iPhone price sliding in Vietnam earlier than usual

Advertisements

Distributors in Vietnam have slashed selling prices for iPhoneX 2018 models earlier than usual.

iPhone fans in Vietnam understand unwritten ‘iPhone rules’: next-generation models
decrease in price one year after they are launched, when newer generations of iPhone are introduced.

However, iPhone XR 64GB is now selling at VND19.5 million, a decrease of VND1.5 million. The two other models iPhone XS and XS Max 64GB have also seen prices decreasing by VND3 million and VND4 million to VND27 and VND30 million, respectively.

iPhone XS Max 512GB, the most expensive, has seen the sharpest price decrease of VND5 million to VND39 million.

iPhone fans can buy these models at lower prices if they go to small private shops.

“The sales of 2018 iPhones are significantly lower than their predecessors. iPhone has lost some of its appeal because of the strong rise of rivals, including Samsung and Huawei models,” said Dang Thanh Phong from The Gioi Di Dong.

Phong said iPhone XS Max has the lowest demand at the chain. “Over VND30 million is a big amount of money,” he said.

Mai Trieu Nguyen, director of Mai Nguyen phone retail chain, said: “Having selling prices much higher than Samsung and other Chinese manufacturers, the 2018 iPhones do not have outstanding designs and features.”

He affirmed that iPhone remains a favorite name for Vietnamese consumers, but its high prices are a problem for many consumers.

iPhone XR has selling prices from VND20 million for the 64 GB version, which is equal to the price of Galaxy S10 which is being marketed by Samsung.

While 2018 iPhone products do not have big changes in appearance and features, the products of other Android rivals have changed regularly, thus bringing different experiences to users.

Samsung Galaxy S10, for example, is equipped with the original Infinity-O screen, while Huawei P30 Pro has four good cameras.

Owners of private shops which sell iPhone products imported through unofficial channels also complain about the slow sale of 2018 iPhones.

iPhone prices, according to some analysts, have become ‘too high’ compared with the real value of the products.

In related news, both private shops and authorized resellers have slashed selling prices of old-generation iPhones.

iPhone 7 is now offered at VND6 million for the 32GB memory version, a decrease of VND1.2 million. iPhone 7 128 GB is now selling at VND7 million, which means a drop of VND800,000.

According to a report on Vietnamnet

Thai cave boy divers explore the Son Doong cave in central Vietnam

Advertisements

Three divers who helped rescue a Thai football team last year have made a fresh discovery in Vietnam where they explored a tunnel that could expand the footprint of the world’s largest cave.

The team was invited to descend into a waterlogged pit in the Son Doong cave in central Vietnam that has never been explored and is believed to connect to nearby chambers.

They were forced back at 77 meters (252 feet) because they did not have enough oxygen to push further, but they think the tunnels could be 120 meters deep.

If the tunnel connects to another cave, it would make Son Doong “easily the largest cave in the world and it would never be overtaken,” British cave expert Howard Limbert, who helped organise the dive, said Tuesday at a press conference announcing the find.

The three divers — Rick Stanton, Jason Mallinson and Chris Jewell — were part of the daring rescue to save 12 Thai footballers and their coach who were trapped in a cave for eighteen days last year.

Stanton — who found the boys on a ledge — said the painstaking task of safely leading the group out of the tunnel alive helped to prepare for the mission in Vietnam.

“Our planning and preparation is without parallel,” he said.

The team plans to return to Vietnam next year to try to link the tunnel to another cave near Son Doong, which is so big that it has its own ecosystem and weather patterns.

The cave in central Quang Binh province was first found by a local forager in 1991, but was not re-discovered for another 19 years because its entrance was hidden by thick surrounding jungle.

Only 30 percent of Vietnam’s Phong Nha national park — where Son Doong and a network of adjacent caves are located — has so far been explored.

Vietnam’s Son Doong cave, the world’s largest cave by volume, big enough to house a New York city block — including 40-storey skyscrapers

Son Doong is the world’s largest cave by volume, big enough to house a New York city block — including 40-storey skyscrapers — according to Oxalis, which runs tours into the caves.

Proposed plans to build a cable car in the area have sparked anger among the Vietnamese public who fear it will harm the area’s wildlife and pristine views.

An official said Tuesday there were no plans to move ahead with the project despite offers from several companies.

“That is only in theory, in truth, to build a cable car there is no such project yet,” the vice chairman of Quang Binh province Tran Thien Dung said Tuesday.

Vietnam’s tourism industry is booming among domestic and foreign travellers alike, but the communist country has come under fire for failing to preserve landscapes as it rapidly expands the sector.

 

AFP News

Many banks in Vietnam find out car loans not low-hanging fruit as borrowers cheat

Advertisements
By Minh Son, VNExpress

Vietnamese banks are struggling to recover overdue car loans since many customers mortgage vehicles bought using bank loans.

Dao Minh Tuan, manager of the debt recovery department at private lender Vietnam International Bank (VIB), said 50 percent of non-performing car loans are because of this.

Borrowers are supposed to get the bank’s permission before pawning a car, but most don’t, which makes it difficult for the bank to repossess the car, he said.

“Pawn shop owners decline to meet our staff while our customers are unreachable. As the banks do not technically own the car, we have trouble recovering the debt.”

Since banks normally lend 80-100 percent of the cost of a car, getting the cars back by paying off pawnbrokers would cost too much, he said.

“The last resort would be to sue the customer, but this will take a long time and cause damage to both sides.”

Banks also have to pay a commission to car dealers of 0.7-1 percent and offer competitive interest rates of 7-9 percent in the first year. All this means, in a competitive, crowded segment, banks are unable to earn much.

A banking expert who asked not to be named said: “Banks which want to maintain high credit growth often focus on increasing the amount of car loans, not quality.”

Those focused on this segment are usually banks which are not competitive in other areas with higher interest rates, such as real estate, the expert said.

The auto loans segment has seen average growth of 38 percent in 2012-2016, according to data from Viet Capital Securities VCSC.

Burger King removed ‘racist’ ad showing man trying to eat new ‘Vietnamese’ burger with chopsticks

Advertisements

Fast food chain faced backlash over ad showing westerners trying to eat new ‘Vietnamese’ burger with giant chopsticks

Burger King has been forced to delete a “culturally insensitive” advert which depicted a westerner struggling to eat a burger with chopsticks, the latest western brand to be accused of mocking Asian food customs.

The fast food chain faced a huge online backlash after an advert was posted to Burger King New Zealand’s Instagram depicting westerners attempting to eat the new “Vietnamese Sweet Chilli Tendercrisp Burger” with comically giant red chopsticks.

The advert, which appeared to feature no one Vietnamese, was captioned: “Take your taste buds all the way to Ho Chi Minh City.”

A twist by Maria about racist ad by Burger King

However, the post was later deleted after a post condemning the advert as offensive and culturally insensitive went viral, attracting over 2.7m views, and led to an outpouring of criticism that Burger King was making a mockery of chopsticks and Asian customs.

“Chopsticks are hilarious right,” sarcastically tweeted Maria Mo, a New Zealander who was among those to first flag the advert.

She added: “I’m so sick of racism. Of any kind. Of the kind that makes fun of different cultures, to the kind that shoots and murders those peacefully praying in their place of worship. Say no to every single manifestation of it.”

“We have asked our franchisee in New Zealand to remove the ad immediately,” said Burger King in a statement on Monday night.

The food chain apologized, conceding the advert was “insensitive and does not reflect our brand values regarding diversity and inclusion.”

Others pointed out that the burger’s signature ingredient of sweet chilli sauce was much more common in neighboring Thailand than Vietnam.

Burger King are not the first western company to be accused of mocking and trivialising the culture of Asian countries in their marketing material.

Just last year Italian fashion brand Dolce and Gabbana were accused of racism and racial stereotyping after they published a video on the Chinese social media site Weibo showing a Chinese model using chopsticks to try to eat a pizza, a cannoli and spaghetti. The backlash in China was so huge that some Chinese websites and shops stopped selling Dolce and Gabbana products.

The offensive advert could prove equally damaging to Burger King’s presence in Asia. While the fast food chain has failed to gain traction in Vietnam, regionally is very popular, as the biggest US food chain in Malaysia and the second biggest in Thailand and Indonesia. The company has plans to expand to 1,000 new locations in China.

Share your thoughts on: facebook.com/vietnaminsider.vn

By Hannah Ellis-Petersen South east Asia correspondent, The Guardian

Burger King draws flak for ‘racist’ ad on Vietnamese burger

Advertisements

A Burger King chain in New Zealand drew flak recently for its ad that many have called racist. The ad was to promote the fast food restaurant’s new Vietnamese Sweet Chilli Tendercrisp burger and apparently showed white customers trying to eat the said burger using chopsticks.

According to Asiaone.com, the ad has since been deleted from the restaurant’s official Instagram account following the backlash. Many, however, did not find the ad amusing and took to Twitter where they aired their grievances.

A certain Maria Mo, a Korean New Zealander, shared the video via Twitter on April 4 and called out the fast food restaurant for the nature of its ad.

So this is the new Burger King ad for a “Vietnamese” burger ok coolcoolcoolcoolcool CHOPSTICKS R HILARIOUS right omg etc 🙃🙃🙃🙃🙃🙃 pic.twitter.com/zVD8CN04Wc— 마리아. Maria. (@mariahmocarey) April 4, 2019

Later on, she expressed in other tweets that she is so sick of racism and called out Burger King for their silence on the issue:

“I’m so sick of racism. Of any kind. Of the kind that makes fun of different cultures, to the kind that shoots and murders those peacefully praying in their place of worship,” she said. “Say no to every single manifestation of it. #GiveNothingToRacism.”

“We [people of colour] have said ENOUGH to make our point clear,” she added. “Where is your apology?”

Mo also could not believe that such ads still exist in this day and age, as per the Huffington Post on April 5.

“I couldn’t believe such blatantly ignorant ads are still happening in 2019, it honestly took me a second to work out what the heck I was looking at,” Mo was quoted as saying. “I was watching it thinking there must be some kind of layered twist – only to realize, no, there was no twist, it really was that base level.”

Mo’s post has since amassed over 4,000 reactions and over 3,000 tweets on Twitter since the time of posting. Other figures have also called out the establishment for their ad, such as writer-comedian Jenny Yang and Tech Crunch reporter Catherine Shu.

“What the hell is wrong [with] white [people]?” Yang said. “We’re not asking for much. Sometimes just decide to DO LESS.”

“LOL chopsticks amirite??????” Shu tweeted on April 5. “Who the hell came up with this? There are a lot of Asian people in NZ, though they probably aren’t getting their Vietnamese food from Burger King.”

Italian fashion house Dolce & Gabbana was slammed just last January 2019 for a similar ad. In the ad, a Chinese model can be seen struggling as she attempted to eat pizza, spaghetti and a giant cannoli pastry using only chopsticks.

A screen capture from ‘racist’ chopsticks ad campaign by Burger King

The model, Zuo Ye, has since apologized for her appearance in the campaign. Co-founders Domenico Dolce and Stefano Gabbana also apologized and promised they would do better to understand and respect Chinese culture.

Share your thoughts on: facebook.com/vietnaminsider.vn

By CODY CEPEDA

Only 39 percent of pet dogs in Vietnam vaccinated

Advertisements

Around 5.4 million dogs are raised as pets in Vietnam but only 2.1 million, or 39 percent, of the animals are vaccinated against common canine diseases, including rabies.

The figures were revealed in a recent report by the Animal Health Department.

However, these numbers were taken only from official registers and there could be many more dogs raised domestically without any registration or vaccination.

Eighteen out of Vietnam’s 63 province-level administrative divisions currently have no report on their population of domesticated dogs.

Each year, some 400,000-500,000 people in Vietnam seek preventive treatment for dog bites and scratches.

Around 100 people die each year in the country from being bitten by dogs that have rabies, according to the same source.

Earlier this month, a seven-year-old boy in the northern Vietnamese province of Hung Yen died from severe wounds he sustained during an attack by a pack of dogs raised by a local family that were allowed to roam loose.

The tragic attack raised questions on the regulation, or lack of regulation, of dogs and pets in general in Vietnam.

In August 2018, the administration of Ho Chi Minh City launched a citywide campaign to remove free-ranging dogs from its streets, carried out by a joint team of personnel from the city’s urban order watchdog and veterinary department.

However, the team has already disbanded less than a year after its launch, according to an animal health official in the southern metropolis.

Though some of the city’s 24 districts have established their own team of dog catchers, the management of the local canine population remains a challenge.

“It’s rare for dog owners in Vietnam to register their pets with local authorities,” said Nguyen Van Dung, head of the epidemiology division under Ho Chi Minh City’s Department of Animal Husbandry and Veterinary Medicine.

“Without registration, management faces a huge hurdle,” he said.

According to a report on Tuoi Tre

Foreign banks in Vietnam raise chartered capital

Advertisements

Both Vietnamese and foreign banks are rushing to raise their chartered capital to satisfy the requirements of Basel II.

After divestment from Asia Commercial Bank (ACB) in 2018, Standard Chartered Vietnam in February completed its plan to raise capital from VND3.08 trillion to VND4.215 trillion, or 37 percent. The new investment capital was allocated by Standard Chartered Bank.

In September 2018, Woori Vietnam Bank’s capital increased from VND3 trillion to VND4.6 trillion, or 53 percent. The 100 percent foreign owned bank established the first branch in Hanoi in 1997. Its holding company is Woori Bank, headquartered in Seoul, and a subsidiary of Woori Financial Group.

More recently, three other foreign banks were approved by the central bank for their plans to raise capital. Bank of China Ltd HCMC Branch’s will raise its capital from $100 million to $180 million, ROK Industry Bank Hanoi Branch from $90 million to $120 million, and Siam Commercial bank Public Co Ltd HCMC to $100.5 million.

Analysts say that foreign banks want higher chartered capital because this will help improve financial capability and the capital adequacy ratio as per the State Bank’s Circular 41. Banks and foreign bank branches must maintain CAR at 8 percent at minimum, while the calculation of CAR will have to follow a stricter method in accordance with Basel II standards.

To expand credit, banks will have to increase their regulatory capital to the levels high enough to ensure the CAR required in the new legal document, to take effect in early 2020.

Banks also need to have more capital to open new branches. Under Circular 21, a bank must have at least VND300 billion at least to open a branch in the inner city of Hanoi or HCMC, and VND50 billion to open a branch in other localities.

Meanwhile, as analysts noted, foreign banks want to have more branches to develop retail banking, a promising business field with increasingly high demand for consumer credit.

Woori Vietnam, for instance, after raising its capital in 2018, opened six more branches and transaction offices.

There are nine wholly foreign banks in Vietnam: ANZ, CIMB, Hong Leong, HSBC, Public Bank, Shinhan Bank, Standard Chartered, UOB and Woori, and 49 foreign bank branches.

While Vietnamese banks find it difficult to raise capital because of limited financial resources and the regulations on foreign ownership ratio, foreign banks do not face such obstacles because they can get support from holding banks.

According to a report on Vietnamnet

MasterCard announced the appointment of new country manager for Vietnam

Advertisements

Mastercard Vietnam gets Winnie Wong as its new country manager

Winnie Wong will support the company’s expansion into digital payments in Vietnam, play a key role in engaging with regulators and stakeholders to support the Government’s plan to reduce cash payments to less than 10 percent by 2020.

Winnie Wong will be based in HCM City | Photo credit: VNExpress

Since joining Mastercard in Singapore in 2013, she has worked with governments and corporations to spearhead the adoption of B2B platforms to help improve the efficiency and transparency of cross-border trade in the Asia Pacific.

The company said in a release that with her extensive experience in payment solutions, Wong would offer deep insights into industry best practices, which would help the Government achieve its cashless agenda.

Ari Sarker, its co-president, Asia Pacific, said: “It’s an exciting time for Mastercard in Viet Nam. There is tremendous interest and support from both public and private stakeholders to drive the country’s transformation into a digital economy.

“Viet Nam’s strong fintech culture also creates great opportunity for innovation and the accelerated scaling of new technologies. Mastercard is encouraged by the push across the region to develop a more connected and inclusive cashless society.”

Wong said: “Cashless payments on smartphones are growing at an incredible rate, and this is rapidly changing the way consumers make transactions.”

— VNS

Samsung has officially launched Galaxy Watch Active in Vietnam, sales start April 10

Advertisements

Samsung has officially launched the Galaxy Watch Active in Vietnam. The smartwatch was announced at the Galaxy Unpacked in San Francisco on February 20. It is more of a fashionable version of the Galaxy Watch, thanks to some subtle but meaningful changes in design.

The Galaxy Watch Active inherits most of the features from its predecessor Galaxy Watch, but offers some significant changes in design. The new watch is thinner and lighter, bringing comfort to users. And while it does retain the same circular display, Samsung has ditched the rotating bezel in it. It may not be a welcome change for everyone, but it’s what gives the Galaxy Watch Active all the new look and feel.

The watch features a 1.1-inch Super AMOLED display, and is powered by the Exynos 9110 dual core 1.15GHz processor. It has 1.5GB of RAM and 8GB of internal storage space. The 230mAh battery is capable of running the watch for a full day on normal usage. The military grade device comes with IP68 and 5ATM rating for dust and water resistance.

In terms of health features, the Galaxy Watch Active is capable of tracking 39 different activities, including running, cycling, and swimming. It can also keep a tab on your sleep cycle and blood pressure, and can send users a Heart Rate Alert if it detects an abnormally high resting heart rate. Read our Galaxy Watch Active hands-on for more about the watch.

Samsung has priced the Galaxy Watch Active at VND 5,490,000 (~$237) in Vietnam. The watch will be available in Pink, Black and Silver starting April 10, 2019.

According to a report on Sammobile

Ryan Monteclaro bridge Philippines and Vietnam by basketball

Advertisements

Former Adamson Falcon Ryan Monteclaro had mixed feelings the moment he stepped on the rubber floor of the 3×3 court inside SM Megamall on Saturday.

It was the opening day of the first-ever Chooks-to-Go 3×3 Asia Pacific Super Quest and the Philippines was playing host to 12 teams across various countries. Monteclaro had a weird yet exciting feeling because he wasn’t representing the Philippines, but a different country in the form of the Saigon Aces.

“At first, Anton (Altamirano) was telling me that I was a traitor for representing another country,” Monteclaro jokingly said in Filipino. “But then again, Vietnam is my second home.

For nearly three years, the 5-foot-7 kid from Butuan City has been grinding it out in Vietnam as the technical leader of the Saigon Sports Academy. He became a coach, a leader, and an adviser for a country that’s trying to make basketball relevant.

“I think Vietnam and the Philippines have a lot of similarities,” he shared. “It’s heartwarming because basketball here is like soccer for them in terms of support.”

The last time he was in the country was in December for the PBA draft where he was selected as the ninth pick in the third round by none other than his former Adamson coach, Leo Austria, and the San Miguel Beermen. His journey came full circle when Monteclaro, who was the first-ever Batang PBA MVP back in 2005, was drafted to the big league. After all his hardships and sacrifices he had to go through during his college career, including the loss of his parents, getting on stage for the draft was truly a proud moment for him.

However, Monteclaro still had to honor his contract in Vietnam. He hasn’t played a single game in the PBA yet, but he knows there’s a reason and a purpose for him in Vietnam. Surprisingly, his mission in trying to develop basketball in a foreign country led him to an opportunity back home.

“I’ll always be thankful for Vietnam, from the heads, the kids, the players, and all of the people behind us,” he said. “I’m so excited because I didn’t imagine that I’ll be back for a tournament here.”

Joining in a prestigious tournament such as the inaugural 3×3 Asia Pacific Super Quest is already a huge accomplishment for Vietnamese basketball.

“First and foremost, Vietnam, in terms of basketball, they’re still developing. Their professional league is only on their third year,” Monteclaro explained. “This is a big step for their basketball program to participate in these kinds of tournaments.”

“There was no intention of joining at first. They’re trying to bring FIBA in Vietnam, trying to make it big, and they decided to come up with the team,” he went on.

Vietnam’s entry into the Super Quest also had its own bumps on the road. The Saigon Aces initially only had two players on their roster – Monteclaro and Gabe Riche. It was only until the last two weeks before the tournament started when the lineup started to take shape. Monteclaro called up former FEU big man Prince Orizu while a local player, Kim Ban Vo, suited up for the squad in the last minute.

The Aces gave their all in the opening day of the Super Quest and represented their country proudly. They lost their first game but came up with a clutch win in their second outing against China. As fate would have it, it was a late free throw by Monteclaro with 4.4 seconds left that gave his team the victory. Unfortunately, the Saigon Aces failed to make the quarterfinals because they had a lower quotient.

Nonetheless, it was still mission accomplished for Monteclaro and Vietnam. The goal of joining the Super Quest was to expose the country, its fans, officials, and players to more basketball.

“That’s the biggest thing. They’ll be able to see that this is a good opportunity and whatever happens, it’s a first step,” he said. “The beginning is always the hardest. Luckily for us, we won a game against China. That’s big for Vietnam. We’re excited to go back there and we’re happy to have a respectable finish.”

Ryan Monteclaro didn’t imagine that he would go back to the Philippines, let alone represent a different country. But in a way, everything that’s happened to him the last few years led him to this higher calling.

“I’m so thankful because I didn’t expect to represent their country. What I’ve been doing the past two and a half years is to develop their basketball program,” he closed. “I didn’t expect that I’ll be representing Vietnam. The whole Vietnam is watching right now and Chooks-to-Go is helping Vietnam realize how big 3×3 can be.”

According to a report on ESPN

Singapore’s GIC makes first investment in VNPay, a Vietnamese fintech company

Advertisements

Singapore’s sovereign wealth fund GIC has led an investment in Vietnam-based payments firm VNPay, according to three people familiar with the development. Nguyen Thi Bich Ngoc reports on Dealstreetasia.com.

Other players in Vietnam’s payment space include Warburg Pincus-backed MoMo, VNG’s ZaloPay, and Payoo (acquired by NTT Data).

The financing for VNPay is GIC’s first investment in a Vietnamese fintech company.

VNPAY Payment Gateway is an intermediate system to transmit, exchange and process payment transactions between consumers owning card, bank account or e-wallet and enterprises providing goods, services on the Internet.

VNPAY Payment Gateway officially came into operation from August 2011 with the objective to develop a simple and convenient payment method; reduce social costs and change cash-payment habit of the majority of consumers. VNPAY Payment Gateway now has connected with multiple e-commerce websites of domestic enterprises providing a variety of products and services.

The number of websites accepting payment through VNPAY Gateway is also increasing rapidly thanks to the high service quality and the enthusiastic support from VNPAY. VNPAY now continues to expand the relationship with new Enterprises, Banks, Financial Institutions and Payment partners to bring the maximum benefit to customers.

About GIC:

GIC Private Limited, formerly known as Government of Singapore Investment Corporation, is a sovereign wealth fund established by the Government of Singapore in 1981 to manage Singapore’s foreign reserves.

Its mission is to preserve and enhance the international purchasing power of the reserves, with the aim to achieve good long-term returns above global inflation over the investment time horizon of 20 years. With a network of 10 offices in key financial capitals around the world, GIC invests internationally in developed market equities, emerging market equities, nominal bonds and cash, inflation-linked bonds, private equity and real estate.

The Sovereign Wealth Fund Institute (SWFI) had estimated the fund’s assets at US$359 billion.

In addition to GIC, the Government of Singapore owns another sovereign wealth fund, Temasek Holdings, which manages about SGD$275 billion of assets.

Why Chinese love Vietnam property? The reasons behind not always right

Advertisements

Looking for the hottest residential real estate in Asia? Go to Ho Chi Minh City.

Ever since Vietnam allowed foreigners to own apartments in July 2015, its luxury housing sector has been on a tear. Three years ago, when local developer Dai Quang Minh launched the first residential complex in the Thu Thiem area – a 657 hectare grassy plot across the Saigon River from the central business district – the going rate was $2,000 to $2,800 per square meter. The Metropole, a nearby project slated for June, will likely cost more than twice as much, between $4,500 to $6,500 per square meter.

Last year, luxury home prices soared 17 percent, while the rest of the residential market stayed largely flat, says Dung Duong, a research analyst at CBRE Group Inc., a real estate services firm.

It’s no surprise, then, that most Vietnamese are priced out. In 2018, only 23 percent of luxury homes were sold to locals, outpaced by mainland Chinese, CBRE estimates. South Koreans and Hong Kong residents followed closely behind.

To the Chinese, Ho Chi Minh City is irresistible. As early as 2016, marketing brochures touted the city as Vietnam’s Shanghai, and Thu Thiem as a newer Pudong, the glitzy central business district that rose from abandoned farm land. As they see it, Vietnam now is China a decade ago – a politically stable Communist country that can reap riches through exports and a friendly relationship with the U.S.

And for Chinese investors used to sky-high prices at home, Vietnam’s luxury apartments seem like a good deal. Earlier this year, China Vanke Co., the third largest developer on the mainland, launched a riverside project in Shanghai’s Pudong with units priced at more than $15,000 per square meter, more than double the Metropole project.

There’s a major pitfall to that logic, however. Vietnam today looks nothing like China did 10 years ago.

There’s little point to a luxury condo without nearby infrastructure to support it. Keppel Land Ltd.’s Estella Heights is a case in point. Advertized for its family friendly location – across a busy highway is a residential area full of international schools and small cafes – the apartment complex has beautiful rooftop swimming pools and a children’s play area. Yet, right now, there’s no overhead bridge to walk to the school district. Plans to start one are hazy at best.

As for that metro every real estate agent is talking about: It’s being delayed – again. The city broke ground on its first subway line in 2012, but financial problems, such as ballooning costs and unpaid bills to Japanese contractors, keep coming. The finish date was pushed to 2020 from 2017, and even this deadline may not be met. Shanghai, in contrast, finished its first metro line on schedule in 1995. It’s built a dozen more since.

From a fiscal viewpoint, the comparison is equally stark. At 61 percent of GDP, public debt is edging close to its legal cap of 65 percent, giving Hanoi limited means to spend on infrastructure. Ten years ago, China had much more flexibility. To insulate its economy from the fallout of the financial crisis, Beijing launched a 4 trillion yuan ($586 billion) fiscal stimulus, building roads, metros and railways that transformed Chinese cities into efficient transportation hubs.

Even if Vietnam decided to lift its public debt ceiling, there’s very little wiggle room. A dwindling global trade pie puts the nation’s current account surplus at only 2.7 percent of GDP. China, on the other hand, had a surplus of more than 10 percent a decade ago. At that point, Shanghai looked like a big construction site; Ho Chi Minh City feels alarmingly quiet right now.

Back in 2006, apartments at riverfront locations in Shanghai’s Pudong district went for roughly $1,800 per square meter. In Ho Chi Minh city, you’re paying more for 20-year-old infrastructure. This market is getting too heated – and yet 80 percent of all buyers last year said they purchased for investment purposes. What gives?

Meanwhile, all of this is bad news for the Vietnamese. At this pace of foreign buying, Ho Chi Minh City is looking like it’s being colonized all over again.

 

By Shuli Ren | Bloomberg

To contact the author of this story: Shuli Ren at sren38@bloomberg.net |  To contact the editor responsible for this story: Rachel Rosenthal at rrosenthal21@bloomberg.net

This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.

Shuli Ren is a Bloomberg Opinion columnist covering Asian markets. She previously wrote on markets for Barron’s, following a career as an investment banker, and is a CFA charterholder.

Why is Trump targeting Vietnamese-Americans for deportation, although they help Texas and the U.S thrive?

Advertisements
This editorial was first published in The Dallas Morning News. 
Guest editorials don’t necessarily reflect the Denton Record-Chronicle’s opinions.

At a recent naturalization ceremony in Dallas, former first lady Laura Bush rightly emphasized that Texas is “a land of immigrants.” Our state, she said, “is a place where people come, year after year, to build a better life.” It’s a state “that thrives due to the prosperity, ingenuity, transformation and generosity of immigrants. And we are a much richer state for all the cultures that have settled on our land.”

One of those cultures is that of the nearly quarter-million Vietnamese-Americans who call Texas home. That’s second only to California, where more than a half-million Vietnamese-Americans reside.

Among the Top 10 metro areas with the largest Vietnamese populations, Houston-Sugar Land-Baytown ranked third (103,525), and Dallas-Fort Worth-Arlington ranked fourth (71,839), according to the last census in 2010.

The numbers have grown since then, as Vietnamese business owners, artists, teachers, doctors, nurses, lawyers, restaurateurs, politicians and entrepreneurs of all stripes continue to contribute to our society and economy. So much so that many Texans think of pho and spring rolls as no less American than pizza or tacos.

Just how many Vietnamese call America home? As of 2017, more than 1.3 million people born in Vietnam resided in the U.S., the sixth-largest foreign-born group in the country. Nationwide, the country’s 2.1 million Vietnamese-Americans have a higher median income than native-born Americans and own more than 310,000 companies.

In the early 1990s, Houston’s Wendy Duong became the first Vietnamese-American appointed to a judgeship in the U.S. Like hundreds of thousands of others, she and her family fled their homeland when Saigon, the capital of South Vietnam, fell to the North Vietnamese in April 1975.

In May 1975, President Gerald Ford, a Republican, led the fight, along with religious and labor leaders, to pass the Indochina Migration and Refugee Assistance Act. The legislation provided funding for resettlement and granted immediate refugee status to more than 130,000 South Vietnamese, many of whom had fought alongside U.S. forces in a war that claimed more than 58,000 American lives and about 3.1 million Vietnamese lives.

In 1979, as millions fled communism, war and famine in Vietnam, Cambodia and Laos, President Jimmy Carter, a Democrat, doubled the number of Southeast Asian refugees accepted by the U.S. from 7,000 to 14,000 a month. Carter said his administration was acting “with the compassion that has traditionally characterized the United States when confronted with such situations of human crisis.”

Between 1975 and 1997, under three Republican and two Democratic presidents, the U.S. took in more than 1.25 million Vietnamese, Cambodian, Laotian and other Southeast Asian refugees.

But a recent decision by the Trump administration ignores this history and threatens to betray a solemn promise we made to the South Vietnamese people when we pulled out of Saigon — we acknowledge and respect your sacrifice and your service and will provide you and your families refuge.

Since 2017, the administration has adopted a “zero tolerance” policy and taken steps to deport nearly 9,000 Vietnamese refugees convicted of crimes in the U.S., including legal permanent residents who’ve lived here for more than 40 years. Most of the immigrants’ run-ins with the law happened decades ago when they were young and adjusting to life in a new country. All have paid their debt to society, either through jail time, parole, community service or fines.

Remarkably, the Trump administration — in clear violation of a 2008 agreement reached under President George W. Bush — would also deport thousands of Vietnamese refugees who arrived in the U.S. before July 12, 1995, the date the U.S. and Vietnam established diplomatic relations. The agreement acknowledges that the great majority of Vietnamese who arrived in the U.S. before 1995 were refugees — and onetime U.S. allies — from South Vietnam fleeing retribution and persecution from the Communists who took control in 1975.

After pushback by the Asian-American community and Democratic lawmakers, the Trump administration appears to be backing away from its initial aggressive stance on deportation. That’s due in large part to Vietnam’s unwillingness to repatriate large numbers of refugees or amend the 2008 agreement.

But that doesn’t mean that those already detained by the Department of Homeland Security, or the approximately 1,500 Vietnamese-Americans in Texas that could be deported under a reinterpretation of the agreement, are home free.

“There’s a lot of concern among the Vietnamese community in Texas and nationwide,” said Rep. Hubert Vo, D-Houston, the first Vietnamese-American to be elected to the Texas Legislature. “The humanitarian spirit of the agreement should be honored.”

Vo, who fled South Vietnam with his parents and five siblings in 1975, said many who arrived in the U.S. after the war have become American citizens, started families, and contributed to the land they proudly call home. “We have natural-born citizen children and grandchildren,” he said. “We started businesses to serve the needs of the community, and have worked diligently to make sure that we contribute to this great country that welcomed us during a time of political strife.”

Yes, he said, under U.S. immigration law noncitizens who commit crimes can be deported. But the 2008 agreement made an important exception for Vietnamese refugees who fled after the war. “All administrations should honor the agreement,” said Vo. Putting the agreement in limbo, he said, “has really upset the Vietnamese community — many have joined in rallies and spoke against this action.”

Eric Tang, director of the Center for Asian-American Studies at the University of Texas at Austin, said the Trump administration’s attempts to reinterpret the 2008 agreement and deport longtime U.S. residents has “pulled many Vietnamese-Americans away from the Republican Party.”

“What they see is an administration that is deporting for deportation’s sake,” said Tang. The “pretense of refugee crime and criminality” among the Vietnamese-American community is recognized as false, he explained. “What Vietnamese-Americans see is an administration asserting its right to deport anyone, anywhere, at any time. And that I think has led many Vietnamese-Americans, who for the longest time had supported Republican administrations, to break from this one.”

Vietnamese-Americans see the deportation of pre-1995 refugees as “cruel and unusual” said Tang, because “the country that they knew — South Vietnam — no longer exists.” We agree with Tang that the 2008 agreement acknowledges the “moral debt” that America owes to those who lost their homeland after the Vietnam War. We also agree with Vo, one of the more than 2.1 million Vietnamese-Americans who help make America great, that the “humanitarian spirit” of the 2008 agreement must be honored.

Read original post on Dentonrc.com

Have Textile And Garment Stocks Been Creating Their Peaks?

Advertisements

Textile and garment export turnover in March 2019 reached USD2.7 billion, increased 106.4% compared to February 2019 and increased by 15.9% compared to March 2018. Accumulated, export turnover of this item in the first 3 months of 2019 reached USD7.3 billion, up 13.3% over the same period last year.

For a long time, textile & garment stocks such as TCM, TNG, GMC, GIL, STK, etc, had a series of impressive price increases. After rising to the highest historical price in the middle of March, the prices of these stocks had cooled down and traded quite calmly at lower prices. The question for now is whether these stocks have peaked or are in a process of accumulation waiting for new waves?

According to the statistics of the General Department of Customs, textile and garment export turnover in the first 3 months of 2019 had increased sharply over the same period. In which, the main export market was US, accounting for 46.6% of the total export turnover of this group which reached USD2.14 billion, up 9.4% over the same period last year. Japan held the second position with 12.6%, reaching USD577.89 million, up 7.6%. Other markets such as EU and South Korea also increased strongly. Prior to 2018, the General Department of Customs reported that by the end of 2018, the export value of Vietnamese textile and fiber products reached USD34.5 billion, up 17% from the previous year.

Textile industry would welcome bright opportunities when major trade agreements are and will continue to be implemented in the near future such as: CPTPP Agreement officially is taking effect with Vietnam from the beginning of 2019 opened up many opportunities for textile and garment exports, especially when the market share of those countries in the agreement accounted for nearly 16% of the total export value.

Furthermore, the Regional Comprehensive Economic Partnership Agreement (RCEP) is expected to conclude negotiations in 2019. This is an agreement with the participation of six countries where ASEAN has a free trade agreement with Australia, China, India, Japan, South Korea and New Zealand. In addition, if the Vietnam-EU Free Trade Agreement (EVFTA) was approved before 05 May 2019, it would also be a great advantage for Vietnamese textile enterprises.

- VDSC

Solid waste treatment facilities to be examined

Advertisements

The Ministry of Natural Resources and Environment has revealed a plan to check 51 solid waste treatment facilities in 25 provinces and cities throughout the country.

The plan is to make a comprehensive assessment on State management over current waste treatment management work, according to the ministry.

Four working groups will be set up to examine these facilities, including those with high capacities, typical technologies or located in places with problems on waste management, the ministry said last week.

Examination will focus on the facilities’ compliance with regulations on environmental protection and environment dossiers approved by State management offices such as the making of environmental protection assessment reports, environmental protection plans and designed capacities in comparison with the real amount of waste they receive.

Treatment methods and technologies of the facilities, along with the origins of the technologies and their efficiency in the protection of the environment will also be checked.

Samples will be collected for testing. To ensure the objectivity and accuracy of the tests, the collection and analysis of the samples will be done by two independent units.

The ministry has asked localities throughout the country to report on their management over solid waste treatment so as to work out measures to intensify the management.

According to a report released late last year by the General Statistics Office of Việt Nam on solid waste collection and treatment, nearly 20 per cent of solid waste in the country was not treated properly following national standards.

In 2017, as many as 37,800 tonnes of solid waste were collected. About 31,600 tonnes were treated after collection. That means more than 6,000 tonnes of waste were left untreated, not to mention large quantity of solid waste being discharged every day without collection and treatment.

The country discharges 19,000 tonnes of rubbish, of which 16 per cent is made up of plastic waste, every day.

Source: VNS

Exit mobile version