastic bottles, straws and other dining utensils in all internal meetings from the beginning of next month, according to its vice rector, Associate Professor and Doctor Nguyen Minh Ha.

Alternatively, lecturers and students are encouraged to bring their own reusable water bottles or drinking water provided by the university to reduce plastic waste, Ha added.

Large water containers are expected to be available during meetings, as attendees will no longer be individually given their own water bottles.

The management of Ho Chi Minh City Open University will also offer reusable water bottles to officers and employees and organize environmental campaigns and events among students, as part of this plastic-reduction effort.

Different initiatives to reduce single-use plastics have recently been taken in Vietnam, at a time when environmental protection is a topical issue in the country.

Earlier this month several supermarket chains, including Vietnam’s leading retailer Saigon Co.op, began a step-by-step effort to ditch their biodegradable wrap for banana leaves in their respective systems.

Saigon Co.op also announced it would stop selling plastic drinking straws across its trading system from May 1.

In the meantime, local youth across the country have actively participated in the Challenge for Change, or the #Trashtag Challenge, where they gathered in groups to clean outdoor areas that have been overrun with litter.

According to a report on Tuoi Tre

A Vietnamese English teacher honored at Microsoft Education Exchange

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A Vietnamese English teacher from Hanoi was among several ‘Microsoft Innovative Educator Experts’ honored at the 2019 Microsoft Education Exchange (E2) held in France earlier this month.

The U.S. software giant hosted its fifth annual Education Exchange conference in Paris on April 3-4 with more than 300 educators and education system leaders from a combined 109 countries and territories exchanging ideas to develop innovative experiences in classrooms.

The attendees, called Microsoft Innovative Educator Experts, gathered at the annual event to exchange ideas of improving experimental classes and new teaching methodologies to form highly interactive classes as well as modern teaching and learning skills.

Over the course of three days, some of the innovative educators were recognized and celebrated for their achievements for combining content, pedagogy and technology in exemplary ways to prepare students for success in the digital age.

Tran Huong Quynh, an English lecturer of the Hanoi National University of Education, represented Vietnam at this year’s event, as she joined five other Asian educators in Team 45, which took home top honors of the Educator Challenge with a higher-ed lesson plan titled “Collaborative and Inclusive Trip Planning.”

“By focusing on pre-service trainee teachers, the lesson stood out as fully encompassing this year’s themes of creativity, inclusion, student voice and collaboration,” Microsoft said in the event’s recap.

Through their innovative lesson plan, Quynh and her teammates showed how trainee teachers could develop their own understanding of inclusive teaching methods by integrating real-world spaces and landmarks into the virtual world of Minecraft and amplifying student voices through feedback in Flipgrid.

Other teams were honored with the Student Voice, Creativity, Collaboration, and Inclusion awards.

“Every educator is a change-maker, making an imprint on the lives of the students who will be the leaders, innovators and creators of the next generation,” said Anthony Salcito, Vice President of Microsoft Education.

“Some truly go above and beyond, pushing into unknown territory to bring new technology and techniques into their classroom to inspire and engage their students and prepare them with the skills they’ll need to thrive in the jobs of the future.

“It is a joy to host this event each year to celebrate educators who are changing education and changing lives.”

M&A in Vietnam’s retail industry on the rise in 2019

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Retail is attractive for investors as the industry has advantages after foreign wholly-owned retail firms have been allowed to set up in Vietnam and taxes imposed on most of goods imported from other ASEAN countries to Vietnam are exempted.

Vietnam’s retail industry is continuing to see more merger and acquisition (M&A) deals made by both domestic and foreign investors thanks to a rising income of local consumers and free trade agreements, but the competition in the market is also becoming fierce, experts said.

VinCommerce, the retail arm of Vietnam’s largest listed firm Vingroup, last week took over convenience store chain Shop&Go, which was one of the earliest ones in the country by opening its first store in 2006, for a symbolic US$1.

Shop&Go now has 70 stores in Ho Chi Minh City and 17 in Hanoi, open 24/7 and selling consumer goods, fast foods and beverages among others.

According to a Shop&Go spokesperson, while the potential in the Vietnamese retail market is still great, “the competition is more intense than we imagined; that is why we’ve decided to leave. We have sold our stores to Vingroup so it can continue to develop them.”

Last month, South Korea’s GS25 completed final procedures to acquire Zakka Mart, a convenience store chain of Zakka Joint Stock Company.

Though not releasing the value of the deal, a Zakka representative said all 49 Zakka Mart’s stores and its personnel will be transferred to GS25 from next month.

According to M&A expert Yee Chung Seck, partner of multinational law firm Baker & McKenzie, while the overall volume of M&A deals in Vietnam was lower last year, the broader consumer goods and retail sector was vibrant and this trend will continue in 2019.

“Convenience stores and mini-marts in Vietnam remain one of the fastest growing segments in the industry, and we expect to see continued investment in the retail sector,” he said, explaining the growing middle-class, higher disposable income and demand for quality goods and services, in particular, which are considered to be beneficial to health and wellness, means that more investments into this market will be made.

Besides, Seck said, with reforms to further facilitate foreign investment underway, and with the ratification of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the upcoming ratification of the EU-Vietnam Free Trade Agreement (EVFTA) and other free trade agreements, Vietnam’s inbound investments in particular are expected to accelerate through 2019-2021.

High growing market

According to reports from the General Statistics Office, wholesale and retail value in Vietnam accounts for more than 14 percent of the country’s GDP, making retail one of six industries attracting the most interest of foreign investors.

Vietcombank Securities Company (VCBS)’s analysts also said retail is attractive for investors as the industry has advantages after foreign wholly-owned retail firms have been allowed to set up in Vietnam and taxes imposed on most of goods imported from other ASEAN countries to Vietnam are exempted under the ASEAN Common Trade Area.

A report of the Ministry of Industry and Trade estimated total revenue generated from retail sales of goods and consumer services to grow at an average of 13 percent from now to 2020 reaching VND5.8 quadrillion (US$255.5 billion) by 2020.

Between 2021 and 2025, the growth rate is projected at 14 percent with total revenue reaching VND11 quadrillion (US$484.58 billion) by 2025.

Dinh Thi My Loan, president of the Association of Vietnam Retailers, said there is “big room for the modern retail sector to develop” since retail channels such as supermarkets, shopping centers and online shopping platforms account for less than 30 percent of the retail market.

The expansion of retail chains is also a strongly growing trend in the country, Loan noted, adding that retail chain growth of 20-30 percent is expected this year.”

According to a report on Hanoitimes

When will motorcycle emissions be put under control?

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The government has decided to lift the standards for automobile emission standards, but motorcycles, which produce 80 percent of total emissions from motor vehicles, are still not under control.

In 2010, the-then PM approved a plan on motorcycle emission control submitted by the Ministry of Transport (MOT). Under the plan, 80-90 percent of motorbikes in Hanoi and HCMC, and 60 percent of motorbikes in first- and second-class cities, must meet the required emissions standards by 2015.

However, agencies still have not set a roadmap to implement the plan.

Meanwhile, large cities like Hanoi and HCMC, impatient about the sharp rise in number of motorbikes in their localities, have urged MOT to issue a legal document on examining motorbike emissions.

If the ministry cannot issue such a document soon, it needs to give guidance so that cities can set rules in their localities in a pilot program.

Motorbikes are the biggest source of emissions among motor vehicles and the major reason behind traffic jams in HCMC and Hanoi.

In October 2017, in a document to the Hanoi People’s Committee, Deputy PM Trinh Dinh Dung instructed MOT to continue working on the regulations on applying emissions standards for motorcycles when amending the Road Traffic Law. The study will give necessary information to set up a roadmap for motorcycle emission control to be applied throughout the country.

Do Ngoc Hai from the HCMC Transport Department said the department, after consulting with the environment department, has drawn up a plan on controlling motorcycle emissions and collecting pollution fees in the city.

If the plan is approved, it would be implemented in 2019. However, with Dung’s instruction, the city has had to postpone the plan and wait for the law to be amended.

A report found that by March 1, 2018, HCMC had 7.5 million motorcycles.

Environmental management agencies in the city reported that circulating motorbikes emit 94 percent of hydrogen carbon, 87 percent of carbon, and 57 percent of nitrous oxide of the total emissions of motor vehicles.

With the number of motorbikes increasing by 10-15 percent per annum and the currently applied EURO 2 emission standards, the volume of emissions will be increasing dramatically.

Motorbikes are the biggest source of emissions among motor vehicles and the major reason behind traffic jams in HCMC and Hanoi.

However, most of the policies related to motorbike emissions control suggested by management agencies in recent years met strong opposition from the public and failed.

Pham Xuan Mai from the HCMC University of Science & Technology said low income earners would face a financial burden if strict emission standards are set.

According to a report on Vietnamnet

France’s superrich to pledge over $450 million to help rebuild Notre-Dame

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Firefighters dousing flames from the burning Notre-Dame Cathedral in Paris on Monday. REUTERS/Benoit Tessier

France’s super-rich have joined together to pledge around 400 million euros ($452 million) to help rebuild Paris’ Notre-Dame Cathedral after it was ravaged by a fire.

Bernard Arnault, the richest person in France and third-richest in the world, pledged to donate $226 million to help rebuild Notre-Dame Cathedral, which went up in flames on Monday evening.

He joins François-Henri Pinault, another French billionaire, in pledging millions of dollars in donations to the cathedral’s reconstruction fund.

French oil and gas giant Total also pledged 100 million euros ($113 million) on Tuesday.

Many other people around the world have pledged money to help rebuild the Parisian landmark.

The Notre-Dame fire was fully extinguished on Tuesday morning, but the extent of the damage done and full cost of reparations remain unclear.

France’s super rich have joined together to pledge around 400 million euros ($452 million) of funding to help rebuild Paris’ Notre-Dame Cathedral after it was ravaged by a fire. Sarah Gray, Alexandra Ma and Will Martin reported on Business Insider.

The cathedral went up in flames on Monday evening, and its iconic spire collapsed. However, the twin towers are safe and a number of statues were removed from the top of the building last week, putting them out of harm’s way.

The fire was fully extinguished by 10:00 a.m. local time on Tuesday morning, but the extent of the damage done to the more than 850-year-old building is not yet clear. The total cost of reconstruction is not yet clear either.

By Tuesday afternoon, three separate donations of 100 million euros ($113 million) or more had been made to fund the rebuilding efforts.

The world’s third-richest man, Bernard Arnault, pledged to donate 200 million euros ($226 million) to help rebuild Notre-Dame Cathedral, just hours after another billionaire, François-Henri Pinault, said he will give 100 million euros.

Soon after Arnault’s pledge, French oil giant Total said it will also pledged 100 million euros to the cause.

For whatever reasons, Lucky Numbers trading in Vietnamese culture is a big business

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Like in Western and Chinese culture, each number has their unique meaning in Vietnamese culture. Some are thought to be auspicious and some are inauspicious according to the pronunciation of the number and the similarity of it with another word.

The Most Auspicious Numbers: 6, 7, 8, 9: Six, Seven, eight and nine are regarded as the luckiest numbers in Vietnam. All of their homophones have auspicious meanings.

In Vietnamese culture, lucky numbers can bring good luck and fortune to their life. Vietnamese people usually choose auspicious numbers when some important events are going to be held such as choosing a date for engagement, a wedding ceremony, relocating the house, opening a new business and more.

Local banks are cashing in on consumers’ appetites to possess “lucky” numbers in everything from car license plates to mobile phone numbers by selling off account numbers that are considered propitious.

Those ending in numbers such as 666, 888, 6868, 7979, 3939, 33333, 222222 and 111111 are believed to bring prosperity and luck to the owner, according to Tuoi Tre News.

While bank account numbers are normally assigned randomly by software, VIP account holders have been allowed to bypass this process and choose their own number – “a perk that doesn’t cost anything”, one banker said.

But with some bank employees circumventing the system to sell “lucky” account numbers on the black market, banks have now decided to throw this perk open to a wider audience.

This comes at a price, but one that is cheaper than acquiring a number through unofficial channels.

At VPBank, for example, an account ending in a particular four-digit string of numbers can cost VND2 million ($86); the prices rises to VND5 million ($216) for a five-digit string and to VND10 million ($431) for a six-digit “prosperity” string.

Cheaper options are available at Ban Viet, which recently offered 1,000 ‘lucky account numbers’ for sale at prices starting at VND200,000 (US$8.63), but the actual price paid is agreed between the client and the bank, a Ban Viet representative said.

According to Sang Nguyen Anh, former sales director at a famous car showroom in Hanoi, who has a collection of lucky numbers from Bank accounts, mobile phone number to car license plates. At first, he collected the lucky numbers for himself, but many customers convinced him for sales unbeatable offers. “I resigned from my job at the car showroom and started the lucky number trading business” Sang told Vietnam Insider.

Individuals also offer lucky account numbers for sale on online forums, which may cost as much as VND65 million ($2,800) per number.

These prices pale into insignificance, however, when set alongside those that have been paid for some mobile phone numbers. In recent years, several have fetched upwards of $400,000 and in 2017 a celebrity model paid $664,000 for a particular number with the intention of reselling it for $886,000 and donating part of the proceeds to charity.

Many Chinese consumers are similarly intrigued by lucky numbers: only last week an “auspicious” mobile phone number sold for $52,000 in an online auction, although the most expensive recorded was $680,000 back in 2004, according to the South China Morning Post.

Sourced from Tuoi Tre News, VNExpress, South China Morning Post, WARC; 
additional content by Vietnam Insider staff

Many positive signs on Vietnam’s economic growth 2019

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Even though being lower than the growth of the same period last year, the economic statistics of the 2019 first quarter still showed many positive signs of strong growth in the whole 2019. International organizations had been forecasting about 2019 Vietnam growth and stating recommendations on difficulties for Vietnam’s economy.

According to a report by Nikkei, business psychology was still very optimistic when Vietnam’s PMI in those first months of this year had continued to maintain above 50 points. Manufacturers have been believing that production would increase in the future and expect market demand to improve, new orders to increase.

In the first quarter of 2019, the General Statistics Office also investigated the business trend of enterprises in processing and manufacturing industries. The survey results showed that almost businesses assessed their production and business situation would be stable in 2019. In particular, they have been optimistic with the production and business situation in the second quarter of 2019 with 89.4% of enterprises rated the trend to be better and stable, while this number in the first quarter of 2019 only was 74.2%.

According to some experts, thanks to the advantages of impressive results achieved in 2018, the economy in the first months of 2019 continued to have positive changes and these positive signals could continue to be maintained in the next quarters of 2019.

Mr. Nguyen Bich Lam, Director of the General Statistics Office under Vietnam Ministry of Planning and Investment, warned the slow growth of some key export products; disbursement of public investment capital could be low, climate change, natural disasters, epidemics on livestock have been complicated; would be difficulties and challenges that Vietnam economy needs to overcome to achieve the target growth had been set.

To be advised on how to start your business in Vietnam, contact GBS, a Business Law firm at: info@gbs.com.vn or visit: https://gbs.com.vn

- VDSC/ Nikkei

Go-Viet running out of gas?

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To get ahead in the competition with Grab, Go-Viet needs a strategy other than “burning money” to increase its market share, especially as they are running on a tighter budget than Grab.

Entering Vietnam on August 1, 2018 through Ho Chi Minh City, Go-Viet has been competing in the local motorcycle ride-hailing market with the two main strategies of price competition and building an image of a small Vietnamese company challenging Grab in a David and Goliath set up.

They “burned” their money through launching a loud promotion campaign offering rides for only VND5,000 ($0.22) for eight kilometres and charging no commission for drivers. At the same time, the firm tried to tie its brand closer to the market by taking on the red of the Vietnamese flag, contrasting with the green of Grab.

Thanks to the attractive incentives, Go-Viet quickly captured the hearts of both customers and drivers. Go-Viet’s leader stated that they captured 35 per cent of the two-wheeler ride-hailing segment in the city and their app was downloaded more than 1.5 million times in the first month.

Despite regularly releasing information about capital injections from investors, Go-Jek still has to balance investment between Vietnam and Indonesia, Go-Jek’s hometown, while also developing its market share in other Southeast Asian countries such as Thailand, Singapore, and Malaysia.

In terms of total investment and market capitalisation, it is easy to see that Go-Jek is not on equal footing with Grab. In addition, Grab generates far more revenue than Go-Jek, as the former is about to complete its Southeast Asian ecosystem while Go-Jek is only beginning to expand from its home market.

Previously, there was information about Go-Viet’s internal problem that CEO Nguyen Vu Duc and deputy general director Nguyen Bao Linh of Go-Viet resigning and requesting a hefty reimbursement from the firm. However, Go-Viet stated that Nguyen Vu Duc and Nguyen Bao Linh have taken on a new advisory role for Go-Viet and Go-Jek. The two of them will focus on strategic advisory to help expand Go-Jek in Southeast Asia.

No matter what the truth is, Go-Viet seems to be changing its way of playing.

It seems that Go-Viet is also gradually growing exhausted as it stopped its aggressive promotion campaigns. On January 21, 2019, after half a year of operations, Go-Viet also raised its commission to riders to 20 per cent, which is equal to Grab.

Go-Viet customers number less than those of Grab, while lower rates result in lower earnings for driver partners, slowing down the growth of the Go-Viet fleet. Fewer riders may make it difficult for customers to place a booking and could affect service quality by lengthened waiting times.

In addition, Go-Viet may have run into legal difficulties as the two services – Go-Car and Go-Pay – they promised to roll out in 2018 are nowhere to be seen.

Regarding Go-Car, Go-Viet joined Vietnam at a time when transport infrastructure problems are at a peak, with heavy traffic jams and bad pollution – which may be exacerbated by Grab’s growing fleet. In any case, Go-Viet was unable to secure a licence for its Go-Car services.

Previously, Go-Viet has yet to be approved to launch ride-hailing services by the Ministry of Transport (MoT), however, the company was already operating in Ho Chi Minh City.

After that, the Ho Chi Minh City People’s Committee submitted Dispatch No.449/UBND-DT to the MoT about receiving the pilot scheme to deploy science and technology applications to manage and connect contractual passenger transport activities by Go-Viet.

According to the Ho Chi Minh City People’s Committee, Go-Viet launched its ride-hailing app in Ho Chi Minh City before the official approval was issued by the MoT.

Deputy Chairman of the Ho Chi Minh City People’s Committee Tran Vinh Tuyen also proposed the MoT to ask Go-Viet to only contract with transport enterprises which have been licensed by the Ho Chi Minh City Department of Transport. Another binding condition is that the vehicles must be granted badges by the Ho Chi Minh City Department of Transportation before December 1, 2018.

Regarding Go-Pay, if the company wants to operate in the payments segment, they must get a licence from the State Bank or shake hands with a licensed enterprise. Grab has spent many years to sign with Moca to provide Grabpay through its Moca service. This requirement may significantly delay Go-Viet’s plans to launch Go-Pay.

Source: VIR

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