Vsmart must defy odds to succeed

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As “Made in Vietnam” smartphone brands are jealously guarding their tiny market share in the fiercely competitive mid-end segment against Chinese devices, newcomer Vsmart’s chances in the arena are subject to heavy speculation.

Last week, VinSmart under the country’s leading private group Vingroup launched its four Vsmart phones at the complex in the northern city of Haiphong. The factory, larger than those of HTC and Blackberry, held test runs in October, and started production last month with an expected annual capacity of five million phones.

Vsmart aims to become a new heavyweight contender in the VND4-9 million ($175-390) price range, the biggest segment currently.

Acquiring 51 per cent of BQ, a leading Spanish technology firm, VinSmart shows determination to build its own supply chain, bringing research, design, production, and distribution to Vietnam.

Nguyen Viet Quang, vice chairman and CEO of Vingroup, said, “Perfecting and launching four smartphone lines within nearly six months is proof of our determination to break into the sector. We hope that along with VinFast cars, Vsmart phones will contribute to the development of Vietnam, as well as promote Vietnamese brands to the world.”

TINY MARKET SHARE

The Vsmart dream is not unprecedented. Numerous giants have poured a great sum of money into the segment without much success. At the peak period, as many as 30 made-in-Vietnam brands were present in the market, some very similar to Vinsmart. Most disappeared in a short period of time. While Q-Mobile, HKPhone, FPT, VNPT, and Viettel get the occasional mention as by-lines in extensive market analysis, Mobell, Malata, Wellcome, Hi-mobile, and Bluefone have vanished.

The double-SIM Q-Mobile was one of the first Vietnamese mobile phones, launched 10 years ago with a focus on the low-end segment. The brand tried to catch up with trends by adopting a cheap version of Android OS. However, there have been very few Q-Mobile phones displayed on store shelves in 2018.

A few years ago, IT and telecommunications giants entered the fray, such as Viettel, VNPT with their Vivas Lotus models, and FPT’s F-Mobile. They are not easy to find today.

BKAV Corporation’s BPhone brand fared little better after two failed debuts. Last month, the company launched the third version of BPhone and committed to open 300 stores across the country, but sales results are still unknown.

While Vietnamese consumers generally welcome local products, this does not translate into stable development. When customers realised that most of these products were made in China with poor quality, they became disinterested.

Nguyen Dinh Dung, an expert with more than 20 years of experience in consumer electronics, told VIR, “Half-measure is the shortest and most exact term to describe Vietnamese smartphones. They are not good enough for consumers to buy. BPhone is only mentioned by media but sales or revenue have not been disclosed, which means they are tiny.”

Marketing budgets are another issue. Businesses spend lots on advertising because products have a short life cycle. Without marketing campaigns, clients can forget products within six months.

According to Dung, Vietnamese producers have not implemented synchronous marketing and sales policies. “Some of them do not pay enough attention to research and development (R&D). Others spend too much on R&D and skimp out on sales and marketing. All of these bad calls lead to failure,” he added.

VSMART’S PROSPECTS

Rather different from other players, VinSmart has prepared a series of stores for the distribution of Vsmart. Three months ago, Vingroup wrapped up the acquisition of Vien Thong A, a 21-year-old tech retailer in Ho Chi Minh City owning 200 stores in the southern provinces.

In addition to VinPro and Vien Thong A stores under Vingroup, Vsmart will also be present in approximately 3,000 stores of Mobile World Group, FPT Shop, Viettel Store, and Nguyen Kim, along with more than 1,500 privately-owned stores across the country. Additionally, customers will be able to ­purchase Vsmart devices on e-commerce sites, notably Vingroup’s Adayroi.com.

Most businesses expressed willingness to distribute the phones. “We will distribute the devices if the demand is high. However, we have to make a thorough analysis based on our business policy, costs, selling price, profit, and warranty,” said the owner of a mobile phone store on Cau Giay street in Hanoi.

Meanwhile, Dung said, “We have always welcomed Vietnamese phones, and even displayed them in the best ­location in our shops. ­However, we are concerned about inventory issues, what with the way these products disappear from the market.”

“A long-time inventory of small phone brands is ­dreadful, and we usually ­suffer a loss of 50-70 per cent of the buying price. In such cases, business managers in the bigger retail chains can be forced out, and small chains can go bankrupt,” added Dung.

Skeptical customers and wary distributors may be quite a challenge, and experts forecast Vsmart to gain only 1 per cent market share after its first year. However, Vsmart’s future prospects ­remain open, with it all ­depending on the company’s determination and strategy over the coming years.

According to a report on VIR

Unilever seeks PM’s help over tax debt coercion warning

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Unilever Vietnam International Co., Ltd. has written to Prime Minister Nguyen Xuan Phuc calling for help after the HCMC Tax Department warned that it might have coerced more than VND575 billion (US$24.7 million) in corporate income tax from the firm.

Unilever said that it had received the request to pay the tax arrears and it has yet to fulfill its tax obligations. However, the tax agency’s decision has significantly affected its prestige and operations in Vietnam.

As a result, Unilever Vietnam proposed that the PM direct the competent ministries and agencies to wait for the Government’s final conclusion.

Regarding the reasons for the tax debt, Unilever Vietnam said there are differences in the calculation of the preferential tax rate applied to Unilever Vietnam for its expansion in the Investment Law and the Corporate Income Tax Law from before 2014.

In addition, the Government had earlier asked the Ministries of Planning-Investment and Finance to propose solutions to the inconsistency in the regulations.

However, the State Audit of Vietnam (SAV) had sent an official document to the General Department of Taxation and the HCMC Tax Department, asking them to urge Unilever Vietnam to pay the tax arrears.

According to SAV, Unilever Vietnam had submitted documents for their operation extension in the 2009-2013 period and must pay the tax arrears for the extension in such period.

SAV auditor general Ho Duc Phoc said Unilever Vietnam failed to prove that it does not owe the tax debt, while the SAV has sufficient evidence to demonstrate the firm’s tax debt.

By December 12, Unilever Vietnam has yet to fulfill its tax obligations, according to the HCMC Tax Department.

According to a report on SGT

67 fintech companies compete for Vietnam’s US$4.4-billion market

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Vietnam currently has 67 fintech companies, which are competing for a US$4.4-bilion market, according to Asia-focused consulting firm Solidiance.

The market size is projected to reach US$7.8 billion by 2020, while the number of fintech operating in Vietnam still remains small compared to regional countries, including Singapore with 490 fintech companies in 2017, Indonesia 262, and Malaysia 196.

Additionally, two thirds of Vietnamese fintech are providing payment services through online payment apps. As of March, the State Bank of Vietnam (SBV) licensed 27 intermediary payment service providers, of which the majority offer e-wallet.

According to a report by Ernst & Young (EY), e-wallet service provider Momo, which recently received investment of US$33.75 million from Goldman Sachs and Standard Chartered, is leading Vietnam’s fintech market, followed by VnPay, 123Pay, Bao Kim, Ngan Luong, OnePay, Payoo, among others, having a combined 48 million users.

The rapid growth of Vietnamese fintech companies partly comes from the fact that less than half of the country’s population does not have a bank account, according to the SBV, while Vietnam has a high rate of smartphone users.

A report of the mobile platform provider Appota showed that Vietnam now has 50 million smartphone subscribers and 53% of the population using internet, which both helped Vietnam’s e-commerce grow by 40-50% in 2017, far exceeding Google’s predictions.

Nghiem Thanh Son, deputy head of the SBV’s Fintech Steering Committee, said 78 banks in Vietnam are providing non-cash payment services and mobile payment is provided by 41 banks.

Son added that fintech is currently attracting great attention in Vietnam. The government and the SBV have been very proactive in promoting the ecosystem for the development of fintech startups. Recently, the SBV has taken initial steps in guiding the implementation of the solutions for improving the fintech ecosystem in Vietnam.

In the coming time, the SBV would focus on promulgating policies and regulatory framework on digital banking as well as fintech.

According to market research company Statista, the number of online transaction in Vietnam increased by 22% year-on-year in 2017 to US$6.14 billion, which is projected to double to US$12.33 billion by 2022.

According to a report on Hanoi Times

Is Vietnam’s Motorbike-Clogged Streets Ready for Carmageddon?

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What do you get when you mix a British soccer star, a French auto show, and a Vietnamese conglomerate? It sounds like a setup for a joke, but the answer is VinFast, the first luxury car built in Vietnam.

The new car debuted at a Paris exhibition in October with some public relations help from soccer superstar David Beckham.

The unveiling signaled a turning point not just for Vietnam’s car manufacturing industry, but also for the Communist country’s transportation landscape.

Although it has close to one motorbike for every two people, Vietnam is quickly ditching its iconic two-wheel transportation for cars.

That has left a question on some people’s minds: Is the country ready for “carmageddon”?

Car ownership is expected to climb drastically in the coming years, but from the narrow alleys to the lack of sufficient bridges, Vietnam’s creaking infrastructure was not built for millions of four-wheel vehicles. The automobile also does not bode well for pollution or congestion in a country of almost 100 million people. Vietnam fears it will be among the places worst hit by climate change.

Still, the cars are coming. U.S. auto giant Ford, for example, saw a new record in monthly turnover in November, when it sold 3,466 vehicles to Vietnamese shoppers. That was a 44 percent jump compared with sales in the same period in 2017. The automaker also recently introduced three more makes to the domestic market.

“Things are really coming together for us to close out the year, including a series of successful new vehicle launches,” said Pham Van Dung, who is managing director of Ford Vietnam.

The reasons for the growth overall are higher annual incomes, as well as lower taxes. In particular the Vietnamese government dropped import taxes to zero in January as part of an agreement among the Association of Southeast Asian Nations. That fed predictions that cars would flood into Vietnam, since there are no tariffs if the cars are produced in Thailand, Indonesia, or elsewhere in the region. Without the deal, tariffs could double the final cost of an automobile. Data from October show car imports nearly doubled this year compared to last year.

That growth raises the chances that Vietnam’s biggest cities, Hanoi and Ho Chi Minh City, are fated to be another Bangkok, Jakarta, or Manila in the near future. Those Southeast Asian nations are far more gridlocked than Vietnam’s megacities, even though they also number about 10 million residents, That’s because they depend more on cars than mopeds, unlike Vietnam.

Public transit and ride-sharing are options to stave off carmageddon. Uber, Lyft, and Grab made ride-hailing apps that they say can decrease car ownership — and thus, traffic — by getting more people to carpool.

“Grab plans to work with partners to create a more efficient transport network that will ease traffic congestion in Southeast Asia’s megacities [and] make mobility accessible for all,” the Malaysia-based app-maker said in a statement.

If the Vietnamese are not going to drive, they need alternatives. People do take the bus, but the public fleet is aging, and drivers often skip stations or roll to crawl rather than stop completely to let riders on and off. A subway system is planned to launch in Hanoi in 2019, but its counterpart in Ho Chi Minh City has faced repeated and potentially permanent delays.

The influx of cars has implications far beyond the auto sector. Developer CBRE said in a report this month that it has left a sizable imprint on the local property market.

“From the real estate perspective, the most important aspect for market shift and macroeconomic conditions is the increased demand and expansion of industrial production [of cars],” the report said. “In fact, there have been major industrial and commercial lease deals related to the automobile sector over the past three years, with anticipated demand for lease extensions in future periods.”

That industrial production underlies a key quandary for policymakers. On the one hand, they want Vietnam to develop its own robust car manufacturing industry, to contribute to the economy in the vein of South Korea or Japan. On the other hand, they worry about exacerbating climate change, which could ravage Vietnam’s long coastline, drive salty water into the deltas and farmlands, and flood cities. The rise of cars, with all their greenhouse-gas-emitting tailpipes, certainly won’t help the tropical country in its battle with climate change.

According to a report on VOA

The Best Books of 2018

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Our annual list of what some of the most powerful people in finance were reading this year is heavy on the drawbacks of technology.

Technology has already infiltrated every human interaction, but 2018 may be remembered as the year we truly started to grapple with the consequences. So perhaps it’s no surprise that when Bloomberg asked dozens of business leaders to name the best book they read this year, The Coddling of the American Mind, by Greg Lukianoff and Jonathan Haidt, received the most votes.

Warby Parker’s Neil Blumenthal, Loup Ventures’ Gene Munster, and KKR’s Henry Kravis all recommended this read. Blumenthal said, “It made me reflect on my own actions, as both a CEO and a parent,” and Kravis called it a “fascinating book describing how young people are being overly protected.”

Also garnering several votes was John Carreyrou’s Bad Blood, the deep dive into the rise and fall of blood testing startup Theranos. PayPal’s Dan Schulman and Andreessen Horowitz’s Katie Haun both said this was their favorite book of 2018. Haun, who used to work as a Justice Department prosecutor (though not directly on Theranos), said it was fascinating to hear the other side of the story. “I was in the office when the investigation was going on,” she said, “so reading about the business aspect of it was interesting.”

BRIAN ARMSTRONG, CO-FOUNDER AND CEO, COINBASE
High Growth Handbook

Elad is one of the most experienced operators in Silicon Valley, having seen numerous companies hit their inflection points. He has a lot of experience and insights to offer entrepreneurs at any stage of a company’s growth.
PUBLISH DATE: 2018-07-17

NEIL BLUMENTHAL, CO-FOUNDER AND CO-CEO, WARBY PARKER
The Coddling of the American Mind: How Good Intentions and Bad Ideas Are Setting Up a Generation for Failure

This incredibly thought-provoking book describes the negative impact that social media and overparenting are having on today’s youth. It made me reflect on my own actions, as both a CEO and a parent, and what ways I’ve contributed to today’s “safetyism” culture. Its core message has stayed with me—and has led me to develop new ways to drive innovation and smart risk-taking at the office, while also helping me to encourage independence and resilience with my children at home.
PUBLISH DATE: 2018-09-04

STEVE CASE, CHAIRMAN AND CEO, REVOLUTION
Our Towns: A 100,000-Mile Journey Into the Heart of America

While much of the media today is focused on what’s happening (or not) in Washington, D.C., the lesser-told story is what’s happening in cities across America. For five years, Jim and Deb Fallows crisscrossed this country finding positive examples of economic revitalization and civic leadership. Their stories, so vividly told, paint a portrait where the rest of America is rising through creativity, innovation, and a commitment to ushering in a better future.
PUBLISH DATE: 2018-05-08

VANESSA COLELLA, CHIEF INNOVATION OFFICER AND HEAD OF CITI VENTURES, CITI
Educated: A Memoir

This year I have been particularly interested in books that highlight our humanity—what makes us strong and what makes us frail; what inspires us to act and what holds us back. Educated is a touching, intimate portrayal of the ties that bind and fray, and I think an important read for all, especially at this moment in history.
PUBLISH DATE: 2018-02-20

PATRICK COLLISON, CO-FOUNDER AND CEO, STRIPE
Stubborn Attachments: A Vision for a Society of Free, Prosperous, and Responsible Individuals

I think one should mostly read old books. But given the criteria for a yearend list, I nominate Tyler’s latest work. Stubborn Attachments is an important, Hume-inspired, ambitious-but-short take on ethics and responsibility. Editor’s note: This book was published by Stripe Press, which is part of Stripe.
PUBLISH DATE: 2018-10-16

KATIE DILL, VICE PRESIDENT OF DESIGN, LYFT
Leonardo da Vinci

An absolutely compelling portrayal of an inspiring genius. Isaacson reminds us of Leonardo’s humanity and the source of his great ability: insatiable curiosity and emboldened imagination. It not only made me respect the man more but showed me how we all can be a bit more like Leonardo.
PUBLISH DATE: 2017-10-17

JOANNA GERAGHTY, PRESIDENT AND CHIEF OPERATING OFFICER, JETBLUE AIRWAYS
Refugee

I believe that the young adult genre, which can present great opportunities to share an interesting read with your child, is often overlooked. Refugee, by Alan Gratz, did not disappoint. The author weaves together three generations of refugees—a Jewish child in Nazi Germany, a Cuban refugee following the missile crisis, and a present-day Syrian refugee. The book humanizes the people we see in the news, makes their hardships very relatable, and sparks interesting dialogue for parents and their children. Reading alongside my 10-year-old, I certainly can confirm the book has done just that for my son and me.
PUBLISH DATE: 2017-07-25

DAVE GILBOA, CO-FOUNDER AND CO-CEO, WARBY PARKER
Factfulness: Ten Reasons We’re Wrong About the World—and Why Things Are Better Than You Think

Turning on the news today, you would think the world is getting worse by the minute. Hans Rosling’s Factfulness offers a much more optimistic view about human progress, dispelling pervasive misconceptions with statistics and facts. For example: The number of people living in extreme poverty has been cut in half over the last 20 years, but in most countries fewer than 10 percent of people knew this. I found the book’s realistic look at the world very refreshing and a hopeful antidote to fearmongering.
PUBLISH DATE: 2018-04-03

PATRICK HARKER, PRESIDENT AND CEO, FEDERAL RESERVE BANK OF PHILADELPHIA
The Efficiency Paradox: What Big Data Can’t Do

Edward Tenner questions society’s conventional assumptions about the benefits of robotic hyperefficiency and demonstrates through a number of case studies that our reliance on algorithms should not function in the absence of human skills. We should be able to use our own sensibility, instincts, and insights to enhance these benefits. Given the increased pace of automation in today’s world, the idea of creating balance between the drive for efficiency and advances in technologies with digital tools seems of great relevance.
PUBLISH DATE: 2018-04-17

MATT HARRIS, MANAGING DIRECTOR, BAIN CAPITAL VENTURES
The Third Plate: Field Notes on the Future of Food

The best book I’ve read in the past year is The Third Plate by Dan Barber. Like most urban progressives, I’ve done the easy part, in that I shop at the farmers’ market, eat organic, and even compost when I can. Barber pushes us to do the hard part—cutting back on protein, considering sustainable agriculture, and, most importantly, doing it all while eating better than ever.
PUBLISH DATE: 2015-04-07

NEESHA HATHI, EXECUTIVE VICE PRESIDENT AND CHIEF DIGITAL OFFICER, CHARLES SCHWAB
Inspired: How to Create Tech Products Customers Love

Inspired: How to Create Tech Products Customers Love is a look at how successful technology companies such as Google, Tesla, and Netflix design, develop, and deploy attention-grabbing products. Discussions in this book focus on structuring staff and discovering/delivering technology products your customers will love. The client-centered approach mirrors what we do at Schwab; the emphasis on how successful teams work when the client is at the center echoes what we are undertaking within Schwab’s Digital Services team.
PUBLISH DATE: 2017-12-04

KATHRYN HAUN, GENERAL PARTNER, ANDREESSEN HOROWITZ
Bad Blood: Secrets and Lies in a Silicon Valley Startup

Practically overnight, Theranos went from being a $9 billion unicorn to losing it all. It’s a cautionary tale on what can happen when a captivating narrative distracts from business fundamentals—and the perils of squelching dissent at all costs. Carreyrou’s work also underscores the importance of investigative journalism, without which this story may well have never been told.
PUBLISH DATE: 2018-05-21

NEEL KASHKARI, PRESIDENT AND CEO, FEDERAL RESERVE BANK OF MINNEAPOLIS
Grant

A fantastic biography of an imperfect but brilliant and important leader. Grant overcame enormous obstacles to help save the country and end slavery. He was decades ahead of his time regarding civil rights and belongs alongside Washington and Lincoln in the annals of U.S. history.
PUBLISH DATE: 2017-10-10

DARA KHOSROWSHAHI, CEO, UBER
Principles: Life and Work

Every leader builds their own operating system—what works for them, what mistakes they have learned from. Ray has put it all on paper in a very personal account of building his business that I’ve found incredibly useful as I look to move forward with Uber and my team. The human tendency is to celebrate successes and look away from your mistakes, but a hard look at your mistakes is often the best way to improve. Ray has done just that.
PUBLISH DATE: 2017-09-19

MAX LEVCHIN, CO-FOUNDER AND CEO, AFFIRM, CO-FOUNDER OF PAYPAL
The Culture Code: The Secrets of Highly Successful Groups

Despite the slightly sensationalist title, the book delivers a relevant mix of solid academic research along with practical advice and not-quite-usual, if requisite, anecdotes from the trenches. Scaling a startup through the always difficult “teenage” period of a few hundred folks, when not all work relationships are high-trust by default, sent me searching for a good book on the topic—and The Culture Code certainly had some great, nonobvious insights to contribute.
PUBLISH DATE: 2018-01-30

BHARAT MASRANI, GROUP PRESIDENT AND CEO, TD BANK GROUP
Hit Refresh: The Quest to Rediscover Microsoft’s Soul and Imagine a Better Future for Everyone

Hit Refresh is an insightful read about the importance of being willing to adapt to the environment you find yourself in—rather than wishing for the good old days to return. In today’s rapidly changing business environment, they rarely do. Satya explores the critical role culture plays in organizational transformation and the importance of both being a good listener and demonstrating genuine empathy. A terrific read by an inspiring leader.
PUBLISH DATE: 2017-09-26

MIKE MAYO, WALL STREET ANALYST, WELLS FARGO SECURITIES
Keeping At It: The Quest for Sound Money and Good Government

The famed Fed chief notoriously doubled interest rates to 20 percent in a high-wire act that helped to tame inflation and resulted in four decades of price stability. His new memoir provides the backstory to his conviction that he remain “lashed to the mast” to accomplish this feat, all the while confronting backlash from a president, his family, the country, and the Fed itself in an attempted coup.
PUBLISH DATE: 2018-10-30

JUDITH MCKENNA, PRESIDENT AND CEO, WALMART INTERNATIONAL
New Power: How Power Works in Our Hyperconnected World—and How to Make It Work for You

In an ever-changing and increasingly transparent world, New Power explores human behavior and focuses on how the evolution of social networks and social movements are changing the way businesses and society interact. For anyone trying to understand how to meaningfully connect with people at scale, it can transform the way you think about what matters and how to elevate values as part of the dialogue. As someone who believes that people and humanity are the greatest forces on the planet, I found this a must-read.
PUBLISH DATE: 2018-04-03

KEN MOELIS, FOUNDER, CHAIRMAN, AND CEO, MOELIS & CO.
The Complete Personal Memoirs of Ulysses S. Grant

Given the success of Ron Chernow’s book published last year, I decided to read the original. Grant’s memoirs have always been considered among the best of any president, and my advice would always be to go as close to the primary source as possible if you can. Great read in simple, plain-spoken writing, if a bit long.
PUBLISH DATE: 2009-10-12

SATYA NADELLA, CEO, MICROSOFT
The Book of Why: The New Science of Cause and Effect

The math of inference and causality is the core of this book. I love that it is written by both a Turing Award-winning computer scientist focused on artificial intelligence and a student of philosophy who recognizes the critical importance of language and logic. Whether you run a business or make policy, The Book of Why will help you understand the math and science underlying the future of technology. “Language shapes our thoughts,” Pearl writes. We cannot ask a question that we have no words for. Therefore, we cannot train AI without blending both computer science and the humanities. “You don’t really understand AI until you can teach it to a mechanical robot,” Pearl says. Once we’ve built a moral robot, many apocalyptic visions start to recede into irrelevance.
PUBLISH DATE: 2018-05-15

JEETU PATEL, CHIEF PRODUCT OFFICER, BOX
Powerful: Building a Culture of Freedom and Responsibility

Powerful provides actionable advice on creating a corporate culture of transparency and accountability. McCord’s storytelling abilities, decades of experience building successful teams, and fresh perspective on developing and retaining the best talent, places Powerful in a class of its own. A must-read for every leader—whether you come from a company of two or 20,000.
PUBLISH DATE: 2018-01-09

MARK PINCUS, FOUNDER AND CHAIRMAN, ZYNGA
The Courage to Be Disliked: The Japanese Phenomenon That Shows You How to Change Your Life and Achieve Real Happiness

This book takes an optimistic worldview and argues that our happiness is dependent on our present state, not past traumas. That means it’s never too late to live the life you want.
PUBLISH DATE: 2018-05-08

JOSH REEVES, CO-FOUNDER AND CEO, GUSTO
Dare to Lead: Brave Work. Tough Conversations. Whole Hearts.

Leaders can sometimes be put on a pedestal when in reality, they serve their teams. It’s through being vulnerable and sharing the way we are improving that others are inspired to do the same. Dare to Lead is a great capture of learnings, examples, and practical advice on how to be a leader with heart.
PUBLISH DATE: 2018-10-09

GEORGE ROBERTS, CO-FOUNDER AND CO-CEO, KKR
Without Precedent: Chief Justice John Marshall and His Times

The book is about John Marshall, who served as the fourth chief justice of the Supreme Court from 1801 to 1835. It’s a well-written history about the early days of our country and the strong character of Justice Marshall and his influence in shaping the Supreme Court. The book is also very informative about the man himself: He had an eighth grade education, was raised on the frontier, and fought in the Revolutionary War with Washington.
PUBLISH DATE: 2018-02-20

EMMANUEL “MANNY” ROMAN, CEO, PIMCO
The Largesse of the Sea Maiden: Stories

Denis Johnson is one of the most original writers of short stories since Raymond Carver.
PUBLISH DATE: 2018-01-16

MORTON SCHAPIRO, PROFESSOR AND PRESIDENT, NORTHWESTERN UNIVERSITY
Paris in the Present Tense

Mark Helprin’s Paris in the Present Tense is brilliantly evocative and haunting. I finished it months ago and still think about it several times per week.
PUBLISH DATE: 2017-10-03

DAVID SOLOMON, CEO, GOLDMAN SACHS
Destined for War: Can America and China Escape Thucydides’s Trap?

A book that’s stayed with me this year is Graham Allison’s Destined for War, which examines the U.S.-China relationship in light of the so-called Thucydides Trap: the idea that violence is inevitable when a rising power crosses paths with one more established. As a history of transitions, this book provides an important perspective on what’s required to maintain mutual relations even as the terms of that relationship evolve. China and the U.S. are very different countries, founded on different sets of beliefs, with unique sets of domestic and international challenges. Add in that China may one day be a larger economy than the U.S., and you have a recipe for conflict. But it doesn’t have to come to war, and Allison points to other relationships, like the U.S. and Britain, that have instead evolved into strong partnerships. This book has provided a useful lens through which to view the world. In the years ahead, I suspect CEOs and leaders of all stripes will return to its pages for insight into our increasingly complex era. I’m glad to have read it.
PUBLISH DATE: 2017-05-30

VLAD TENEV, CO-FOUNDER AND CO-CEO, ROBINHOOD
Small Fry

It was interesting to see a unique view into Steve Jobs’s life from the vantage point of his first daughter. Entrepreneurs are often glorified in biographies, but the hard work they do often comes with sacrifices in their personal lives, and these stories are rarely told.
PUBLISH DATE: 2018-09-04

JOE TSAI, EXECUTIVE VICE CHAIRMAN, ALIBABA
Life 3.0: Being Human in the Age of Artificial Intelligence

LIBBY WADLE, PRESIDENT, MADEWELL
Love and Ruin

The book I recommend is Love and Ruin by Paula McLain—author of the novel The Paris Wife. The Paris Wife was based on the relationship between Ernest Hemingway and his first wife, Hadley Richardson. This follow-up novel is based on the relationship between Hemingway and his third wife, Martha Gelhorn, a writer and journalist in her own right. I really enjoy historical fiction and nonfiction, and this is a great blend. It provides a fascinating and compelling glimpse into the couple’s intense and tumultuous relationship, as well as how both were drawn into the midst of the Spanish Civil War on the eve of World War II.
PUBLISH DATE: 2018-05-01

According to a report on Bloomberg

How to prevent seasonal flu in Vietnam?

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By Dr Delphine Natali

The seasonal flu is one of many ailments that can affect us during winter.

It is quite different from other common respiratory diseases and the common cold. Mostly caused by the Influenza A or Influenza B virus, there are other strains such as swine flu or avian flu, which can cause non-seasonal outbreaks worldwide.

According to a report by Dr Delphine Natali on Vietnam News, the typical symptoms are a sudden high fever, extreme tiredness, headaches, body aches, cough, sore throat and runny nose with clear, watery secretions. The fever usually lasts for three days, with an improvement on day two, and then a rise again on day three. The good news is that most cases of seasonal flu are benign and will heal spontaneously. The bad news is that although you will acquire immunity against the same strain that caused your flu, you will not be protected against the next seasonal flu. The flu virus changes very quickly, which is called a mutation. This makes it impossible for the immune system to react to it as efficiently as it does against other viral diseases. This is also why every year a new vaccine has to be developed to protect people from infection.

Sometimes, flu can be complicated by pneumonia, mostly caused by bacteria called Staphylococcus aureus. Because your immune system is weakened by fighting the flu, it is easier for these bacteria to affect you. When bacterial infection occurs, you will notice your nasal secretions and/or the mucus you cough up changing from clear to a yellowish or greenish colour. If you have a chronic respiratory or heart disease, the flu can aggravate the associated symptoms, for example it can make existing asthma worse. Persons at risk of complications from the flu are generally aged over 65 years, very young children, pregnant women and people with chronic underlying conditions.

The symptoms are very typical so usually it is not necessary to prescribe tests to diagnose the flu. In some cases, though, your doctor may prescribe tests to determine if you need antiviral medication. These tests are very fast and a diagnosis is ready within a couple of hours. If needed the antiviral medication is very effective (Tamiflu is the one available in Viet Nam) but only if your onset of symptoms was less than two days before, after that the medication does not have any benefits.

If you are pregnant, flu can be very dangerous so it is important to consult with your doctor as soon as possible, as you will need antiviral medicine.

Don’t take antibiotics without a doctor’s prescription as they do not help against a viral infection. If you have a bacterial supra-infection on the other hand, your doctor may prescribe them.

Don’t give aspirin to those younger than 18 years of age as it can cause severe side effects in children who have the flu.

What can you do?

As with a common cold, rest, drink plenty of fluids, eat fresh fruits and soup to replenish your body with vitamins and nutrients that can be easily digested. You can use paracetamol to relive fever and bodily aches, as well as lozenges, nasal decongestants and cough syrup. And if you are a smoker, stop smoking!

Avoid spreading the flu to others. The virus stays in droplets when you sneeze and cough and can be directly transmitted to others or when another person touches a surface that has been contaminated. Such surfaces can be your hands, a door handle, or a table where you put used tissue paper. Wash your hands frequently or use an alcohol hand rub, stay at home, limit contact, wear a mask and use proper cough etiquette.

Seek immediate medical attention if your fever lasts for more than three days, you have pain when breathing or difficulty breathing, you feel dizzy, confused or experience severe vomiting.

A seasonal flu vaccine is available every year. If you are over 65 years old, pregnant or planning to get pregnant, have small children or a chronic condition, you should get yourself and your small children vaccinated every year. — Hanoi French Hospital

Dr Delphine Natali is a French-trained specialist in pneumology who recently joined our team. She works with Dr Hai Tran Pham at Hanoi French Hospital. Together they bring state-of-the art knowledge and treatment for all airway conditions, diseases and allergies.

FastGo can’t go!

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Vietnamese ride-hailing firm FastGo, at odds with authorities over its legal status, asserts it is going by the book.

According to the Ministry of Transport and the Ministry of Industry and Trade (MOIT), FastGo is not yet eligible to be approved for a pilot phase, nor is it registered as a tech platform.

In a written reply to the Da Nang Department of Transport’s proposal to permit FastGo to operate, the Ministry of Transport has said that the application falls under the category of “electronic contract service based – management support platform.”

But, the ministry adds, it is yet to receive a proposal to launch the app directly from FastGo Vietnam JSC, which means the application is not yet ready to be approved for a pilot phase.

The ministry has also requested the Da Nang Department of Transport to inform cab companies not to use FastGo if the app is offered to them. Furthermore, FastGo is not allowed to provide its services directly to taxi drivers, it says.

However, Nguyen Huu Tuat, the CEO of FastGo, is adamant that the app is not violating any law. He said that he has not received a written response the ministry or from the Da Nang Department of Transportation.

Tuat clarified that FastGo does not provide transport support management services to individual drivers in Da Nang. It only services drivers of local transport cooperatives.

“FastGo has filed the information and sent a request for approval for a pilot phase, but has not received a response from the Ministry of Transport,” said Tuat.

He said Fastgo is neither defined as a transport service provider nor is it a transport cooperative. It is merely an application connecting drivers with customers. Tuat said that he was waiting for new transport regulations on this issue, following which the company will determine the specific business category for registering its app.

FastGo has been functioning in Vietnam’s major cities since June. It is only after six months that regulators have backtracked and declared that its registration is incomplete.

According to a report on Nikkei Asian Review, the company as saying it hopes to make its service available in 20 cities in Vietnam and five other Southeast Asian markets, including the Philippines, Cambodia and Thailand, by the end of next year.

A representative of the Department of E-Commerce and Digital Economy under the Ministry of Industry and Trade said: “FastGo has not registered its tech platform with the Ministry of Industry and Trade. Therefore, it is unlawful for FastGo to engage with drivers or operate a transport management platform.”

In response to this comment, Tuat asserted that he has submitted this proposal, but is yet to receive a reply.

Launched in June 2018, FastGo now operates in Hanoi, Ho Chi Minh City and Da Nang with more than 30,000 drivers. At the end of August, the local company received funding from VinaCapital, and is planning to mobilize up to $50 million for a second expansion phase that will target Indonesia and Myanmar.

FastGo Vietnam Joint Stock Company was established in April 2018 with its headquarters in Hanoi. The company belongs to a wide network of services provided by Nextech, a leading tech firm in Vietnam.

By Edward Rupert on DigitalGlobalist.com

Korea Republic will face off against Vietnam in the inaugural AFF-EAFF Champions Trophy

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It is confirmed, Korea Republic announce Champions Trophy match against Vietnam in Hanoi on March 26

In a post by the Korea Football Association’s social media handle, they flashed a photo of coaches Paulo Bento and Park Hang-seo announcing that South Korea and Vietnam will battle it out on March 26, 2019 at the My Dinh Stadium in Hanoi.

A few days ago, foxsportsasia.com reported that the ASEAN Football Federation (AFF) and East Asian Football Federation (AEFF) have agreed that their respective champions will battle for a Champions Trophy which will be held every other year.

The Golden Dragons recently beat Malaysia in the final of the AFF Suzuki Cup 2018 to win the spot against the South Koreans who are the current EAFF E-1 Football Championship winners.

This should be a very intriguing battle between two strong Asian squads!

Domestic violence is widespread in Vietnam

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In Vietnam, domestic violence spans across every walk of life. but the victims, usually women, conceal it fearing shame and stigma.

An ongoing exhibition at Hanoi’s Vietnamese Women’s Museum, showcases heart-wrenching stories of female victims of domestic violence. Ngoc Dinh reports on VNExpress.

While the Law on Domestic Violence Prevention and Control came into force 10 years ago, domestic violence remains rife among all social classes.

Behind closed doors

“Behind closed doors” is the name of the exhibition, which will stay open until the end of the month, exhibiting victims’ stories, installations and housing models to support domestic violence victims.

Most of the stories were shared from unnamed women.

One of them is a 38-year-old university lecturer in Nam Dinh Province, three hours south of Hanoi. She married a man whose excellent academic achievements she admired.

In the seemingly ideal family, however, she suffers physical violence frequently at the hands of her husband.

“My husband locks the door when he hits me,” she said.

“My husband never accepts that I can do something he does not like, even the smallest thing. If he asks me to buy lemons but I buy kumquats instead, he would think I disrespect him and curse and hit me immediately.”

A 37-year-old bank employee in Vinh Phuc Province, one hour northwest of Hanoi, also endures brutal beatings from her husband.

“He often locks me inside the house to beat me,” she said.

When they have an argument, her husband uses anything within his reach to attack her. “If he can reach a knife, he uses a knife. Without it, he would throttle my neck, leaving marks.”

She showed two scars on her neck as the legacy of an attack when he throttled her neck so tightly she bled.

“I was too weak to resist the violence; he is a strong man. Once he used a chopping knife to slit my throat, I was so scared I called the police.”

She said that once her husband attacked her with a knife but she lied to her colleagues about the injury, saying she was robbed on the street.

“I don’t want my colleagues or my husband’s colleagues know I’m beaten by him, because it will affect his job and my children.”

These tragic stories are repeated by woman after woman across the country. In fact, 58 percent of women who have ever been married experienced at least one of physical, mental or sexual violence at the hands of their husbands, reported the National study on Domestic Violence Against Women by the Vietnamese government and the United Nations.

The Nam Dinh university lecturer, only identified by her initials P.T.T., said: “I asked him we are both intellectuals, so how could he hit me like that. I am a lecturer, yet I am insulted by my husband.”

She has also experienced sexual abuse by her husband.

“My husband has high sexual demands, and I always have to satisfy him or else he will get suspicious.”

Sometimes when she stayed with her children to avoid him, he would grab her, spit in her face and curse.

“I always feel so ashamed and painful like I was raped.”

P.K.H., another teacher in Nam Dinh, started suffering physical abuse in 2012 when she found out about her husband’s affair.

“One time he came home late from work and knocked on the door, but I did not hear it as I was on the phone. When I opened the door he punched me right on my face, causing my eyes to swell.”

M.T.H., 50, a freelancer in Dong Anh District in suburban Hanoi, said, “My children often witnessed their father’s sexual violence against me.

“Sometimes when he would demand sex and I would refuse he would strip off his clothes and turn on the light even in front of our children.”

Her youngest son is now struggling with depression because of such experiences. When her oldest son protested, her husband said, “She is my wife, I can sleep with her.”

Ten percent of women who had ever married have experienced domestic sexual violence, according to the national study on Domestic Violence Against Women. The report also points out that sexual violence does not differ among different age groups or academic levels.

Besides physical and sexual abuse, the report found that women also experience mental abuse and financial abuse from their spouses.

The truth untold

Despite serious threats within their family, many women have never voiced about their abuse for fear of social prejudice.

S.N.B, 42, a freelancer in Lang Son, four hours north of Hanoi, said she endured torture that almost killed her.

“I once lost consciousness on the street, my neighbors had to take me to the hospital.” B said. “Two weeks ago, he used a knife to slit my head, leaving an open wound. I had to receive over ten stitches.”

The husband was arrested by the local police and the knife was confiscated, but S. eventually asked for his release.

“I was afraid people would say it is me who throw my husband into jail. I’m afraid my children would grow up thinking that way, so I withdrew my lawsuit.”

N.T.O., a shopkeeper in Hai Duong Province, more than an hour east of Hanoi, who endured her spouse’s verbal attacks throughout decades, said that she thought confessing would embarrass her and getting divorce was considered a disgrace.

“If I get divorced, people will laugh at us,” O said. “My daughter’s parents in law will not understand, it will put a bad reputation on my daughter.”

Statistics in the National Study show nearly half of the respondents say they have never told anyone about their husbands’ violent behavior; 87.1 percent of the women suffering spousal abuse never sought help from any government body or organization.

In Vietnam, there were one million divorce cases involving domestic violence nationwide between 2008 and 2018, according to the justice department.

Around 97 percent of the nation’s victims are women, according to the National Study on Domestic Violence Against Women, co-conducted by the government and the United Nations.

According to a 2013 report by World Health Organization, Southeast Asia ranked highest after Africa, at 40.2 percent, for lifetime prevalence of intimate partner violence or non-partner sexual violence, or both, among all women of 15 years or older.

Banks generated income and revenue from services

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In the first nine months of the year, the Vietcombank’s pre-tax profit exceeded the full-year 2017 figure and closed in on the year’s target.

Thanks to a decline in provisioning for risky loans from 36.2 per cent to 29.9 per cent, the profit surged by 47 per cent year-on-year to US$516 million. Thien Ly reports on VNS.

Notably, its net profit from services was up 34 per cent. The bank executive said profits from non-credit activities increased sharply and contributed 30 per cent of the profits.

In addition, the lender’s investments became more selective, focusing on effective products, the executive said.

Military Bank had also reported a very impressive performance in the first three quarters with pre-tax profits doubling year-on-year to VND6 trillion. Services accounted for VND1.69 trillion, half of which came from bancassurance, which rose by 3.2 times.

In recent years, Techcombank has also pursued a policy of diversifying its income sources to reduce reliance on income from credit activities and fee collection while also reducing risks at the same time.

As a result, the profits the bank earned from insurance services accounted for 26 per cent of its total profits from non-credit activities.

Not only big banks but also many small banks have managed to increase the share of their profits from activities other than lending.

VietBank for instance invested $14 million in core banking to shift from providing only credit services to non-credit services.

Core (centralised online real-time exchange) banking refers to networking a bank’s branches enabling customers to access their accounts and perform basic transactions from any branch.

In the past, VietBank’s revenues from non-credit services accounted for only 3 per cent, but they are expected to reach 10 per cent this year and 20 per cent by 2020.

Experts said however the main source of income outside of credit activities is from service fees.

Many banks wanted to increase the fees for many of their services to improve revenues from this segment but the Central Bank of Vietnam shot down the plan.

Bankers said however that they increased fees so that they can afford to develop infrastructure and maintain ATMs.

Experts said banks should focus on offering products and services with financial solutions to collect fees instead of increasing fees for services such as ATM cash withdrawals and mobile banking.

Japan-funded project has celebrated the completion of a new oil refinery in Vietnam

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An oil refinery joint project involving Japan’s major oil wholesaler Idemitsu Kosan in Vietnam has completed.

According to a report on NHK, Idemitsu, Mitsui Chemicals and state-run oil companies of Vietnam and Kuwait have invested in the Nghi Son oil refinery in the northern Vietnamese province of Thanh Hoa.

The refinery, the second of its kind in Vietnam, began full-fledged operation in October. It has a daily production capacity of 200,000 barrels.

On Sunday, about 1,000 people attended a ceremony at the refinery. Vietnamese Prime Minister Nguyen Xuan Phuc said with the completion of the new refinery Vietnam can provide about 80 percent of domestic demand and reduce its dependence on imported oil.

Idemitsu Kosan President Shunichi Kito said Vietnam’s demand for oil will grow as the motorization of the country progresses. He said he hopes the refinery will provide stable supplies of oil, and that Vietnamese people will be better off.

Vietnam has seen annual economic growth of more than six percent, and the number of motorbikes and vehicles has been increasing.

Peach Aviation is considering flying to Vietnam

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Peach Aviation, a Japanese budget airline to expand midrange flights to Southeast Asia and Vietnam among fresh destinations for it.

According to a report on Nikkei, Japanese low-cost carrier is considering flying to Southeast Asia as early as 2020, hoping to capture travel demand around the fast-growing region.

Thailand, Vietnam, Indonesia, Singapore and Malaysia are among the likely destinations cited by CEO Shinichi Inoue for the seven- to nine-hour medium-haul service slated to begin around that year. “Hub airports are expected to help attract passengers from surrounding areas,” Inoue told Nikkei recently.

The ANA Holdings unit envisions offering such flights from all four of the Japanese airports it uses: Kansai International Airport, serving greater Osaka; New Chitose Airport, on the northern island of Hokkaido; Sendai Airport, in northeast Japan; and Naha Airport, in Okinawa.

Peach Aviation plans to absorb Vanilla Air, another ANA group budget airline serving mainly greater Tokyo, by the end of fiscal 2019. Flights out of Narita Airport near Tokyo are expected to increase with the consolidation.

Competition for budget medium-haul flights out of Japan is expected to intensify as Jetstar Japan and ANA’s biggest competitor, Japan Airlines, move to launch their own services.

Vietnam’s Miss Universe donates her cash prize to community activities

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Here’s another reason to love Miss Universe Vietnam 2018 H’Hen Nie.

The popular beauty queen has given her entire cash prize to community activities, as announced through the official Instagram page of Miss Universe Vietnam on Wednesday.

H’Hen Nie received a total of one billion Vietnamese dong – or around $43,000 – from her managing company and various sponsors.

“She’s decided to donate 100% of her prize for social activities. She wants to complete her promise with her village to provide scholarships for poor students and complete her social project, Room to Read (build more libraries in rural areas, support schoolgirls around the world). Such an amazing act of her,” read the post on the Miss Universe Vietnam Instagram page.

H’Hen Nie finished in the Top 5 of Miss Universe 2018, which was won by Catriona Gray of the Philippines.

In her introduction video for Miss Universe, H’Hen Nie said she gave away all of her prize money after winning Vietnam’s national pageant and opened a library in the countryside to help children learn how to read.

She also revealed that her parents wanted her to get married at the age of 14, but she chose to study and fulfill her own dreams.

Vietnamese shares ended in negative territory today

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Shares fall for fifth straight session as large-cap stocks continued to suffer from an increase in investor selling pressure.

The VN-Index on the Ho Chi Minh Stock Exchange edged down 0.65 per cent to end morning trading at 912.29 points.

On Thursday, December 20, it dropped 0.11 per cent to end at 918.24 points.

On the Ha Noi Stock Exchange, the HNX-Index fell 0.44 per cent to 104.07 points.

The index inched up 0.35 per cent to 104.53 points on Thursday.

According to a report on VNS, more than 119 million shares worth a combined VNĐ2.6 trillion (US$111 million) were traded on the two markets.

The VN30 Index, which tracks the 30 largest stocks by market capitalisation, was down 0.60 per cent to 871.78 points.

Oil prices decreased 5 per cent on Thursday, hitting their lowest level in more than a year, affecting the domestic oil stock group.

Brent crude futures fell 5.05 per cent to settle at $54.35 a barrel. U.S. West Texas Intermediate (WTI) crude futures fell $2.29, or 4.75 per cent, to settle at $45.88 a barrel.

Oil firms that saw their stock prices fall were PetroVietnam Drilling & Well Services Corporation (PVD), PetroVietnam Technical Services Corporation (PVS), PetroViet Nam Coating JSC (PVB), Viet Nam National Petroleum Group (PLX) and PetroVietnam Gas JSC (GAS), with falling by between 1.6 and 4.5 per cent.

Other large-caps were also hit, including steel maker Hoà Phát Group (HPG), dairy firm Vinamilk (VNM), Vincom Retail (VRE) and Techcombank (TCB).

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