While the benchmark VN-Index dropped by 2.22 points to close at 980.76 points, the stock of Vietnam Export Import Commercial Joint Stock Bank (EIB) is one of 11 stocks added into the VN30 basket.
At the end of the session on 29th March, Eximbank stock (EIB) increased by 2,3%, reached VND 17,600 per share.
While VN-Index slightly decreased, EIB gains attraction when ranking in the top 6 most positive influence on VN-Index (EIB contributed +0.1 points).
Reportedly, EIB stays growth despite internal conflicts between Eximbank’s Chairman and Management Board. Previously, Eximbank surprisingly announced the appointment of its new chairwoman Mr. Luong Thi Cam Tu, replacing Mr. Le Minh Quoc who was dismissed based on Resolution No.112 of Eximbank’s Management Board.
However, on 22nd March 2019, Mr. Le Minh Quoc had a petition to apply emergency measures on company member disputes for members of Eximbank’s Management Board including: Mr. Dang Anh Mai, Mr. Le Van Quyet, Ms. Luong Thi Cam Tu, Mr. Cao Xuan Ninh, Mr. Hoang Tuan Khai, Mr. Yasuhiro Saitoh and Mr. Yutaka Moriwaki.
Budget carrier Jetstar Pacific scored the lowest rate of on-time flights among Vietnamese airlines in March, the country’s aviation watchdog said in a report released on Monday.
The monthly report on flight cancelations and delays by the Civil Aviation Authority of Vietnam (CAAV) covers the on-time statuses from February 19 to March 18 of five Vietnamese carriers, including Jetstar Pacific, flag carrier Vietnam Airlines, no-frills airline Vietjet and Bamboo Airways, and Vietnam Air Services Co. (VASCO).
In that 30-day period, Jetstar Pacific operated 2,609 flights, 30 percent of which were delayed, according to the report. This is the lowest on-time rate among the five airlines assessed.
Vietjet delivered the second worst on-time performance, with 1,720 out of 10,225 flights, or a 16.6-percent rate, departing behind schedule in the period.
The market newcomer Bamboo Airways, which just launched its first commercial flight in January, was the most punctual among the carriers, with only six percent, or 57 out of 946 services delayed.
Vietnam Airlines came second with a delay rate of 10.1 percent, with 8,926 out of 9,924 flights operated in the period arriving on time.
VASCO, a subsidiary of the national flag carrier, had 1,090 on-time flights out of 1,175 services. The carrier flies between Ho Chi Minh City and Con Dao off the southern province of Ba Ria-Vung Tau, Phu Quoc Island off the southern province of Kien Giang, and the Mekong Delta city of Can Tho.
According to the CAAV, most of the delayed flights were caused by “late arrival of aircraft,” which means a delayed flight would affect the schedule of the next flight using the same aircraft.
Bad weather and technical issues were also among the causes.
In the heart of the Old Quarter, the small Bach Ma Temple is said to be the oldest temple in the city, though much of the current structure dates from the 18th century and a shrine to Confucius was added in 1839.
It was originally built by Emperor Ly Thai To in the 11th century to honor a white horse that guided him to this site, where he chose to construct his city walls.
Pass through the wonderful old wooden doors of the pagoda to see a statue of the legendary white horse, as well as a beautiful red-lacquered funeral palanquin.
Vietnam could be scooping up factory and trade opportunities from the US-China trade war, one supply chain research analyst believes.
Chris Rogers, an analyst at S&P Global Market Intelligence, pointed to the divergence in export figures from both Vietnam and its giant neighbor, China, for the first two months of 2019.
Seaborne Vietnamese exports to the United States jumped by 17.3 per cent in January and February altogether, even as Chinese shipments to the US fell by 4.9 per cent in the same period, he noted. This was even as overall exports out of Vietnam rose by 0.1 per cent on the year before.
“As business uncertainties mount regarding the long-term trade relations between China and the United States companies are increasingly considering alternative supply chain options,” Mr Rogers wrote in an analysis of the export data. “Vietnam has been one of the longer-term destinations for manufacturers shifting out of China.”
He hewed to the market view that the US-China trade war, while not the sole factor, sped up many businesses’ flight out of China when it came to production operations.
A good chunk of the export growth came from furniture shipments – up by 25.3 per cent year on year – while shipments of capital goods grew by 16.1 per cent. These are both product segments where Chinese exports to the US have been hit by duties, Mr Rogers noted.
But he added that “it’s not just about tariffs”.
Clothes exports were also up by 14.6 per cent, despite Vietnam’s shift from labour-intensive and low-value manufacturing to higher-value goods over the past decade, said Mr Rogers, who covers global trade policy, logistics and industrial supply chains for S&P’s Panjiva research unit.
Award presented at “South Korea Prestige Brand Awards 2019” ceremony in Seoul on March 28.
Vietjet Air received “The Best Service Foreign Low-Cost Carrier” award at the “South Korea Prestige Brand Awards 2019” ceremony in Seoul on March 28.
According to the organizer, the carrier was selected because of its reasonable prices and excellent services, which help more South Koreans travel abroad.
Established in 2004, the “South Korea Prestige Brand Awards” is hosted by the South Korea Economic Daily newspaper with sponsorship from South Korea’s Ministry of Trade, Industry and Energy and the South Korea Brand Management Association. The awards are organized annually and select brands that are trusted and favored by South Korean customers via public survey.
The survey for this year’s awards was conducted on thousands of consumers in South Korea followed by a review from the judging panel, which includes university professors and experts from related industries, to select the best brands. The awards are considered a fair and trustworthy evaluation of brands in South Korea.
Mr. Jay L Lingeswara, Vietjet Air’s Deputy Director of Commercial, said it is a great honor for the carrier as it is the first foreign airline to receive the award in its 15-year history. “We are now operating eight routes between Vietnam and South Korea and will have a ninth, Nha Trang – Busan, starting in July,” he added. “With a desire to bring exciting flight experiences to South Korean customers, our flight crew has many South Korean pilots and flight attendants, who are friendly and ready to assist. Moreover, the modern and new Airbus fleet, flexible and inexpensive fares, and hot and delicious inflight meals also help Vietjet be well received in the South Korean market.”
With 108 domestic and international routes, Vietjet offers passengers flying experiences on new aircraft with comfy seats and delicious hot meals served by dedicated and friendly cabin crews, and many more enticing add-on services.
It operates around 400 flights daily, carrying more than 70 million passengers to date on 108 routes covering destinations across Vietnam and internationally such as Japan, Hong Kong, Singapore, South Korea, Taiwan, mainland China, Thailand, Myanmar, Malaysia and Cambodia.
A judge who presided over a high-profile divorce in Vietnam caused quite a stir after announcing court fees ten times the actual amount before realizing and admitting his mistake, following media reports.
At a court in Ho Chi Minh City on Wednesday, Judge Nguyen Van Xuan approved the divorce between Dang Le Nguyen Vu, chairman of Trung Nguyen Group, and his wife Le Hoang Diep Thao, co-founder of Trung Nguyen, effectively ending the couple’s years-long legal battle over their disputed assets, worth nearly US$354 million.
Trung Nguyen, founded in 1996 by Vu and Thao, is one of Vietnam’s largest and most well-known coffee producers and café chains.
After reading out a lengthy ruling on the division of their disputed properties, Judge Xuan announced that the couple would be subject to court fees totaling over VND80 billion ($3.45 million), after deducting the advance payments made by both parties.
Vu would cover VND47.4 billion ($2.05 million) of the fee, while Thao was told she would be responsible for the remaining VND32.6 million ($1.4 million), the judge read from a paper.
Combined, the requested payment would have set a record for the highest court fee ever issued on a divorce case in Vietnam.
However, questions were swiftly raised on the accuracy of the fee calculation made by the Ho Chi Minh City court after the ruling made headlines.
For civil cases where disputed assets exceed VND4 billion ($172,500) in value, Vietnamese laws dictate that court fees be calculated by adding VND112 million ($4,800) to 0.1 percent of the value that exceeds the threshold VND4 billion worth of the properties.
Using this formula, court fees in Vu and Thao’s divorce should only have been around VND8 billion ($345,000).
After Tuoi Tre News remarked on this inconsistency in an article published on Thursday, Judge Xuan has made a statement admitting that the court fees he announced during Wednesday’s ruling were inaccurate.
“This is a complicated case with big numbers and a lengthy ruling,” Xuan told Tuoi Tre on Thursday.
“To be honest, my eyes had all been blurred [by the time I read the court fees],” he said.
The printed ruling accurately stated that VND8 billion is the total court fees for the case, and it was his own error in reading that led to the misunderstanding, he added.
“I will send a notice to the litigants to inform them of the mistake,” Xuan said.
Authorities are trialling stations and other facilities to prepare for the commercial launch of Hanoi’s first ever metro line next month.
The Cat Linh-Ha Dong elevated trains are being tested every day for system tuning. They run at an average speed of 35 kilometers an hour.
The trains operate automatically. The conductor is in charge of opening and closing the doors and handling unexpected incidents.
There are 12 automatic entry gates installed at each station. Customers swipe their tickets to enter or exit.
Each station has two ticket vending machines. Metro officials say they operate with high precision and speed. Customers can also buy their tickets from staff at the booth.
The electricity room uses dry-type transformers, which do not require oil, silicone or any other liquid to cool the electrical core. Metro officials said this is the first time that this type of transformers is being used in Vietnam.
At some stations, roofs are being installed to cover the escalators and stairs.
The cement holding the pillars supporting the escalator’s roofs have cracked in some places and will be reinforced before the metro line begins operations.
Contractors have been asked to replace some glass panels that have broken or cracked during construction.
The command center for the metro line is located in the Ha Dong Depot, 16 kilometers southwest of downtown Hanoi. Each shift will have at least three employees on duty, metro officials have said.
13 trains are ready to serve customers. The project is now 99 percent complete.
Hanoi’s first metro line will run from Cat Linh Station in downtown Dong Da District to the Yen Nghia Station in the south-west Ha Dong District.
Individual commuters can buy monthly season tickets for VND200,000 ($8.61) or daily tickets for VND30,000 ($1.29), both allowing unlimited trips. Single trips will cost VND7,000-15,000 ($0.3-0.65) per person depending on the distance travelled.
Work on the Cat Linh-Ha Dong elevated railway began in 2011 and was originally scheduled for completion in 2013. But several hurdles, including loan disbursement issues with China that were only resolved in December 2017, stalled it for years.
The original estimated cost of $552.86 million also ballooned to more than $868 million, including $670 million in loans from China.
An extreme large amount of 10 tonnes of African ivory was found in the port of Da Nang in Vietnam on 28 March, 2019.
The Cong Thuong Online News channel reports, Da Nang Customs, the Department of Environmental Police, Da Nang Port Border Guard Board and Central Region Anti-Smuggling Control Team had investigated cargo of a ship names SB Singapore. Inspections discovered 3 containers which were packed with rosewood. But instead of staples of wood, these were rosewood boxes stuffed with ivory.
African Ivory found in Vietnam @congthuong.vn
The wood and ivory was shipped form The Congo on 20th March. It was send to a registered company in Quang Nam.
Vietnam’s illegal ivory markets are still thriving, according to a report by TRAFFIC, the wildlife trade monitoring network.
Over two surveys conducted between November 2016 and June 2017, TRAFFIC’s researchers found more than 10,000 ivory items being offered for sale across 852 physical outlets and 17 online platforms. This suggests that Vietnam’s ivory markets, one of the world’s biggest, has persisted over the past few decades, the researchers say.
The team carried out surveys in 10 cities, including Ha Noi, Hai Phong, Ha Long, Mong Cai, Vinh, Da Nang, Hoi An, Nha Trang, Buon Ma Thuot and Ho Chi Minh City; and three villages: Nhi Khe in Ha Noi, and Ban Don and Lak in Daklak province. Ho Chi Minh City and Buon Ma Thuot had the highest number of ivory items for sale. The two villages of Ban Don and Lak, however, had a disproportionately high number of items on sale compared to the number of stores. Among the online platforms, social media websites had the highest number of ivory offers for sale.
TRAFFIC’s investigation found that Vietnam’s ivory markets, while persistent, keep changing. Researchers not only found ivory for sale in places where previous studies had found none, they also observed shifts in markets within their two surveys, over just an eight-month period.
“Until Vietnam takes decisive action against its persistent illegal ivory markets in line with its commitments under CITES [Convention on International Trade in Endangered Species of Wild Fauna and Flora], it will continue to undermine the international response to the elephant poaching crisis,” said a research and data management officer at TRAFFIC.
Vietnam police have arrested a Chinese national found with a massive haul of heroin in Ho Chi Minh City, the second such bust in a week as the country cracks down on the illicit trade.
Though communist Vietnam boasts some of the world’s toughest drug laws, it is both a consumption hub and a popular thoroughfare for narcotics from the lawless “Golden Triangle” region straddling Laos, Myanmar and Thailand.
Vietnam has clocked several high-profile busts in recent months as it seeks to contain rampant drug trafficking.
Police on Wednesday (Mar 27) found 313kg of suspected heroin worth an estimated US$8.6 million after stopping a “suspicious” pick-up truck in the southern commercial hub of Ho Chi Minh City.
“Authorities found many carton boxes with objects that looked like heroin blocks,” according to Cong An Nhan Dan, the official mouthpiece of the Ministry of Public Security.
“Two suspects were detained, including a Chinese person,” it added in its report on Thursday.
Police launched searches of several properties in Ho Chi Minh City after the bust and said the investigation would expand.
A witness at the scene reported seeing “a lot of police … they surrounded a large area (and) took many boxes out of the car,” according to state controlled VNExpress news site.
The bust follows a seizure in the city last week involving 16 Chinese citizens and three Vietnamese accused of running a major drug ring under the guise of a textile business.
Police found 300kg of methamphetamine in a luxury home in the bust and said the ring likely extended to other branches in the country.
Days later, authorities in the Philippines seized more than 270kg of meth linked to the Chinese-run Ho Chi Minh City cartel.
Though heroin and opium have long been the drug of choice in Vietnam, the use of synthetic party drugs is on the rise, especially among young people.
Drug laws in Vietnam are among the harshest in the world. Anyone caught with more than 600g of heroin or more than 2.5kg of methamphetamine can face the death penalty.
With an economy crippled by international sanctions, isolated North Korea is keen to boost its nascent tourism sector
It aims to attract more foreign visitors, the bulk of whom currently come from China
North Korean tourism officials on Thursday urged travelers from Vietnam to seize a “golden” opportunity to visit the country on the back of the second Trump-Kim summit in Hanoi last month.
With an economy crippled by international sanctions, isolated North Korea is keen to boost its nascent tourism sector by attracting more foreign visitors, the bulk of whom currently come from China.
A North Korean tourism official said it was prime time for Vietnamese visitors to travel to the country after Hanoi hosted Trump and Kim for a second round of nuclear talks in February.
“We had a very successful summit in Hanoi … this is the right chance, the golden chance for us to generate a tourist market of Vietnam to DPRK,” Ham Jin of the official Korea International Travel Company (KITC) said on Thursday.
Chinese tourists take in the sight from a viewing platform overlooking the caldera of Mount Paektu near Samjiyon in North Korea. Photo: AP
His company hosted a booth at a tourism fair in Hanoi this week – with brochures advertising a dolphinarium, a science and technology complex and the Victorious Fatherland Liberation War Museum in “ever-changing” Pyongyang – while others urged skiers to pay a visit to the Masikryong mountain resort.
Kim paid an official visit to Hanoi after his meeting with Trump, piquing curiosity among some Vietnamese eager to know more about the leader and his country.
“I want to discover this mysterious country because there are many things to see,” said Do Thi Phuong Thuy, who signed up for a tour after Kim’s trip.
North Korea receives an estimated 100,000 foreign tourists a year, according to industry insiders, though Pyongyang does not publish visitor data.
Ham put the number at double that and said visitor numbers grew by as much as 50 per cent last year, though his figures could not be verified. “We (use) tourism to contribute to economic development,” he said.
A shop sells items with the faces of North Korean leader Kim Jong-un last month in Hanoi. Photo: Reuters
A Vietnamese tour operator at the fair said his client numbers have surged this year, but that some travelers remain wary.
“People are concerned North Korea isn’t safe or is closed to the world … there are the difficulties for us when we promote tours to North Korea,” said Nguyen Cong Hoan, director of Hanoi Red Tours.
The US has banned Americans from traveling to North Korea after the death of student Otto Warmbier, who was jailed after allegedly stealing a poster from a hotel.
He was released in a vegetative state and later died on US soil.
Once-popular tours from South Korea to Mount Kumgang near the border came to an abrupt end in 2008 when a North Korean soldier shot dead a tourist from the South who strayed off the approved path.
Trump has heralded North Korea’s economic potential, praising its “great beaches” that he said would make ideal locations for condos.
North Korea is currently building a sprawling seaside resort known as the Wonsan-Kalma Coastal Tourist Area in a zone that has previously been used for artillery drills and ballistic missile launches.
Vietnam’s economic growth slowed in the first quarter amid a weakening in global demand and US-China trade tensions.
Gross domestic product rose 6.79 per cent in the first quarter from a year earlier, down from a previously reported 7.3 per cent in the fourth quarter, the General Statistics Office said in Hanoi on Friday (March 29).
A global trade downturn is hurting export-reliant economies across the region like manufacturing powerhouses Singapore and Taiwan amid a slowdown in China and weakening world demand.
Vietnam has benefited from a surge in foreign direct investment in recent years, helping to keep growth above 6 per cent. Businesses also see it as an alternative location to set up or expand operations as US-China tariff talks continue to drag on.
The government has pledged to keep its currency stable and curb price pressures to help support economic growth.
Consumer prices rose 2.7 per cent in March from year earlier.
Exports increased 4.7 per cent in the first quarter from a year earlier, while imports rose 8.9 per cent.
A court in Ho Chi Minh City on Wednesday approved the high-profile divorce between the couple who built and ran Trung Nguyen, one of Vietnam’s largest and most well-known coffee producers, finally settling disputes over the division of their property, valued at nearly US$354 million.
The ruling marks the end of a years-long battle between Dang Le Nguyen Vu, chairman of Trung Nguyen Group, and his wife Le Hoang Diep Thao, a co-founder of Trung Nguyen who left the company in 2015.
Vu, 48, and Thao, 46, co-founded their business in 1996 and transformed it into one of Vietnam’s coffee giants until disagreements between them led the woman to file for divorce in 2015.
Their disputed properties – which include real estate, cash, gold, bank savings and shares in Trung Nguyen and its subsidiaries – are valued at VND8,229 billion (almost $354 million).
After more than three years of legal proceedings, their divorce was finally approved by the People’s Court of Ho Chi Minh City on Wednesday.
According the to the court’s decision, Vu will take over Thao’s shares in Trung Nguyen and its subsidiaries, valued at some VND5,737 billion ($246.8 million), and pay Thao the cash value of her shares.
Their thirteen private properties will be split evenly between the two with Vu keeping six properties, worth a combined VND350 billion ($15 million), and Thao keeping seven, worth a combined VND375 billion ($16.1 million).
Thao will pay Vu VND12.5 billion ($537,000) to cover the difference.
Their bank savings, cash and gold, totaling VND7,502 billion ($322.7 million) in value, will be split to the ratio of 6:4 in favor of Vu.
The couple were asked to pay more than VND80 billion ($3.4 million) in court fees, though the accuracy of this fee calculation is disputable.
According to calculations by Tuoi Tre News based on provisions of the law, the couple should have been subject to VND8 billion ($344,000) in court fees, approximately one-tenth of the amount asked for by the court.
Over 7,000 runners from Vietnam and nations across the world will compete in the Danang International Marathon 2019, which is due to take place on August 11.
The marathon offers five distances to competitors: a full marathon of 42km, a half marathon of 21km, a 10km run, a 5km fun run, and a 1km run for children under the age of 10.
In the full marathon, a total distance of 42.195km, athletes will run through Bien Dong park, Vo Nguyen Giap street, Nguyen Van Thoai street, Tran Thi Ly bridge, Bach Dang street, Nhu Nguyet street, Thuan Phuoc bridge, Le Duc Tho street, Hoang Sa street, before finally arriving back at Bien Dong park.
The other distances on offer to runners including the half marathon, the 10 km, and the 5 km fun runs will include similar routes for competitors.
The kid’s race, which will be a 1km run specifically for children under 10-years-old, aims to create a fun event for youngsters who accompany their parents to the event, and all children will receive medals at the finish.
During the marathon a photo contest themed “Boi vi Toi Yeu Danang” (Because I Love Danang) will be held to introduce some of the many beautiful photographs of people and landscapes captured in Danang city to international friends.
The extension of the e-visa policy to a wide range of countries, plus important events held in Vietnam recently, have brought golden opportunities to attract more travelers.
The government has issued Decree 17 with some revisions to articles of Decree 07 on procedures to grant e-visas to foreigners to enter Vietnamese territory.
The decree, to be implemented on a trial basis for two years, has extended the list of the countries which can enjoy the e-visa. Australia, Portugal, Belgium, Switzerland, Brazil and Mexico were included.
To date, Vietnam allows e-visa to citizens from 80 countries. Its air border gates, 16 road and 9 sea border gates are open to foreigners to enter and exit with e-visas.
According to Truong Thu Giang from Vietravel, the government’s decision to extend the e-visa policy to 34 more countries is a reasonable move in anticipation of strong tourism development.
“After the US-DPRK Summit in Hanoi, images of Vietnam have become better known to people in the world and the demand for travel to Vietnam will increase in the time to come,” Giang said.
The director of a Hanoi-based travel firm also noted that the second US-DPRK Summit and the splashy wedding ceremony of Indian billionaires held in Vietnam will give a push to the development of MICE (Meetings, incentives, conferences and exhibitions) tourism.
He said that an open visa policy will play an important role in attracting more foreign travelers, because it creates the image of an open, dynamic Vietnam.
Reports all show a sharp rise in the numbers of travelers from West Europe, Japan and South Korea thanks to the e-visa policy.
Tu Quy Thanh, director of Travelink, has urged management agencies and travel firms to prepare thoroughly to receive foreign guests”.
“What Vietnam needs to do now is run tourism promotion campaigns, especially in key markets,” he said.
Tran Thi Bao Thu from Fiditour suggested that it would be better to build specific tourism products for different zones and localities.
Meanwhile, localities need to join forces to increase travelers’ experience and their time of stay in Vietnam.
Thu also stressed the necessity to upgrade infrastructure and exploit tourism service chains in order to be able to serve high numbers of travelers, an important requirement to develop MICE tourism that brings high revenue.
With the great advantages, Thanh affirmed that the target of receiving 18-20 million foreign travelers this year is within reach.
Having bought a large amount of foreign currency to increase forex reserves, the State Bank (SBV) is continuing its strategy to downsize foreign currency credit.
The director of the Monetary Policy Department said SBV is buying foreign currencies in large quantities, though the purchase frequency is less intense than the previous year.
The central bank projects 14 percent credit growth rate for 2019, the same as last year. The foreign currency loans will fall and the dollar deposit interest rate will be at zero percent.
In late 2018, SBV issued Circular 42 stipulating regulations related to lending in foreign currencies, re-affirming its policy on restricting dollarization in the economy.
Vietnam is following a roadmap of gradually shifting foreign currency from mobilization-lending into buy-sell. Instead of borrowing dollars from banks, businesses will buy dollars.
Under the circular, businesses can get short-term loans in foreign currency to make payments for imported products and services until March 31.
Businesses can also get medium- and long-term loans to pay for imports and until the end of September.
When credit institutions disburse the loans, borrowers will have to sell the money to lenders under the form of spot delivery.
In the past, dollarization was alarming because of high inflation. A report showed that the ratio of deposits in foreign currency to the total money supply (M2) was over 20 percent.
At that time, businesses and individuals tried to hoard dollars in anticipation of the dollar price hike in the future. There existed a big gap between the official exchange rate announced by SBV and the exchange rate in the black market. This put pressure on the official forex market and badly affected the SBV’s exchange rate policy.
The government of Vietnam and SBV vowed to eliminate dollarization because the uncertainties in exchange rate and forex market are both causes of macroeconomic instability.
According to SBV, in order to attract non-dong resources for production and business, it is necessary to stabilize the macroeconomy and the dong value.
Once the dong value becomes stable, the demand for assets in foreign currencies and gold will decrease.
SBV said that the dollarization rate fell from 11.06 percent in 2014 to 8.21 percent in late 2017. Credit institutions began buying foreign currencies more than selling in 2016 instead of net sales.
SBV Governor Le Minh Hung said SBV bought $6 billion more in 2018 to increase forex reserves, affirming that the zero percent dollar deposit interest rate policy does not have a negative impact on foreign capital and overseas remittance inflows.
