Ba Vang Pagoda in Vietnam investigated over ‘karma removal’ for a price

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A famous pagoda in the northern Vietnamese province of Quang Ninh is under inspection after media reports exposed it for collecting money from followers to perform rituals which it claims remove “bad karma” from one’s previous life.

Three times each month, the Ba Vang Pagoda in Uong Bi City, Quang Ninh holds a grand ceremony for thousands of followers to participate in rituals performed by monks to “summon wandering souls” and “remove bad karma” for those willing to pay for the service, according to a series of investigative reports published by Hanoi-based Lao Dong (Labor) newspaper.

According to the pagoda’s teachings, the illnesses and bad luck that a person encounters in this incarnation are caused by “vengeful spirits” to whom that person was indebted in their previous life.

In a controversial viral video, a Ba Vang Pagoda missionary can be seen telling a young audience that the recent cold-blooded rape and murder of a college student by a group of five men in northern Vietnam was the direct result of the young woman’s bad deeds in her previous life.

She also told them that homosexuality could be “cured” by paying more attention to people of the opposite sex.

In order for the audience members to rid themselves of similar “bad karma,” they were asked to pay millions of Vietnamese dong as “merit money” to the pagoda to repay their debts. (VND1 million = US$45)

The pagoda even has a bank account it uses to receive donations electronically and asks donors to text the abbot their information after making a money transfer, according to the pagoda’s official website.

According to Lao Dong, the practice has been going on for years, with the Ba Vang Pagoda raking in more than VND100 billion ($4.33 million) annually.,

The Ba Vang Pagoda, built in the 1700s at an elevation of 340 meters from sea level, is a popular religious attraction in northern Vietnam,

It recently underwent a major renovation that transformed it into one of the biggest Buddhist temple complexes in the country.

Le Thi Hanh, director of Quang Ninh’s Department of Internal Affairs, told Tuoi Tre (Youth) newspaper on Wednesday that a joint delegation of officials from Uong Bi City and Quang Ninh Province would be inspecting the pagoda to verify information about the “karma removal” service reported by the media.

The administration of Quang Ninh also issued an official dispatch on Wednesday afternoon asking the administration of Uong Bi to investigate the case and put a stop to violations at the pagoda, if any are found.

Meanwhile, a Ba Vang Pagoda representative said the same day that pagoda administrators were planning on holding a press conference of their own to provide an official response to recent media reports.

These reports contained some pieces of formation that are “inaccurate,” he said without clarifying.

The date and venue of the press conference have not been decided on, he added.

According to a report on Tuoi Tre

Warburg Pincus wants to cut Vincom Retail stake by third

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The US-based Warburg Pincus wants to sell a third of its holding, equal to 50 million shares, in Vietnamese real estate and retail firm Vincom Retail, Bloomberg has reported.

The share package is valued at US$78 million, or VNĐ35,100-VNĐ36,550 (US$1.50-1.57) per share.

Vincom Retail is a member of the giant real estate-technology-retail corporation Vingroup.

The company has more than 2.3 billion shares on the Hồ Chí Minh Stock Exchange (HoSE: VRE).

The company’s shares fell 4.1 per cent to end Wednesday at VNĐ36,150.

Warburg Pincus holds nearly 152 million shares in Vincom Retail through WP Investments III B.V and Credit Suisse Singapore Branch.

At close on Wednesday, Warburg Pincus’ stake was worth VNĐ5.49 trillion ($235.6 million).

The US firm started investing in Vincom Retail in 2013 with initial capital of $200 million. Two years later, it invested an additional $100 million.

The investments were carried out under buying preferred shares, which can be converted to common shares, and issuing loans to Vincom Retail, which can be partly or wholly converted into preferred shares.

In September 2017, Vincom Retail converted all the preferred shares owned by Warburg Pincus and Credit Suisse to common shares.

Vincom Retail debuted on HoSE on November 6, 2017. Warburg Pincus and Credit Suisse on the following day sold more than VNĐ10.57 trillion worth of Vincom Retail shares.

The three biggest shareholders of Vincom Retail are Sai Dong Urban Development and Investment JSC with 751 million shares or 32.25 per cent, Vingroup (427.7 million shares, 18.37 per cent) and Vinhomes (192.2 million shares, 8.25 per cent).

As of the end of 2018, Vincom Retail had 60 shopping and entertainment complexes, a third of which were located in the two biggest cities – HCM City and Hanoi.

In 2018, Vincom Retail earned VNĐ9.05 trillion in total revenue and VNĐ2.41 trillion in post-tax profit.

According to a report on VNS

Vietnam is the region’s fintech hub

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Vietnam’s strong economic growth in recent years has led to the flourishing of the nation’s digital economy. The country’s economy in 2017 was deemed to be one of the best performing in the region. Its economy saw a 6.8 percent increase in gross domestic product (GDP) – higher than the government’s initial target of 6.7 percent – making it one of the fastest growing economies in Southeast Asia.

The growth of the middle class and the growing number of internet users as a result of rapid development has spurred on the digital economy. Vietnam currently has 54 percent of its population on the internet and the number is expected to grow further in the coming years. The government there has also outlined plans to consolidate the growth of the digital economy by introducing various initiatives. Vietnamese Prime Minister Nguyen Xuan Phuc told attendees at Smart Industry World 2017 that his government will invest in modernising the national information infrastructure system and connectivity while developing smart industry based on digital technology.

With such potential in its digital economy combined with bright economic prospects, it is no wonder Vietnam is quickly becoming a hub for fintech start-ups. Data from Vietnam Briefing shows that 39,580 start-ups entered the Vietnamese market in just the first four months of 2017, a 14 percent increase from the first quarter of 2016. Within the start-up scene, the fintech sector has become the most attractive for investments, receiving US$129 million in 2016.

Over the past couple of years, the fintech ecosystem in Vietnam has advanced quickly. The fintech scene in Vietnam is diverse too, as start-ups there focus on all areas of fintech ranging from peer-to-peer lending and credit scoring to mobile payments and more.

One reason why Vietnam has become such fertile ground for fintech start-ups is due to the government’s support in helping to foster it. In 2016, the government there established the National Agency for Technology, Entrepreneurship and Commercialisation Development (NATEC). NATEC is a platform under the Ministry of Science and Technology which aims to provide training, mentorship, business incubation and acceleration and financial aid to new start-ups.

The government of Vietnam also has special tax schemes for start-ups under certain conditions. It will provide corporate income tax breaks for companies working in the high technology sector or in high-tech zones. The preferential tax rates are 10 percent for 15 years or 17 percent for 10 years, as opposed to the regular rate of 20 percent.

Furthermore, there are also various accelerator programmes in the country giving assistance to start-ups. For instance, the Vietnam Innovative Startup Accelerator (VIISA) has invested US$6million in start-ups to help build global companies in Vietnam.

The institutional support given to start-ups has led to the flourishing of many local fintech firms. As a result of this, investments from all over the world are pouring into Vietnamese fintech firms. In 2017, Korea Investment Partners (KIP) and Mirae Asset Venture Investment reportedly invested US$10 million in Vietnamese mobile app developer Appota. The investment will be used to jumpstart the next stage in Appota’s foray into fintech.

Even global players such as Alibaba are tapping into the popularity of fintech in Vietnam. Samsung Pay entered the market last September following an agreement with the National Payment Corporation of Vietnam (NAPAS). Not long after, Alibaba signed a Memorandum of Understanding (MoU) with NAPAS in April to enable Chinese tourists to use Alipay when traveling across Vietnam. According to the agreement, Chinese travellers will be able to use Alipay throughout Vietnam via NAPAS member banks and its intermediary payment service networks.

Vietnam has come a long way, evolving from an agrarian based economy to one that now probably has the most exciting fintech scene in the region. It hasn’t even reached its full potential yet. For that to happen, the government there needs to extend its full support. The future is anyone’s guess, but maybe one day we’ll see Hanoi emerging as the region’s Silicon Valley.

According to a report on The Asean Post

Asia Coffee Sales in Vietnam slow on low prices, supply rises in Indonesia

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Coffee sales in Vietnam are slowing due to low prices, while supply rose in Indonesia as produces from a mini harvest reached the market earlier than expected.

Farmers in Vietnam have sold 60-70 percent of their beans harvested in the 2018-19 crop year that began on Oct. 1.

“Sales are slowing as farmers are complaining that prices are too low now,” said a trader based in the Central Highlands, Vietnam’s largest coffee growing area.

Farmers in the Central Highlands sold coffee at 31,900 – 33,300 dong ($1.38-$1.44) per kg COFVN-DAK on Thursday, compared with 31,900-33,700 dong last week.

“They are refraining from selling further as current prices are only slightly above the production cost,” the trader added.

Another trader said low prices also discouraged farmers to water their coffee trees already suffering from a drought in the region.

“It’s still too early to say if the drought will hurt the output of the next crop year, because if it rains when the trees are blossoming after the drought, it will be perfect for the next crop year,” the second trader said.

Traders in Vietnam offered 5 percent black and broken grade 2 robusta COFVN-G25-SAI at a $55-$60 per tonne discount to the May contract, compared with $50 last week.

In Indonesia, supplies from the mini harvest in the southern part of Sumatra came slightly ahead of expectation of around April.

A trader in the Lampung province in Sumatra said supplies this week rose 10-15 percent from last week.

Premium for the grade 4 defect 80 robusta COFID-G4-USD was steady on last week at $70-$80 to the May contract on Thursday, the trader said.

May robusta coffee settled down $13, or 0.9 percent, at $1,495 per tonne on Wednesday, giving up some of the previous session’s gains. ($1 = 23,200 dong) (Reporting by Khanh Vu and Mas Alina Arifin; Editing by Subhranshu Sahu)

According to a report on Reuters

Vietnamese man was fined $8 for elevator sexual assault

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Vietnamese citizens were outraged after a man was fined $8 for forcibly kissing a woman in an elevator, a rare public outburst in a country where sexual assault is scarcely spoken about openly.

The #MeToo movement never took off in Vietnam, a conservative communist country where gender-based violence is widespread but remains a taboo topic.

Citizens took to social media this week after a man was fined 200,000 dong, or US$8.61, for forcibly kissing a woman in an elevator in her Hanoi apartment building.

CCTV footage showed the man chatting to the woman before cornering her and suddenly jumping on her before she scrambles out of the elevator as he grabbed her arm.

The footage quickly went viral, stoking public anger.

“The fine… was a mockery and humiliation against the dignity of Vietnamese women,” said Facebook user Duong Dai Trieu Lam on Wednesday.

Office worker Nguyen Trang told AFP: “It’s ridiculous, I can’t accept this… I’m worried for my kids and myself”.

Unlike rape, sexual assault is not a criminal offense in Vietnam, but is considered an administrative violation falling under the category of “indecent speech and behavior”. The maximum fine for sexual assault is $13.

Official data on sexual harassment is not routinely published in Vietnam, though 87 percent of women and girls experienced sexual harassment in public, according to a 2014 survey of 2,000 women by the NGO ActionAid AFP/File

An online petition calling for an amendment to the law gathered steam Wednesday.

Official data on sexual harassment is not routinely published in Vietnam, though 87 percent of women and girls experienced sexual harassment in public, according to a 2014 survey of 2,000 women by the NGO ActionAid.

The last comprehensive survey on gender violence in 2010 published by the World Health Organization and the Vietnamese government said 34 percent of women reported regular abuse by their spouses.

Many are too scared to report the abuse, said Khuat Thu Hong, director of the Institute for Social Development Studies, who welcomed the public outcry following the elevator attack.

“The reaction is a good sign, society has shown its support to those who are courageous to speak out,” Hong told AFP.

This is not the first time tales of sexual harassment in Vietnam have gone public.

In 2017 model and actress Vu Thu Phuong said she was harassed by Hollywood producer Harvey Weinstein, but her story failed to spark a wider #MeToo movement seen elsewhere in Asia, including in China and South Korea.

Last year an intern at a major newspaper said she had attempted suicide after she was allegedly raped by her editor, which he denied. The case was reported to the police but no charges have been laid.

- AFP

Foreign tourists plunged to deaths at Vietnam waterfall were not warned of the dangers they faced

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Tourists who plunged to deaths at Vietnam waterfall were ‘not adequately warned’ of dangers, coroner report says.

Three British tourists who plunged to their deaths on a Vietnam waterfall in 2016 were not adequately warned of the dangers they faced, according to a coroner’s report released Wednesday.

Izzy Squire, 19, and Beth Anderson, 24, died along with friend Christian Sloan, 24, during a trip in the Datanla waterfalls region in February 2016 after they slid down a natural water slide into a pool where they were meant to climb out.

Instead of getting out the pool, the group then continued to the next tier of the river complex and died when they went over a 50-foot waterfall.

“They were not adequately warned of the risks to be found at the bottom of the slide and, in particular, that there was a potentially lethal hazard of a further waterfall which they could be swept in from only 14 meters further on,” Coroner Chris Dorries told the Sheffield Coroner’s Court, according to Sky News.

The group’s guide, Dang Van Si, claimed that he had warned them about how to get out of the pool safely. But a range of witnesses who were found through a Facebook appeal by Sloan’s family contradicted the guide’s story, according to Sky News.

Three tourists died after plunging 50 feet in the Datanla Waterfall area of Vietnam in 2016. (iStock)

Dorries said he did not accept the guide’s account, ruling that he had not given a warning at all or not ensured it was properly understood.

The coroner added that the tourists did nothing to compromise their safety, and had booked the tour with a recognized agency after being told the waterfall tour wasn’t an adventurous activity.

“I am satisfied that there was a careful and conservative approach by the group to the choice of tour and to their own actions that day,” he said.

David Squire said there were “individual failings and persistent breaches of Vietnamese laws and regulations” that led to the deaths of his daughters when speaking to members of the media after the hearing.

“To be clear, the events and circumstances that led to their deaths were wholly preventable,” he said.

Squire added that he did not know how the criminal investigation into the deaths was progressing in Vietnam, the BBC reported.

Read original post on Fox News

Vietnam F1 circuit construction work launched

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FIA president Jean Todt has kicked off the construction work on a new Formula 1 circuit in Vietnam that will host its inaugural race in 2020.

Todt was present at a ceremony to lay the foundation stone of the circuit in Hanoi, the Vietnamese capital, on Wednesday. The street circuit is scheduled to host its first race in April of next year and will be the first new addition to the calendar since Liberty Media’s purchase of F1 was completed at the start of 2017. Racer.com reports

“This major event will give to Vietnam — and particularly its capital — an international exposure,” Todt is quoted as saying by Reuters, while adding he is hopeful the new race will help initiate a fresh interest in racing in the country.

“It’s fantastic for the development of motorsport in Vietnam and in the region … I really hope that soon here will also be facilities to host kart racing, drifting … You have young people, talented with a passion of motorsports, that’s why I think it’s very important to involve very quickly a new category of motorsport.”

The race effectively replaces the Malaysian Grand Prix in the region after it dropped off the calendar at the end of 2017, and comes with the financial backing of Vietnam’s biggest private conglomerate, VinGroup.

“F1 is always considered the king of all races,” VinGroup deputy chairman Nguyen Viet Quang said. “We have designed a challenging street circuit imprinted with Vietnamese identity and architecture.

“(The circuit will provide) racers the opportunity to show off their speed as on professional tracks together with their super skills in difficult turns of the street circuit.”

The 5.565-kilometer/3.458-mile circuit — which takes inspiration from various sections of other tracks including Suzuka, Monaco, the Nurburgring and Sepang — will utilize both existing streets and a number of roads that are yet to be built, and will be located around eight miles from the city center in Hanoi.

Casino business booming in Vietnam and other Asian countries

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When talking about gambling in Asia, the first place that usually springs to mind is Macau – also dubbed the Monte Carlo of the Orient – and it is with good reason.

Often regarded as the gambling capital of the world, taxes from its casinos make up over 80 percent of the government’s revenue. However, Macau’s reputation as Asia’s premier gambling destination could be under threat soon considering the booming gambling industry that’s developing in Southeast Asia.

The gambling industry in Southeast Asia has been on the rise in the past decade. Casinos are mushrooming throughout the region with at least three planned in Vietnam and two in the Philippines. Existing casinos in the region are also seeing steady growth in revenue.

Perhaps the best-known gambling hub in Southeast Asia today is Singapore. While there are heavy restrictions on locals to enter and gamble at the casino, the tables at the Marina Bay Sands continue to be a top draw for tourists. Last week, Marina Bay Sands stated it wanted to hire an additional 1,000 workers by the end of the year.

Fastest-growing casino hub

The Philippines is currently among the fastest-growing casino hubs in Asia. Despite an attack on a Manila casino in 2017 which killed 36 people, the Philippines still recorded a 7.6 percent increase in revenue for that year. Its casinos earned US$3.6 billion last year, a 22.9 percent increase on their 2017 performance.

The main gambling hub in the Philippines is also known as Entertainment City, where integrated resorts (resorts that integrate features such as convention facilities, theme parks, and casinos) like the City of Dreams Manila, Solaire Resort & Casino and Genting’s Resorts World Bayshore are the main attractions.

In Vietnam, the government there recently overturned a ruling which outlawed gaming for their local population. Besides that, casinos are among the projects planned for Vietnam’s Special Economic Zones (SEZs) in Phu Quoc and Van Don. These projects are expected to lead a wave of casino investment in the country. One of Vietnam’s biggest ongoing casino projects is the US$4 billion Ho Tram Strip project. Upon completion, the Grand Ho Tram Strip will include five integrated resorts and a golf course.

Among the main drivers of investment in casinos and integrated resorts is the growing number of Chinese tourists in the region, who make up the bulk of visitors to these casinos and resorts. With the Belt and Road Initiative (BRI) well underway, accessibility to different parts of Southeast Asia is increasing. This is why Vietnam is planning to develop Phu Quoc and Van Don into a gambling hub, due to their proximity to China.
gambling in sea

Source: Various

Even small casino cities such as Sihanoukville in Cambodia are thriving with property prices ballooning due to the growing number of Chinese visitors. Last month, Malaysian hotel operator WA Hospitality signed an agreement to operate the Won Majestic Casino Hotel & Resort in Sihanoukville. The property is currently under development and is slated to open in the first quarter of 2021. When completed, the complex will feature a five-star hotel, 270 apartment units, 313 grade A offices, retail spaces, a 2,500-square-metre casino and food and beverage outlets.

With everyone rushing to cater to the flood of Chinese tourists, there could easily be a danger of oversupply. There are fears in the industry that the growing number of casinos could cannibalize the market.

Other fears that could possibly threaten these new casinos is the emergence of online gambling. The Philippines reported that growth in revenue from gambling in the country has mostly come from offshore gaming operators.

While it could be a good thing that governments are diversifying their sources of revenue, it could spell bad news for casino operators. However, since many casinos in the region offer more than just gambling but also theme parks, convention facilities and shopping malls – something online casinos cannot offer – the emergence of gambling websites shouldn’t be a cause of great concern.

This article was first published by The ASEAN Post on 24 October 2018 and has been updated to reflect the latest data.

Award-winning photo captured in Vietnam sparks controversy

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A photo shot in Vietnam showing an ethnic Hmong woman carrying her sons that won the top prize of the prestigious Hamdan International Photography Award (HIPA) is now at the centre of controversy among the global photography community as it appears to be staged.

Malaysian photographer Edwin Ong Wee Kee last week won the US$120,000 grand prize at the HIPA with a stunning portrait of the Hmong woman carrying two children, which he claimed to be able to luckily capture during a trip in northeastern Vietnam.

On the written congratulations to Ong, the HIPA said his award-winning photo “documented an intense humanitarian moment.”

“The feelings of a Vietnamese mother whose speech disorder did not prevent her from feeling hopeful and evoking a sense of strength for her children.”

But one week after the award winner was named, Ong now faces controversy as his photo appears to be at least a little more planned or posed than being the result of an unexpected and “unplanned” moment as he described.

A behind-the-scenes snap of the international prize-winning picture has revealed that the photograph was apparently staged.

The photo, first posted by photographer Ab Rashid, founder of Street Photo BD Magazine, purportedly shows a crowd of photographers gathered around the very mother and children that appear in Ong’s shot.

Rashid alleges that a number of photos taken during this portrait session would look identical to the one that earned Ong the HIPA prize.

Etienne Bossot, a photography teacher and founder of Pics of Asia, a provider of small group photographic tours across Asia and especially Southeast Asia, then re-posted the behind-the-scene photo on the company’s website, headlining the post, “Are you doing it for photography or for fame?”

“Another classic photo of a photography tour group gathered around one subject, shooting the same image from almost the same angle,” he wrote in the post.

“The woman seems to pose for them, probably a staged model for the photographers who don’t want to have to work very hard for their pictures.”

A crowd of photographers apparently gather around the mother and her children at the same time as Ong in a behind-the-scenes photo uploaded on Pics of Asia.

Boring trend

Responding to an email from Tuoi Tre (Youth) newspaper, Bossot criticized the trend where “so many people travel to Vietnam and take close up photos of children and old women.”

“This is something everyone is doing, and so, in the end, we always see the same photos,” he underlined.

“It has been 40 strong years that people come to Asia to take portraits of old ladies, and it becomes boring.”

According to Bossot, these types of situation are “mostly seen with groups of Asian photographers.”

“It is very trendy nowadays for photographers to travel on tours that only stage images,” he said.

“This guarantees that the guests go home with pretty images that they can submit to competitions.”

“Most of them only want to feel pride by winning competitions. They are not interested in creativity, originality or telling the stories of the people they meet. They want pretty pictures for themselves,” Bossot criticized.

Not only international photographers like Bossot, insiders and experts in Vietnam’s photography industry have also taken to the Internet to express their disapproval and disappointment about the issue.

Edwin Ong Wee Kee and his controversial photo are like fuel added to the fire of the long-discussed controversy among professional photographers and photography enthusiasts over staged pictures being awarded big money.

However, it should be noted that Edwin Ong Wee Kee’s photo may not be deemed violation of the HIPA, given the fact that it is an international photography award, not a press photo contest, which often requires submissions of unplanned moment.

Founded in 2011, HIPA boasts the largest monetary prize among photography awards in the world.

When contacted by Malaysian online newspaper The Star, Ong refuted Bossot’s claims that the winning photo was staged and said that the photo was taken spontaneously.

Ong said, “In this trip to Vietnam, we [the photographers] went to the rice field and there was a mother [who had her children with her] that passed by.

“We then asked her whether we could take her photo of which she willingly sat down and allowed us to take her photo.

“We never told her to stand up or sit down. Even after taking photos, she was still there and didn’t move until we left,” he said.

Ong also said that he submitted both the raw and edited files of the winning photo for the competition.

“This is a very big competition where they [the judges] look at the original and edited photos. Only then a prize is given.”

Source: Tuoitrenews

PwC releases latest survey on consumer behaviour

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The latest survey by PwC – one of the world’s leading professional services firms – shows a ramp up in consumer preference to avail of digital technology prowess to feed their daily needs.

Consumers are increasingly using digital technology for more than just shopping.

There is a revolution occurring in how consumers access entertainment and media, for example. 38 per cent of global consumers stream entertainment at least daily, and among Gen Z consumers, cord-cutting for entertainment is at more than 50 per cent.

The findings are published today in PwC’s Global Consumer Insights Survey, which assesses behaviour, habits, and expectations of over 21,000 online consumers in 27 territories.

PwC’s research reveals rapidly-changing consumer behaviour in a host of areas other than entertainment and media.

When it comes to news, 25 per cent of consumers now go to social media first to hear about current events. Given how pervasive social media is today, this likely does not come as a surprise.

Social media-placed ads that allow consumers to interact with a brand is now ranked as the third most effective form of advertising, and among millennials whose birthday ranges from 1982 to 2000, this is the most popular form of advertising – beating out traditional television ads.

The study finds that consumers – bombarded with a multitude of choices – are constantly seeking tools to help simplify their purchasing decisions. In addition to using digital technology, they are looking to their trusted communities and other experts.

According to those surveyed, the top three attributes that can improve an in-store shopping experience are easy store navigation, knowledgeable sales associates, and easy payment options.

About 61per cent of consumers are influenced by social media for their purchases, either as inspiration or following positive reviews. Conversely, less than 20 per cent of consumers say they are likely to buy a product because of a celebrity or influencer.

Almost 50 per cent of those surveyed let family and friends’ opinions guide their choice of a vacation travel provider.

“The key to a great end-to-end customer experience is not just about the shopping and retail experience – it spans across industries,” said John Maxwell, Global Consumer Markets leader at PwC.

“Consumers are looking for a seamless and easy purchasing journey and companies can achieve this by using a blend of both physical and digital approaches. The result is a greater return on experience with the customer and more lasting results for businesses,” he noted.

Two-thirds of consumers are now more willing to access non-traditional health services online. Nearly 75 per cent own health-related apps, with exercise/health-monitoring being the most popular.

More than half (51 per cent) of consumers surveyed used a smartphone to pay bills and invoices online, and the same percentage transferred money online.

For the first time in the 10 years that PwC has conducted this survey, consumers surveyed are using smartphones over other mobile devices to shop online, with 24 per cent of consumers using a smartphone to shop online weekly.

In emerging countries, mobile payments in stores are increasing, with Vietnam seeing the biggest increase to 61 per cent in a period of one year, followed by the Middle East (45 per cent). Globally, there was an overall increase of 24 per cent over the past year.

In general, Asian countries are more likely to adopt this behaviour more quickly than Western countries.

Source: VIR

Experts bash ‘senseless modernity’ of Da Lat center revamp plan

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A recently proposed plan to completely revamp the downtown area of Da Lat – the capital city of Lam Dong Province and a tourist hot spot in the Central Highlands region of Vietnam – has faced growing backlash as it suggests senselessly replacing iconic historical buildings with modern structures that stick out like a sore thumb.

The revamp plan for the center of Da Lat is part of a master planning for Da Lat and its vicinity by 2030, with a vision towards 2050, that received prime minister’s approval in 2014.

According to the plan, the Hoa Binh Theater area, covering 3.37-hectare in downtown Da Lat, will become a complex center with modern architecture for service and entertainment purposes.

In order to do so, the age-old Hoa Binh Theater and nearby residence, built in the French colonial period and known as Dinh Tinh Truong in Vietnamese, need to be pulled down or moved to a new location.

The new buildings will be between five and seven-story high, including a luxury hotel, a shopping mall, and an underground parking lot.

Doan Van Viet, chairman of Lam Dong Province, said the revamp would improve the quality of services in the area and create new places for tourists to spend money.

It will also attract more investment into Da Lat, transforming it into a resort city of international level, Viet said.

A 3D plan for the future downtown area of Da Lat featuring a luxury hotel. Photo: HTT

Collateral damage

The planning has been met with widespread backlash from Da Lat residents and experts for its direct impact on two historical sites in the city – the Hoa Binh Theater and the ‘Dinh Tinh Truong’ residence.

‘Dinh Tinh Truong’ was the residence of the head of the erstwhile Tuyen Duc Province, which is now part of Lam Dong Province, during the French colonial era.

It was finished in 1910, incorporating a style of architecture considered to be among the most beautiful in Da Lat even to today’s standards.

However, lack of maintenance has caused the building to degrade quickly over the last few decades.

Meanwhile, the Hoa Binh Theater was built upon the site of a market that had existed since 1929, bearing witness to the changes of the city during and after the war that ended in 1975.

A 3D plan for the future downtown area of Da Lat featuring modern structures and a large square. Photo: HTT

To many Da Lat scholars, the theater and its vicinity carries within them the most significant imprints of the Da Lat way of life.

“Though they are not official listed as heritage sites, Hoa Binh Theater and the ‘Dinh tinh truong’ residence’s role in the communal lifestyle of Da Lat is undeniable,” said Tran Cong Hoa, a Lam Dong-based architect.

“The downtown area of Da Lat is too small to pack into it all functions of a modern metropolis,” Hoa explained.

Ngo Viet Nam Son, a well-known Vietnamese architect, said any planning that involves Da Lat must not turn a blind eye to its cultural value and history.

“The administration of Lam Dong Province is confused between the functions of a regular city center with that of a heritage urban center,” Son said.

Son compares the new planning to “putting Saigon at the heart of Da La,” referring to the former name of Ho Chi Minh City that is still popularly used to refer to the southern metropolis.

A 3D plan for the future downtown area of Da Lat featuring modern structures and a large square.

“Such a modern shopping mall and services complex can be built basically anywhere, so why do they have to destroy a historic part of Da Lat for this purpose?” said Dr. Nguyen Thi Hau, an archeological and conservation expert.

The current planning can be equally well implemented in the northeastern area of Da Lat, away from the city center, where large areas of empty land offer huge potentials to develop a new highlight for tourism to the city, Son proposed.

Source: Tuoitrenews

Why You Need Press Release Distribution Services?

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Press release distribution services are used to distribute press releases to reporters, journalists, and news outlets. When your business needs to release a statement, you can use a press release service to distribute your news to more people.

Do press release distribution services companies draft statements themselves?
Yes, press release distribution services companies, such as Vietnam Insider can craft a statement for you (usually 300 to 400 words) to help you make your announcement. They do this by gathering all of the information that you give them and determining what aspect of the news your business wants to focus on.

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Press release distribution services like Vietnam Insider offer other types of releases that can help you to attract more attention. For example, a video with a spokesperson from your company making a statement could also be released.

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A press release wire is simply a distribution system that can be used to distribute your press release. Many companies use wire services to maximize their exposure.

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Services like businesswire.com and media-outreach.com are affordable and easy to use, making them ideal for all types of businesses, even with a limited budget.

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HCM City among world’s eco-tourism destinations for digital nomads in 2019

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Ho Chi Minh City has been named among the top eco-tourism tips and destinations for digital nomads in 2019 to shoeborn your work around them, according to the Blue & Green Tomorrow, the magazine for Ethical Investment, Socially Responsible Investors, Green Investment.

No digital nomad eco-tourism list would be complete without mentioning Vietnam. Blue & Green Tomorrow told travelers that Ho Chi Minh City’s usually the first place for beginners in the nomadic life to cut their digital nomadic teeth, as the cost of living is low yet still have exotic solid facilities. In line with the mobile trading technology age, the city offers well-prized and plenty of collaborative spaces, meeting rooms and social rooms with decent internet speeds and power-points.

Buenos Aires in Argentina tops the list, followed by Canggu in Bali (Indonesia), Chiang Mai in Thailand, Mexico City in Mexico, Krakow in Poland, Lisbon in Portugal, etc.

Earlier, Vietnam has been named among the best global destinations for interior design in 2019, according to a list released by Lonely Planet, a large travel guide book publisher.

Impressive hand-painted lanterns and beautifully crafted wooden bowls, vases and plates can be found in the heritage town of Hoi An in Vietnam. These are the perfect purchases to integrate Asian flair into your home, and further information can be found inVietnam.

Vietnam aims to receive about 18 million foreign visitors and serve 85 million domestic ones in 2019, and earn more than VND700 trillion (US$30.2 billion) from tourism.

According to a report on Hanoitimes

M&A wave set for banking sector in 2020

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2020 is believed to be a do-or-die year for banks since the SBV has decreed that they must all meet global capital adequacy norms, according to analysts.

A wave of mergers and acquisitions (M&A) thus appears imminent.

According to Circular No 41/2016/TT-NHNN, banks must have a capital adequacy ratio (CAR) of at least 8 percent from January 1, 2020, as stipulated under BASEL II standards.

Basel II is the second edition of the Basel Accords, which are recommendations on banking laws and regulations issued by the Basel Committee on banking supervision.

Four years ago, the central bank selected the first 10 commercial banks to pilot Basel II standards. But to date only VIB and Vietcombank have joined the pilot scheme successfully while other lenders involved in the plans failed.

Analysts said to meet Basel II standards banks need to increase their capital but many, particularly the smaller lenders, have found it difficult to do so.

Last year, 18 out of the country’s 34 banks received approval from their shareholders to hike their capital, with their combined increase expected to be nearly 63 trillion VND (2.74 billion USD).

But only a few of them, mainly large and medium-sized ones, realised these plans.

Analysts pointed to certain reasons for others’ inability, one of which was the plunging stock market, which has spooked investors.

In raising capital on the stock market, small banks are always at a disadvantage compared to big ones. Their shares are less attractive to investors because their dividend yields are low.

Another difficulty facing the banks is that the Government requires State-owned companies to pull out of non-core businesses including banks.

Foreign financial institutions are cautious about investing because of the unstable global financial situation. Because of this, many prefer to open a branch or establish a subsidiary rather than buy stakes in Vietnamese banks.

Banks that cannot increase their capital to the prescribed level would have only one option: to minimise their risk-weighted assets.

This means they would have to reduce credit growth.

Banks in the country still derive their revenues mainly — 70 and 80 percent — from credit activities.

With revenues and profits down, it would be harder for them to mobilise capital.

Small banks might have to accept being merged with or acquired by other banks, sparking a new wave of M&As in the industry, analysts said.

According to a report on VNA

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