With its low property prices, Vietnam becomes a new treasure hunting ground for Hong Kong and China buyers

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By Sandy Li, This article was first posted on scmp.com

New home prices in Ho Chi Minh City averages at about HK$2,800 per sq ft, which is 14pc and 18pc of the average price for Hong Kong and Singapore respectively.

With properties priced at a discount to those in neighboring Singapore and Thailand, Vietnam is rapidly drawing Hong Kong and China investments its way and becoming a popular investment destination.

Buyers from the mainland of China, Taiwan and Hong Kong last year accounted for 25 per cent of the Southeast Asian nation’s total transactions by foreign buyers, up from 21 per cent in 2016, according to data from CBRE Vietnam.

Carrie Law, chief executive of online agency Juwai.com, said that given Beijing’s ongoing controls on capital outflows, Vietnam’s relatively low prices were very appealing to Chinese buyers.

“Buyers with limited assets overseas are able to purchase properties in a rapidly growing market and diversify their investments. You can buy a 700,000 yuan (US$109,781) home in Vietnam with the money you have overseas, even if you can’t afford to buy a 5 million yuan home in Australia or the US,” she said.

“Chinese buyer demand for Vietnam properties in the first quarter of 2018 was more than 300 per cent higher than the first quarter of 2017. The country is still lower on the preference list than Thailand or Malaysia, but demand is growing,” said Law.

To capitalize on the demand, CapitaLand will launch its new mid-to-high end residential project in Ho Chi Minh City, De La SOL, for sale in Hong Kong on Saturday, with 60 to 100 square metre (645.8 to 1,076.4 square feet) units going for HK$1.8 million (US$229,321), or HK$2,800 per sq ft. This compared with HK$15,000 a sq ft in Singapore and HK$6,000 a sq ft in Thailand.

Graphic: SCMP

Chen Lian Pang, chief executive officer of CapitaLand Vietnam said Hong Kong remained its largest source of foreign buyers since the company launched its first project in the city in 2016.

“We have some from Singapore and mainland China but they are not in big numbers. We had sold at least 300 units to the Hong Kong market in the past two years,” he said.
The De La SOL development, scheduled for completion in the last quarter of 2020, is the Singapore-listed firm’s 12th project in Vietnam – 10 in Ho Chi Minh City and two in Hanoi. Vietnam, it said, was its third core market after Singapore and China.

The US$177 million project – located in the city’s district 4 and is similar to Hong Kong’s Sheung Wan district – comprises 482 units in three towers. It is about 10 minutes by car to the core business district, or district 1. The initial down payment is 10 per cent of the purchase price, and the remaining 90 per cent can be paid by instalments over two years starting from January 2019 to the last quarter of 2020.

“For such a price, you can only buy public housing in Singapore. Home prices in Singapore have saturated and [we are] unsure how long it will remain flat. Thailand [housing market] is oversupplied and prices are not cheap anymore,” he said.

Prices of high-end properties in central Ho Chi Minh City at US$3,000 to US$6,000 per sq m were about half of the US$7,000 to US$9,000 per sq m for equivalent properties in Bangkok, and less than 10 per cent of those in Hong Kong, said agents.

Asia’s priciest address on offer as five villas set for en bloc sale at The Peak, asking US$298 million

Vietnam, a member of the Association of Southeast Asian Nations, opened its property market to foreign investors in July 2015, long after fellow member nations Thailand and Malaysia.

The country is still lower on the preference list than Thailand or Malaysia, but demand is growing Carrie Law, Juwai.com

Developers are allowed to sell 30 per cent of the units in each building to foreigners since the law allowing non-local residents to own apartments under a 50-year lease took effect in 2015.

Chen compared Ho Chi Minh City to Shanghai’s Pudong area from more than 10 years ago, when the area was undergoing a series of infrastructure construction including the subway system and airport terminals that when completed, helped boost property prices. Ho Chi Minh City could follow in the Chinese city’s footsteps, with home prices rising four to five times over the next 10 years, he said.

Interest in Ho Chi Minh properties has been growing among foreign buyers, even though Vietnamese bank home loans are not made available to them.

Abhinav Maheshwari, who works in Hong Kong’s finance industry, and his mainland Chinese wife paid HK$2 million for a 87 sq m apartment in the city.

“Our purchase is for investment. Given the political stability of the socialist government, we see Vietnam as having the possibility to grow just like China,” Maheshwari said.

“In the long run, we also feel it provided us diversification, instead of just holding assets in the Hong Kong currency which is pegged to the US dollar. I may think about other cities in Vietnam, perhaps Da Nang, where some of my friends have bought villas,” he said.

Hanoi’s housing market is drawing a buzz, a decade after the bust

Home prices in Vietnam have been rising in recent years, propelled by the country’s recovery from the housing slump between 2009 to 2013. They rose modestly last year on the back of a 6.8 per cent economic growth and rapid increase in direct foreign investments.

New home prices in Ho Chi Minh City increased 3.6 per cent during the year to the last quarter of 2017, and those for villas and town house rose 13.6 per cent in the same corresponding period, according to JLL.

Just as the returns are attractive in a developing market like Vietnam, the risks could also be high.

“Vietnam is a less stable market than the advanced nations over, and there may be a greater risk of property bubbles and crashes. I would advise buyers intend on purchasing in Vietnam to do their due diligence and look for properties with enduring elements of value, such as water views, convenient locations, and high-quality construction,” said Law of Juwai.

While most real estate industry insiders expected the Vietnamese property market to continue to grow in 2018, she said some feared that prices could hit bubble levels next year, especially if more land was not made available for development.

“The worst for Vietnam property market is over,” said Chen of CapitaLand, which has more than US$1 billion of assets in the country and was one of the first foreign developers to enter the market in 1994.

Traffic along the highways in Ho Chi Minh City with the skyline of the business district in the background. Photo: Alamy

But he also cautioned prospective buyers to choose developers which have the financial strength to complete construction of the development and offer sound property management services.

Kingston Lai, founder and chief executive of Asia Bankers Club, a Hong Kong-based agent for overseas properties, said investors would have to pay a total transaction cost of 2 per cent of the selling price when they sell their apartments in Vietnam. But they would earn a 6 to 8 per cent rental yield in Ho Chi Minh City, compared with a lower 2 per cent in Hong Kong, Lai said.

He said foreigners were allowed to sublet and resell their properties to local and other foreign investors. “But they are restricted from buying apartments from local people who are allowed to own freehold properties.”

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AFF U-22 Championship 2019: 5 most rising stars for Vietnam

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With the AFF U-22 Championship set to kick-off, eight nations are represented by some of their best and youngest talent to see who shines brightest.

One such nation who has a lot riding on their shoulders is Vietnam as their senior team has enjoyed an excellent run of form as of late.

In the latest AFF Suzuki Cup, the Golden Dragons were victorious and lifted their second title in history after beating Malaysia in the final. They were impressive throughout the tournament and are expected to be one of the best ASEAN teams in the coming years.

They did well in the AFC Asian Cup and represented the continent to the fullest of their abilities so many are interested to see how the budding superstars of Vietnam will do in the U-22 tournament.

With that in mind, we take a look at five of the most promising players who will represent Vietnam in the U-22 tournament.

Y ELI NIE

First up is a promising goalkeeper who is only 18 years old, Y Eli Nie.

He has represented his country in other youth tournaments and continues to improve as he gets more experience under his belt.

His quick reflexes and reaction time make up for the lack of size that most goalkeepers possess.

NGO TUNG QUOC

Next up is defender Ngo Tung Quoc who is currently 21 years old.

A player with high football IQ, he plays for XSKT Can Tho F.C. and his play should help influence how Vietnam form from the back of the pitch.

BUI HOANG VIET ANH

Another defender makes the list as Bui Hoang Viet Anh is another player who will be relied on to help stop opponents from scoring.

At 20 years old, he’s already played a big part in other youth tournaments for Vietnam and it should be the same for the U-22.

With the Golden Dragons particularly concentrating on the defensive end, he should be a key piece in the engine.

TRAN BAO TOAN

One name that fans should watch out for in the midfield is Tran Bao Toan.

The 18-year-old is versatile and can play up front when needed but his creativity is maximised when he is part of the midfield.

Don’t be surprised if he ends up with his name on the scoresheet in the AFF U-22 Championship.

TRAN DANH TRUNG

Last but certainly not the least is striker Tran Danh Trung.

A teenager at 18 years old, he has the all the makings of being one of the premier striker for Vietnam in the future.

Excellent with his ball control and calm and collected with his finishing, he will definitely play an important role in their U-22 campaign.

According to a report on Fox Sport Asia

 

Vietnam Wind Power conference will be held in June 2019

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Following the successful first edition of Vietnam Wind Power conference in June 2018, which attracted nearly 200 international and local delegates, and featured 30 industry and government speakers, the Global Wind Energy Council will be holding its second edition of Vietnam Wind Power Conference in Hanoi on 11-12 June 2019, in partnership with GIZ and the Danish Embassy Hanoi.

According to a report on EVWind.es Vietnam’s establishment of the Feed-in-Tariff in August 2018 has created renewed momentum for the country’s wind market and attracted a rush of development projects. There is already 187 MW of installed wind farm capacity in the country, and the Vietnamese government has set a target for wind farm development at 800 MW by 2020, 2,000 MW by 2025 and at 6,000 MW by 2030.

However, there are still a number of regulatory challenges to be addressed in order for project developers to be able create PPAs that are bankable from the point of view of international project finance, while the long term potential and system impact of renewables has yet to be fully recognized in long term planning. During our full-day conference on 12 June, we’ll be addressing these topics as well as other pressing issues relating to the development of a sustainable wind and renewables industry.

Experts from the international and national wind industry, financial institutions, high level representatives from government and other competent authorities from Vietnam, will set the scene for a discussion on what needs to be achieved to smooth the way for further development.

Vietnam to ‘play big’ with support from Amazon

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The Ministry of Industry and Trade (MOIT) has said that the presence of Amazon in Vietnam will give opportunities to Vietnam’s businesses to reach the world market, but businesspeople are not so optimistic.

MOIT’s Trade Promotion Agency has announced the cooperation with Amazon Global Selling to help Vietnam’s businesses boost exports via the e-commerce channel.

Amazon has promised to support businesses, especially small and medium enterprises, access the world market and develop their brands on Amazon.com. It has also pledged to run training programs to help businesses improve their skills of selling goods on the giant’s ecosystem.

Vu Ba Phu, head of the Trade Promotion Agency, believes that the cooperation program is an important step which can help businesses approach 300 million customers on Amazon.

Vietnam’s businesses were selling goods via Amazon before the cooperation program was launched.

Betrimex’s coconut milk is officially available on Amazon. The products are sold at $1.7, or VND40,000 for a 330 ml can. The producer estimated that the value of coconut milk has increased by 300 times thanks to the exports.

Some other Vietnamese products such as balm and broom are also available on Amazon and Ebay with prices 10 times higher than domestic prices.

A report from the E-commerce & Digital Economy Department showed the rapid growth in e-commerce in Vietnam, about 20 percent per annum.

Amazon has realized the great potential from the growth. Amazon in September 2018 sent its staff to Vietnam to discuss how to bring Vietnam’s goods to the world.

According to MOIT, only about 200 Vietnam’s businesses are selling products on Amazon, a modest figure if noting that Vietnam has a wide range of advantageous products, including farm produce, food and wooden furniture.

Asked about business prospects in the future with the support of Amazon, Vietnamese businesspeople gave cautious answers.

Nguyen Thanh Tong from An Thai Son Company, which has been selling portable self rocketing automatic hammocks on Amazon for years, admitted that the sales on Amazon were a very small proportion of the company’s revenue. About 100 products can be sold each month and the buyers are mostly overseas Vietnamese.

Dien Dan Doanh Nghiep quoted a businessman as saying that it would be difficult to sell popular products, such as coffee, on Amazon, if the products are not special. In general, Amazon likes to choose original products from every country.

The businessman warned that products must meet the requirements on quality, food safety and origin in accordance with US standards to be displayed on Amazon. At present, only several Vietnamese companies can satisfy the requirements.

According to a report on Vietnamnet

Big players arrive, warming up Phu Quoc property market

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Most big real estate developers are heading for Phu Quoc Island, where the first casino open to Vietnamese has begun operating.

The presence of well-known names such as Vingroup, Sungroup and Bimgroup, plus the execution of a series of transport infrastructure projects, has warmed up the Phu Quoc market up again.

Vingroup is the biggest investor with a resort/casino that cost the company VND50 trillion, or $2.2 billion.

The giant firm owns many land plots in advantageous positions with the view toward the sea. Its 900 hectare Vinpearl Phu Quoc is located on Bai Dai beach, one of the world’s 10 most beautiful and pristine beaches.

The 37 hectare casino, a part of the mega project, is believed to be the biggest magnet attracting high-society travelers.

Opinions from well informed circles say Vingroup is going to introduce a new project adjacent to the area.

Tran Thi Thu Hien, director of DTJ Group, the distributor of Vingroup’s resort real estate products, said with a series of new infrastructure items and the casino, the island will see a new investment wave.

Other big real estate developers, namely Sungroup, Bimgroup and CEO Group, are also proceeding with their huge projects. They put high hopes on their investments on Phu Quoc as they can see travelers flocking there.

A report from the Kien Giang provincial tourism department showed that 3.7 million travelers came there in the first 11 months of 2018, an increase of 38 percent compared with the same period last year.

A real estate broker on Phu Quoc confirmed that the market has warmed up after a quiet period. Investors feared a real estate bubble and mixed information about the development of Phu Quoc Special Economic Zone in the future. But they have returned as they understand that latecomers may miss great opportunities.

An analyst also noted that the golden days have yet to return to Phu Quoc market, but it has become much better than mid-2018. Though the number of successful transactions remain modest, more people have shown interest in large projects there.

Meanwhile, more and more real estate trading floors have opened recently on large roads such as Hung Vuong and Tran Hung Dao.

The analyst said the trading floors are getting ready for the distribution of large projects developed by Vingroup, Sungroup and Bimgroup. Other small projects are also expected to launch their products soon.

According to a report on Vietnamnet

Foxconn is considering to set up factory in Vietnam

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Foxconn, one of Apple’s most important partners, is planning to set up factory in Vietnam, possibly in the northern province of Bac Giang.

Business Times reported that Foxconn injected $213.5 million into a company in India from September 2018 to January 2019 in a ‘long term investment plan’ and it is paying $16.5 million to Fuhua for the right to use 250,000 square meters of land in an IZ in Bac Giang.

A Foxconn report said it is selling the land-use right in Vietnam to a unit belonging to FIT Hon Teng, a subsidiary of Foxconn. FIT Hon Teng, listing its shares on Hong Kong’s bourse, manufactures cables for iPhones.

Meanwhile, Apple plans to build a data center in Vietnam.

Pegatron Corp, a rival of Foxconn, has relocated a part of its production base to Indonesia as a result of the China-US trade war. The company is also considering renting production premises in Vietnam and India.

Both companies did not clarify if they are relocating the production of components for Apple. However, their move shows that Taiwanese companies, the major electronics manufacturers of the world, are reconsidering their reliance on China, and are preparing for changes in the manufacturing systems which brought great success to them in the 1980s.

Vietnamese market

Three years ago, the public was stirred up by the news about Apple’s plan to invest $1 billion in a data center in Vietnam. The two localities Apple eyed at that moment were Hanoi and Da Nang.

The establishment of a data center, according to analysts, aims to ease Apple’s reliance on its third-party data partners such as Amazon and Microsoft.

If the project occurs, this will be the second project of Apple in Vietnam. Reuters in October 2015 reported that Apple invested VND15 billion, or $673,000 in Apple Vietnam LLC, a subsidiary located in HCMC.

The establishment of a subsidiary has paved the way for iPhone to sell its products in the Vietnamese market, as well as provide warranty and consultancy services.

Vietnam has emerged as an important market for Apple in the context of saturation in other large markets, including China, the US and India, which has led to a sharp fall in sales.

Though iPhones are expensive compared with the majority of Vietnamese, iPhone models all have been selling well in Vietnam. According to Counterpoint Research, Apple held 5 percent of smartphone market share in Vietnam in the period from Q2 2017 to Q2 2018.

Apple’s CEO Tim Cook, in a letter to staff in early 2019, predicted an all-time record high in sales in some key markets. Vietnam was among the markets he mentioned.

According to a report on Vietnamnet

You are a modern staffing agency? These awesome tools can be your secret weapon

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By Tom Cochrane

If you’re a modern staffing agency you’ve probably already worked out that software is your new secret weapon. The question is which software. Working with our most discerning clients, we came across some great tools for staffing agencies and we wanted to share the love. While there are clearly many tools staffing agencies can benefit from, we decided to focus on three areas that are critically important to agencies in particular, and highlight one solution a piece.

Candidate discovery

“You can’t recruit, message or network with someone you haven’t found.”

Glen Cathey, SVP Talent Strategy & Innovation @ Kforce

Let’s start with the basics. Candidate sourcing is the bread and better of any staffing firm. One staffing agency solution that does candidate discovery particularly well is HiringSolved, a platform that automates the information gathering process.

HiringSolved has a product called TalentFeed that uses artificial intelligence to analyze data from multiple sources, both inbound and outbound. The software learns how you match candidates to jobs, and then automatically suggests new matches based on your preferences. In essence HiringSolved dramatically speeds up the sourcing process by automating painful tasks that would otherwise be done manually.

In 2017 Allegis invested in HiringSolved, the benefits of which were covered by Matt Charney on the Allegis blog.

Candidate engagement

One of the biggest challenges in modern recruiting is maintaining the human touch we all crave at scale. Staffing firms pride themselves on strong relationships, especially with candidates, but how can this be done with high-volume roles? There is a fear that automation tools used by staffing agencies could make the hiring process feel cold and robotic.

Mya, a conversational hiring assistant powered by artificial intelligence, helps agencies engage candidates in a friendly way at scale. Instead of being ignored or waiting weeks to hear back, Mya guides candidates through the hiring process. Mya can field questions about the role, ask screening question and even schedule in-person interviews.

This makes the hiring process feel much more interactive for candidates, and saves a lot of time for recruiters.

Candidate management

Another tool staffing agencies need is an end-to-end system for candidate management, often referred to as a CRM. What’s different about JobAdder is that it’s a recruitment platform that specializes in staffing firms.

JobAdder has all the features you’d expect an applicant tracking system and CRM to have, and powers over 30,000 job advertisements each month. But in addition, JobAdder has a range of features that staffing firms would appreciate such as text-based sourcing, job distribution, a dashboard for recruiting temp workers and contractors and powerful analytics.

JobAdder clearly understands the needs of staffing firms.

Staffing firms need better tools

Staffing firms face unique challenges, so they need tailored and thoughtful solutions. The staffing firm tools we selected seem to get the balance right between automation on the one hand and human touch on the other. That’s no mean feat, and it’s something we are constantly thinking about ourselves.

If you come across other tools you think our staffing agency clients could benefit from, we want to hear from you.

This article was originally published at Vervoe.com

Vietnam’s Market Insights: Supplying 90% of coffee for the Thai, Purchasing power cost may increase

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Vietnam supplies more than 90% of coffee for the Thai market.

The market share of Vietnamese coffee in Thailand’s total imports increased sharply from 72.4% in 2017, to 92.4% in 2018. VDSC reports.

Ministry of Industry and Trade said that in the first 10 days of February 2019, the price of Robusta coffee in the country increased according to the global coffee price. On 08 February 2019, Robusta coffee prices multiplied from 0.9 to 1.5% compared to 31 January 2019. Robusta coffee has the lowest price is about 33,000 VND/ kg in Lam Ha district (Lam Dong province). The highest level is 33,900 VND/kg in Cu M’gar district in Dak Lak province.

Meanwhile, in warehouses around Ho Chi Minh City, on 08 February 2019, R1 Robusta coffee increased by 1.2% compared to 31 January 2019 and increased by 0.6% compared to the 10 January 2019, reached VND 34,700 VND/kg.

According to statistics from the Thai Customs Agency, their country’s coffee imports in 2018 reached 64.68 thousand tons, worth 4.487 billion baht (equivalent to USD 142.57 million), up 11.5% in quantity, but down 10.5% in value compared to 2017.

Vietnam is still the largest source of coffee for Thailand with a positive growth rate of 42.3% in volume and 11.1% in value compared to 2017. Vietnam’s coffee market share in total import volume Thailand’s exports increased sharply, from 72.4% in 2017, to 92.4% in 2018.

According to statistics from the General Department of Customs Vietnam, in 2018 coffee exports to ASEAN region reached 198,851 tons, worth 375 million USD, up 135.7% in volume and 92.1% in value over the year 2017.

In ASEAN, Indonesia is Vietnam’s largest coffee export market with a volume of 62.3 thousand tons in 2018, worth 123.48 million USD, an increase of 343.5% in volume and 273.2% increase about value compared to 2017.

The average export price of coffee to ASEAN in 2018 reached 1,886 USD/ton, down 18.5% compared to 2017. In which, the average export price of coffee to Laos reached a high of 4,517 USD/ton increased by 52.4% compared to 2017 due to mainly export of processed coffee. The average export price of Vietnamese coffee to other markets such as Indonesia, Thailand and the Philippines plummeted.

The coal price proposed by TKV may make the purchasing power cost of EVN increase by thousands of billion dongs.

If applying the price of mixed coal as proposed by TKV (Coal Industry Group – Minerals of Vietnam) for EVN’s power plants and member units, the cost of purchasing electricity in 2019 increased by about 1,498.06 billion VND.

Vietnam Electricity Corporation (EVN) has just sent a message to the Prime Minister on the supply of coal and mixed coal price sold to electricity production in 2019 by EVN and its member units.

Vietnam coal imports

EVN said that according to the working report dated December 4, 2018 between EVN and TKV, Dong Bac corporation, the volume of coal supplied in 2019 is expected to be 25.84 million tons, of which the domestic coal volume is 19 million tons, volume of mixed coal is 6.84 million tons.

The main reason to use mixed coal for EVN coal-fired power plants is that TKV and Dong Bac corporation coal-fired power plants do not provide enough types of domestic coal for power plants.

Therefore, TKV and Dong Bac corporation have to import coal to mix with domestic coal to get coal mixed with quality standards equivalent to TCVN 8910: 2018 for EVN’s power plants and member units.

Proposed price of coal mixed by TKV and Dong Bac corporation is increased up to 188-273 thousand dong/ ton, equivalent to 11.18-15.06% depending on type.

EVN said that according to preliminary calculations, if applying the coal mixed price proposed by TKV, Dong Bac corporation for EVN’s power plants and member units, the cost of purchasing electricity in 2019 increased by about 1,498.06 billion dongs, of which coal purchased from TKV increased 1,062.89 billion dong, mixed coal bought from Dong Bac increased by 435.17 billion dongs.

Based on the situation of electricity production, coal supply for electricity production in 2019, EVN reported to the Prime Minister for his consideration on allowing EVN and its member units to use coal mixed between imported coal and domestic coal produced by TKV and Dong Bac with the volume and prices proposed by TKV and Dong Bac.

Key highlights of Vietnam’s Weekly Market Recap

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The explosion of iron ore prices and worries about the demand of the steel industry.

According to VDSC Weekly Market Recap, the iron ore market has exploded in recent weeks, through raising the price of steel but investors are still concerned about weak consumption prospects in 2019 of this industry.

Iron ore has been being be the world’s most commodity being watched this week while the Chinese market returns to trading after the Lunar New Year holiday. Iron ore prices in China increased continuously in the weeks close to the Lunar New Year in 2019 because of the increasing demand for stockpiles. Contrary to the expectation that prices would fall after the Tet holiday, the price of this material has continued to rise sharply due to fears of lack of supply from Brazil.

Some analysts predict that iron ore prices may reach three digits in the coming days as Chinese market begins to fully feel the impact from Brazil, which supplies 30 million tons of iron ore per year for the world.

Iron ore prices have increased continuously in the past two months, with high-quality ore prices rising by more than 30% and prices of low-quality ores rising by 50%. As soon as the 11Feb session opened, the first trading day of the Year of Pig 2019, the price of iron ore in China soared to a record.

In fact, automobile sales in China, hot rolled coil industry fell 2.8% in 2018. The real estate market is being also forecasted to weaken this year despite many projects have been still incomplete.

With both sectors, the government until now has not had any supportive actions. The government may be not to reduce auto-purchase tax and loosen the regulation of buying houses as being discussed. The risks of US and China on failing to reach commercial agreements still weigh on the psychology of consumers, businesses & investors.

Currently, fdi in Vietnam only focuses on manufacturing but not in other high value-added areas such as finance, research and development (R&D), ETC.

The proportion of FDI capital in the total development investment capital has remained at around 18-25% in the period of 1991 – 2018. FDI has still contributed an important part to perfecting the socialist-oriented market economy institution, system of policies and laws on business investment, promoting economic restructuring, etc.

Mr. Kyle Kelhofer, Country Director of the International Finance Organization (IFC) in Vietnam, Laos and Cambodia, said that FDI now focuses mainly on manufacturing but being not investing in other areas of high added value such as finance, research and development (R&D), etc.

According to him, in the new context, the advantages of cost in FDI attraction would gradually be lost, therefore, Vietnam would need regulations to attract “new generation” FDI, with better labor skills, governance, better salaries level, higher quality standards, both enhancing the competitiveness of FDI enterprises and domestic enterprises and linking these two roles together.

It is forecasted that export of rubber to the Indian market is difficult.

In 2019, rubber quantity exports to India would hardly increase strongly as in 2018 due to the slowdown of rubber consumption and domestic rubber supplies recovered in India.

According to the statistics of the General Department of Customs, in 2018, the amount of rubber exported to India reached 102.92 thousand tons, worth 145.39 million USD, up 85.6% in volume and 60.5% in value compared to 2017. Rubber export prices to India in 2018 average at USD 1,412 / ton, down 13.5% compared to 2017.

It was known that 52.1% of rubber exported to India is SVR 3L rubber, reaching 48.37 thousand tons, worth US $ 67.28 million, up 67.4% in volume and 41.3% in terms of value compared to 2017. Average export price of SVR 3L rubber to India in 2018 reached 1,402 USD/ ton, down 15.6% compared to 2017.

The Ministry of Industry and Trade forecasts that in 2019, rubber exports to India will hardly increase as much as 2018 due to their rubber consumption slowing and domestic rubber supplies recovering. The Indian government is implementing a series of measures to support their rubber farmers, including regulating imports of natural rubber and increasing import tariffs on dry rubber latex. India also has policies to encourage natural rubber production in major rubber producing states such as Kerala.

According to the World Association of Natural Rubber Producing Countries (ANRPC), India’s natural rubber consumption may slow down. According to preliminary estimates, year 2018, India’s natural rubber consumption increased by 12.6% compared to 2017 to 1.21 million tons. Indian market accounts for about 9% of the world’s total natural rubber consumption in 2018.

Police unveil security plans for Kim-Trump summit in Vietnam

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North Korean and United States officials landed in Hanoi on Saturday (Feb 16) as all three countries prepare for the upcoming summit between US President Donald Trump and North Korean leader Kim Jong Un, state media reported.

The two delegations are expected to organize logistical coordination for the summit, the VnExpress, a local online news site reported.

Hanoi police also said they would dispatch 96 patrol groups to crack down on crime in the 10 days preceding the summit. City landmarks will also be put on round-the-clock police surveillance.

Security for the summit is expected to be tight. While the risk of terrorism is considered extremely low in Vietnam, the capital’s density makes the city harder for bodyguards on both the North Korean and US teams to secure their bosses.

Hanoi Police

Mr Trump and Mr Kim previously met in Singapore in June 2018 following a heated exchange of words, with both threatening war between their nuclear armed states.

Even though Mr Trump has portrayed the first meeting as resolving conflict over the North Korean nuclear programme, Pyongyang has done little to denuclearise the peninsula and US intelligence officials say the country is unlikely to totally disarm.

But as the second summit looms, Vietnam, a former wartime foe of the US, has offered to mediate discussions between Pyongyang and Washington, urging both sides to show restraint.

Speaking in Hanoi in July 2018, US Secretary of State Mike Pompeo said he wished for North Korea to replicate Vietnam’s economic development and reconciliation with the US.

straitstimes.com

Police seize nearly 300 kilograms of meth in central Vietnam

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A massive haul of nearly 300 kilograms of methamphetamine pills was seized in central Vietnam on Sunday, police said, the latest major drug bust in a country where the use of synthetic narcotics is on the rise.

While Vietnam has some of the toughest drug laws in the world, it remains a popular transport hub and destination market for narcotics smuggled in from the notorious “Golden Triangle” — a lawless border zone that straddles Laos, Myanmar and Thailand.

Opium and heroin have long been the drugs of choice among older users, but lab-made powders and pills — like methamphetamine in particular — are gaining popularity among young Vietnamese.

The latest bust occurred in Ha Tinh province early Sunday around 1:00 am, when police, border defense forces and custom authorities found the drugs inside a van with a Lao license plate, according to a report.

Authorities found dozens of golden-coloured plastic bags containing 294 kilograms (648 pounds) of methamphetamine, the report published on the Ha Tinh police website said.

A Laotian suspect was arrested during the bust, police said.

“Due to the darkness, dangerous terrain and dense fog, another male suspect… managed to flee into the woods to escape,” said the report.

State-run Vietnam Television called the bust the “second largest meth-trafficking case” in recent years.

In October last year, police found 309 kilograms of methamphetamine after pulling over a speeding truck in central Quang Binh province. The haul was worth an estimated $3 million.

Communist-run Vietnam has some of the harshest punishments for drug trafficking in the world, and anyone caught with more than 600 grams (21 ounces) of heroin can be sentenced to death.

Authorities have struggled to contain the growing usage among youths of synthetic drugs such as ecstasy, methamphetamines and ketamine.

Officials and advocates have warned against the dangers of drug use after seven Vietnamese revellers died after overdosing at an electronic music festival in Hanoi last September.

Lab-made powders and pills — like methamphetamine — are gaining popularity among young Vietnamese.

AFP

Will Kim Jong-un visit Samsung factory in Vietnam?

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A senior North Korean official is believed to have looked around areas near a smartphone factory in Vietnam owned by South Korean tech giant Samsung Electronics Co., sources said Sunday.

Kim Chang-son, known as North Korean leader Kim Jong-un’s de facto chief of staff, and other officials arrived in Hanoi Saturday to check logistics for a second summit between the United States and North Korea slated for Feb. 27-28.

The Kim delegation left the Vietnamese government’s guest house in Hanoi at around 7 a.m. and headed north to the Bac Ninh province where a smartphone-producing line by Samsung Electronics is located, according to sources.

Kim Chang-son, known as North Korean leader Kim Jong-un’s de facto chief of staff, sitting in a car after inspecting Sofitel Legend Metropole Hanoi Hotel, Saturday. Yonhap

The group is believed to have driven around the areas surrounding the factory and assessed the routes to and from Hanoi. It also visited Thai Nguyen province in the northeast region where another Samsung smartphone factory is located.

His trip is spawning speculation that Kim Jong-un may seek to visit one of Samsung Electronics’ factories when he makes a state visit to Vietnam later this month.

If Kim’s possible visit to the factory is realized, he could send a message to the international community that his country will seek to develop the North Korean economy through reform and openness.

“We have yet to have receive any notice from authorities that North Korean officials would visit Samsung factories,” a Samsung official said.

Samsung Electronics built factories in Bac Ninh in 2008 and Thai Nguyen in 2013. Since then, almost half of its smartphones have been produced in Vietnam.

Citing sources, Reuters earlier reported Kim will arrive in Vietnam on Feb. 25 ahead of his summit with U.S. President Donald Trump.

The report also said the North’s leader will also visit the Vietnamese manufacturing base of Bac Ninh and the industrial port town of Hai Phong.

Kim Chang-son, an official at the State Affairs Commission, was in charge of protocol during the Trump-Kim summit in Singapore last June.

According to multiple sources, Daniel Walsh, U.S. assistant to the president and deputy chief of staff for operations, and other senior officials also arrived in Hanoi on Friday to prepare for the upcoming gathering. (Yonhap)

Inside younger minds

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Brands and retailers must determine what is likely to win favor among the Millennial generation.

by Mr. Fabrice Carrasco / Managing Director of Kantar Worldpanel Vietnam & Philippines, Asia Strategic Projects Director

Millennials are at the heart of the digital era. The development of technology influences the way they think, live, and behave. Therefore, millennials have developed distinctive perceptions, lifestyles and expectations. These changes have greatly differentiated their shopping behaviors from older generations. This consumer group values innovation and adopts healthy lifestyles early. Thus, they also tend to welcome and prefer new products with natural ingredients and additional nutrients. For example, the number of Millennials buying healthy snacks such as dried fruit is double that of the older generation, according to our study.

Also, with 63 per cent of Vietnamese Millennials saying that they want to see more new products to make their lives easier, this group seeks even greater convenience in every aspect of their lives. Besides that, packaging also plays a more important role in establishing connections with Millennials. It is not only about the look and feel but also the purpose it serves in the overall usage experience. For example, an eye-catching packaging in convenient formats with clear product origin, ingredients, and expiration date can help attract them more so than a purely fanciful design.

How to reach and engage millennials?

The most effective way for brands and retailers to reach Millennials and communicate with them is digital. They spend most of their free time surfing the internet. According to our latest media report, on average they spend more than four hours a day online, which is higher than the total time spent on all other media channels (TV, outdoor, newspaper, magazine, radio and cinema).

Millennials nowadays utilize digital platforms at every stage of their shopping journey to make decisions. They actively use social networks to search for specific products, hunt for deals and promotions, read reviews, and share their opinions after purchasing. As such, they have become a key group driving the development of online shopping. However, with a larger source of information, Millennials are more selective, skeptical towards advertisements and claims by brands, and are less influenced by others, including their friends and relatives.

Being on social media is not enough and, therefore, brands should determine the right channel Millennials spend most time on and at which time of the day to generate the more interactions. In any case, Millennials are able to easily skip ads when browsing online, so practical, authentic, and emotional messaging is more likely to get their attention and drive action to spend. In addition, they go out more for food and drinks, love travelling, watching movies at the cinema, joining social activities, or working out at the gym. These trends are observed in the explosion of not only fast-food, milk tea, and coffee chains, but also other means of leisure activities, such as spas, gyms, and pubs, etc. Thanks to the growing number of outdoor activities, there are many more touchpoints that brands could utilize to reach this target consumer.

Though some say Millennials are the cost-conscious generation, our study surprisingly reveals that they are also willing to pay premium prices for products that strongly associate with their lives and identities. Millennials are at an age when their personal and professional lives are just beginning to mature, which explains their lower purchasing power compared to the older generations. Yet this does not mean they are shopping cheaper. Instead, they are all about shopping smarter. However, different sectors and categories require different pricing strategies in order to maximize their spending. For the premium segment, samples or small pack sizes should be considered to get trials and better convince Millennials to make purchases.

For a Millennial, a good deal is not always the one with the lowest price, but the one that offers the most benefits at a fair price, which implies that brands still have opportunities to invest in the premium segment with affordable prices for Millennial consumers.

In terms of shopping channels, Millennials’ appetite for new things is also reflected in the way they shop. Favoring convenience and relevance, they quickly adopt new shopping formats such as specialty stores, minimarts, and convenience stores, and are online pioneers.

The rate of e-commerce adoption is progressing rapidly in Vietnam, with one in three Millennials shopping for FMCG online in 2018 as compared to one in five on average among all age groups. Their shopping frequency also increases over time, with a bigger basket size (triple the average basket size) promising huge potential for digital shopping platforms. However, this is not meant to completely replace a physical retail presence. Instead, together with technological advancements, the fusion of online and offline shopping will be greater. Indeed, the younger (1990s) group, on average, according to our study, shop for FMCG on over seven types of shopping channels in a year. Mobile devices and apps even allow Millennials to search for real-time product information, promotions, and reviews while making a purchase, whether online or in-store. This also raises many challenges for brands and retailers in developing a channel strategy to be able to meet them anytime, anywhere.

Overall, compared to other generations, Millennials seek new things, new experiences, dare to try, and even have an influence on other generations’ decisions, and as a result offer huge potential to capture. To win both their hearts and minds, brands and retailers will need to uncover and fulfill new aspirations, identify effective touch points, and use personalized experiences to provide a deeper level of engagement. Also, brands and retailers should think about how to take advantage of technological innovations and embed them into their current omni-channel strategy and customer journey in order to ensure a seamless path to purchase for Millennials.

Source: Vneconomictimes

Macroeconomic indexes support VND: experts

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The US FED’s ‘less hawkish policy’ on raising interest rate has affected the exchange rate for the Vietnamese dong this year.

The probability of the US FED maintaining the Fed Fund Rate at 2.25-2.5 percent is 70 percent, according to foreign institutions. The US dollar Index dropped from 97.5 points in the second half of December 2018 to 95.5 points.

Analysts once showed concern about the sharp depreciation of the dong in the past when the yuan of China, which amounted to a large proportion in global trade and GDP, was devalued sharply.

At that time, The Financial Times quoted James Kwok from Amundi Asset Management as saying that the renminbi weakness represented a new risk for Asian currencies.

Meanwhile, Bloomberg commented that it would be better for Vietnam to hope that PBOC (People’s Bank of China) would fulfill its promise and stabilize the yuan.

The Vietnam dong has been depreciating since late November. On the first trading day of 2019, SBV made a noteworthy move of raising the dollar purchase price to VND23,200 per dollar, an increase of VND500, and maintaining the selling price at VND23,460, thus narrowing the gap between the sell/buy prices from VND760 per dollar to VND260.

About the move, SSI Retail said that the 2.2 percent depreciation showed the central bank wants to generate a new base price for the dollar. This will help increase the forex reserves in the kieu hoi (overseas remittance) season.

Meanwhile, a forex trader commented that SBV ‘doesn’t want to see the dong depreciate too much”, because in case of negative events which could lead to the dollar supply reverse, this may lead to exchange rate fluctuations.

In Vietnam, the dollar supply in the first months of the year is always high, which appreciates the dong. In general, the first months of year are the time for Vietnam to hoard more dollars.

One of the factors that support the exchange rate stabilization is the surplus in Vietnam’s total payment balance since 2016. The current situation is different from 2015 and 2007-2011, when the Vietnam dong depreciated sharply.

The surplus comes from both current account and capital balance. It is expected that the general payment balance will continue seeing a surplus in 2019 thanks to steady exports. Vietnam still attracts FDI and the overseas remittance has been stable.

Citing these factors, Bao Viet Securities (BVSC) believes that the dong depreciation of 5 percent will not occur in 2019, while a depreciation of less than 3 percent is more likely to happen.

Source: VNN

Inside Vietnam, the world’s next great golf destination

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In another setting, an SUV emblazoned with giant flaming golf balls might not cause a stir. But on the honeycombed streets of Hanoi, swarmed by motorbikes and rickshaws, and shadowed by ornate imperial pagodas, it stands out like a pushcart at a NASCAR race.

Perched at the wheel of his Toyota Fortuna, Duc Pham navigates the morning frenzy, rounding a rotary and ripping through an intersection without slowing, red lights in this city being mostly just for show. A traffic cop, his head on a swivel, tracks Pham’s ride as it passes. A cluster of school children, crowded on a corner, flash thumbs up and shout in Vietnamese. “They’re basically saying, ‘Hey, that’s cool, man!’ ” Pham explains, translating their reaction to his car’s airbrushed side panels. “But I’m not sure they know what a golf ball is.”

When he was their age, Pham, now 31, didn’t have a clue. That was in the early ’90s, and golf around Hanoi wasn’t even yet a novelty; it was nonexistent. Pham’s chosen sports were two national favorites: soccer and da cau, a variant of badminton played with one’s feet.

In 1997, though, a game with a broad and deepening grip elsewhere in Asia finally got a foothold in Pham’s part of the world. It happened with the opening of Kings Island, on a lake-wrapped peninsula 30 miles west of the capital, Hanoi. It was the first golf course in northern Vietnam. Pham’s father, a government official, got invited to an outing, and he brought along his then 11-year-old son. “I remember my first practice shot going high and straight, and the guys there telling my father, ‘Your boy is a natural!’ ” Pham says. “I was really proud.”

He was also hooked.


After high school, Pham, an unreformed golf junkie in a region with few outlets to indulge his fix, embarked for Brisbane, Australia, the better to immerse himself in the game. He returned home eight years later, armed with impeccable Aussie-inflected English and membership in the PGA of Australia, making him the first—and still the only—Vietnamese citizen to earn those stripes. In the years since, having parlayed his credentials into two successful golf academies and retail shops in Hanoi, as well as his own golf instruction show on Vietnamese TV, Pham has emerged as a leading figure in a fast-growing market and as something of an emblem of today’s Vietnam—a communist country where capitalism is alive and well. As is its favorite leisure sport.

Over the past decade, in the distant wake of golf’s arrival in Japan and its more recent wildfire spread in Korea and China, a burgeoning monied class has given rise to a swelling population of Vietnamese golfers and triggered a starburst of course construction. Layouts by the marquee likes of Greg Norman and Jack Nicklaus now stretch from Ho Chi Minh City (formerly Saigon) in the south to Vietnam’s northern border with China, where noted architect Brian Curley has carved a stunner that overlooks the postcard-worthy rock outcrops of Ha Long Bay.


Across the country, locales whose names might resonate for other reasons have been transformed into busy redoubts for the game. In the village of Lăng Cô, near the Hai Van Pass, site of some of the fiercest fighting of the Vietnam War, a cool Nick Faldo course—an amenity for two luxury hotels—now spreads between the mountains and the sea, its rice-paddy hazards grazed by water buffalo. In and around Da Nang, once a central base of American military operations, R&R today includes the option of a round at one of four courses, among them designs by Norman, Nicklaus and Colin Montgomerie, whose layout, Montgomerie Links, is dotted at its edge by a weathered machine-gun pillbox. A fifth nearby course, slated to open this summer, also winds around a wartime relic—a concrete bunker. But the most distinctive traits of Robert Trent Jones Jr.’s layout-in-the-making are the artful rumples of a first-rate seaside track.

“Setting foot on it is a bit of a time warp,” Jones Jr. says. “The land has a rich history, which we’ve aimed to preserve. It also happens to be ideal for golf.”

Vietnam has a bounty of such sites, thanks in no small part to a sandy shoreline that extends for more miles than the entire West Coast of the United States. That factor alone gives Vietnam an edge in the race toward the golf future over such space-pinched countries as South Korea and Japan. Balmy year-round temperatures are also an advantage. The political climate is accommodating, too. In contrast to China, where the government’s anti-corruption campaign has put the kibosh on new course construction, Vietnam’s ruling party has proclaimed its goal of pumping up supply. A plan put forth by the prime minister’s office calls for the completion of 89 new courses by 2020, nearly double the number that exist today.

Financial muscle for such projects used to come mostly from overseas, but like so much else in Vietnamese golf, it’s begun to skew domestic. Take the evolution of Kings Island, where Duc Pham first swung a club. The property, which visitors access by driving to a dock an hour west of Hanoi then hopping onto a motorboat across a lake, was originally developed in 1997 by a Thai businessman. Less than two years later, it was snatched up by Nguyen Thi Nga, a feisty sixty-something with close-cropped hair, a taste for floral-patterned dresses and a net worth that reportedly makes her one of the wealthiest women in Vietnam.

As the chairwoman of BRG Group, a conglomerate that deals in banking, real estate and retail chains, among other holdings, Madame Nga is afforded a professional respect that verges on reverence, and her lofty status, in a business culture layered with ritual-like formalities, turns interviews with her into grand affairs, wrapped in the trappings of a United Nations session.


On this hazy afternoon in the capital, she is camped in a lounge chair in a boardroom of a BRG-owned bank, ringed by an entourage. A videographer films. A stenographer scribbles. An attendant pours tea. Madame Nga wears an earpiece to follow the whispers of a translator who sits only a few feet away. The chairwoman smiles as she speaks, and punctuates her words with elaborate hand gestures.

At the outset, she says, she wasn’t drawn to golf for golf itself. Her introduction to the game came at a corporate event nearly 20 years ago. She didn’t play that day, but two things struck her: the emerald beauty of the landscape, and the preponderance of boardroom bigwigs.

“From my perspective, it was quite clear,” she says. “Golf was a good business opportunity.”

Still, you know the story: a few flushed shots, and a devotee was born. Madame Nga’s fondness for the game has since grown so intense that it’s become the source of a family joke, her children having given her handwritten signs to hang by her bed that read, “Golf is my love. Golf is my life.”

She plays as often as her stacked schedule allows, usually on weekends, frequently on courses that she owns. There is no shortage of them. Soon after purchasing Kings Island, Madame Nga added a second course on the grounds. Just this past year, she cut the ribbon on a third, the Kings Course, a rolling layout that takes ample advantage of its lakeside terrain, building toward a rousing finish and a par-3 19th hole with an island green—a memorable stage for settling bets.


Designed by Jack Nicklaus II, the Kings Course is part of a larger deal between BRG and the Nicklaus group that has already yielded three courses around the country and calls for the completion of another five by 2020. At Madame Nga’s insistence, each development boasts a signature feature. At the Kings Course, that role is filled by the island-green 19th. At Legend Hill, another of her Golden Bear–designed Hanoi-area courses, each of the 18 holes has two distinct green complexes, on which play alternates from one day to the next. Such projects result from interplay between architect and owner that can be enlightening for both sides.

“As an architect, I’m always focused first on good golf course strategy,” says Nicklaus II. “But what I’ve learned is that as important as strategy is, Madame [Nga] puts more emphasis on beauty and difficulty. And the truth is that those things aren’t mutually exclusive. I can accomplish good strategy but also make a golf course that’s beautiful and tough.”

* * * * *

During golf’s embryonic stages in Vietnam, course aesthetics tended toward the lush and garden-like, much as they have throughout Asia, replete with waterfalls and forced carries. That’s still the dominant taste. But a minimalist movement has taken root. One of several places where its seeds have sprouted is the city of Dong Hoi, an hour flight from Hanoi, along the country’s northeast coast. Aside from its beaches—and a boardwalk brimming with street-food vendors and scented with the funky whiff of fish sauce—Dong Hoi merits guidebook mention for the Phong Nha caves, a labyrinth of subterranean passages that makes up the largest underground cavern system in the world.

But that’s not what first caught Brian Curley’s eye. A Monterey native with a laid-back, bemused California manner, Curley, 59, has seen golf through its infancy across large swaths of Asia. His credits on the continent include the Mission Hills projects, a pair of mega-golf developments in China. Curley turned his sights to Vietnam five years ago, as the Chinese government crackdown on course construction squelched the market there. What he saw in Dong Hoi was miles of unspoiled alabaster dunes, the stuff of architectural dreams.

A lot golfers here are gluttons for punishment and seem to think it’s not golf if you don’t lose a few sleeves along the way.


Curley has since inked a contract with FLC, a Vietnamese real-estate concern, to build ten courses in Dong Hoi. That long-term task brings him to the area roughly once a month. On this sky-blue morning, he is standing on the brow of a deftly contoured green that backs up to the edge of a wind-swept beach. Blue water spreads behind him. White dunes rise on either side. Think Streamsong by the South China Sea.

This is the 15th hole of Curley’s first completed Dong Hoi course. Another is seeded and set to open this summer. Both are so new that they’re known generically as Course A and Course B, although Curley has proposed the names Forest Dunes and Ocean Dunes—inspired by their traits.

If their look and feel is relatively new for Vietnam, so is the style of play they welcome.

“I like courses that are find-your-ball hard,” Curley says. From his beachside vantage point, his view takes in the broad sweep of Course A, which has ample fairways but not a single formal bunker, only firm, eye-catching sandy wastes. “But a lot golfers here are gluttons for punishment and seem to think it’s not golf if you don’t lose a few sleeves along the way.” He recalls an outing at another of his courses, in Quy Nhon, farther south along the coast, that drew some 300 golfers, all playing from the white tees. Over the course of three days, only four players broke 80. And yet, Curley says, “they all came away telling me that the course wasn’t challenging enough.”


As much as anything, Vietnam’s scant percentage of skilled players underscores how swiftly its golf population has grown—to an estimated 30,000, a tenfold increase from 20 years ago. Not bad when you consider that prior to the boom, the country’s biggest claim to golf fame was not even a golfer but a Vietnamese soldier, Nyugen “Tiger” Phong, the wartime buddy of Earl Woods who became the namesake of Woods’ firstborn son.

Two generations later, Tiger Phong is long dead and Tiger Woods has yet to play a round in Vietnam. The face of golf in the country is more prominently represented by Duc Pham, whose instructional show, On Green, airs on national TV with two to three new episodes per month.

Filming often takes Pham on the road. But today is a day off, and he’s traveling for leisure, piloting his SUV through the heart of Hanoi toward the outskirts of the city, a set of clubs stuffed in his trunk. The route takes him onto quieter roads, where the broad-shouldered buildings of the capital fade in favor of rice paddies and the motorbikes give way to ox-drawn plows. A turnoff leads Pham through a sleepy village, the scenery passing as a slo-mo montage of noodle shops, farm stands and auto-parts retailers. And then, at the corner of a narrow crossing, looking like a misplaced extra in a grainy movie, an elderly woman, camped under a corrugated metal lean-to, is hawking used golf balls in vacuum-packs: the otherwise unmarked entrance to Sky Lake Resort & Golf Club.


Opened in 2012, the property has two courses, Sky and Lake, neither built by a name designer but both ripe with the straight-driving requirements that Pham enjoys. The scenery isn’t shabby either, with lakes and verdant valleys, and craggy mountains in the distance shaped like broken teeth.

Moments later, Pham stands at the first tee of the Lake Course, shadowed by a caddie, loopers being ubiquitous at Vietnamese courses and also central to their charm. Predominantly young women who might otherwise be laboring in factories or fields, they go about their work with refreshing exuberance, openly celebrating good shots and lamenting poor ones—a marked contrast to the seen-it-all comportment of caddies elsewhere in the world.

In Pham, a scratch player, they have a lot to cheer.

The par 4 before him is a stout dogleg right that requires a hefty carry over wetlands. Pham settles on his line, then steps back to take in his surrounds. During the Vietnam War, fighting on the ground didn’t make it this far north, but bombings did. Though too young to remember those years of conflict, Pham has heard stories of the devastation.

“It can be surreal, looking around, knowing the history and everything that happened,” he says. “And then to realize, I’m playing golf, right here.”

He waggles, swings.

“Oooh!” his caddie cries, and giggles.

Beneath his Titleist cap, Pham grins, the happy profile of a man who, not unlike his country, has taken a game from elsewhere and made it his own.

This article was first posted on Golf.com

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