Tetra Paks covers Vietnam’s beaches and towns by billions of discarded cartons

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More than 8bn Tetra Paks are sold every year in Vietnam – and only a few percent are recycled. It’s having a devastating effect on the environment.

It takes 45 minutes to pick up all the milk cartons that have washed up on Long Hai beach overnight. “I feel like all I do is collect them,” says Nguyen Thi Ngoc Tham, gesturing towards the quiet length of sand that fronts her beach house in the south of Vietnam. “I fill about three or four bags every morning, but then there will be a big wave, and when I look back over my shoulder the sand is covered again.”

According to a report by  Corinne Redfern on The Guardian, milk cartons aren’t the only rubbish that washes up on her shores; bottles of Coca-Cola float in the shallows next to odd shoes, bin bags and sodden bits of cardboard. Once or twice a year, there’s a dead body. “The milk cartons are the most difficult,” she explains. “I can get rid of everything else. Local waste pickers will buy the plastic and the paper from me, and I call the police for the corpses. Nobody will take the milk cartons from me.”

Milk consumption in Vietnam has almost doubled in the past 10 years, as the dairy industry shifts its focus from “saturated” western markets in favour of Asian expansion and is now valued at $4.1bn (£3.1bn). But one of the biggest beneficiaries of this growth seems to be the dairy industry’s principal packaging supplier, Tetra Pak. Last year, 8.1bn of Tetra Pak’s individual cartons were sold across Vietnam. Yet a comprehensive country-wide recycling programme is yet to be implemented. Now, as cartons pile up on beaches and in landfills up and down the country, that’s having a devastating effect on the environment.

Shop worker Hong An at a Vinamilk store in Ho Chi Minh City | Photographs by Francesco Brembati

When the Guardian asked Tetra Pak who was recycling their waste, the company told us that there were two facilities in the country: Dong Tien plant in Binh Tanh and Thuan An in Binh Duong. Dong Tien invited the Guardian to come and visit. Thuan An declined to comment.

Tetra Pak told the Guardian that they are recycling 18,000 metric tonnes of cartons a year, with 93,000 packs per tonne, which would mean that they are currently recycling about 20% of their output. The principal recycling plant, they said, is Dong Tien.

But during a tour of the Dong Tien plant, kindly laid on by vice director Phan Quyet Tien, the Guardian was told that although at its peak in 2016 the plant was processing 300-400 tonnes of Tetra Pak packaging a month, they now only process 100 tonnes in the same time frame. So at its peak Dong Tien was recycling just 5.5%(over a year) of all the cartons sold in Vietnam. Now, according to its vice director, that has sunk to just over 1%. Quyet Tien was not aware of the partnership between Tetra Pak and the Thuan An recycling plant. To his knowledge, there used to be another plant in Long An which was able to recycle the packaging, but is no longer able to do so.

“Recycling Tetra Pak cartons is possible, but only if you have the right systems and technology in place,” he explains. “In the past, we bought Tetra Pak waste directly from Tetra Pak, and we also bought milk cartons from informal collectors and litter pickers across the country. But the latter has proved financially ineffective, and it was impossible for us to make a profit.

These days, the Dong Tien plant only accepts waste materials sent directly by the Tetra Pak-affiliated dairy companies themselves. “Between 30% and 50% of the product is aluminium and plastic, and the rest is paper,” says Quyet Tien. “But it’s not simply a matter of mashing the cardboard down or melting the plastic – we have to extract each separate layer and treat them all in different ways.” The process still isn’t cost-effective he says, but it’s their social responsibility to do what they can to help the environment – even if it’s not enough. “We’d love to be able to recycle the cartons that people use and throw away afterwards – I’m sure many recycling plants would – but we get very little support from Tetra Pak themselves and we’re not a charity.”

The result? A country festooned with empty milk cartons. You’ll see clusters outside primary schools and nurseries: one million primary school children get a free carton of sweetened milk at school every day, thanks to a Tetra Pak-supported governmental project. A waste education programme is being piloted in 30 kindergartens, but what happens to the five million cartons at the end of each school week still depends on the institution. “We try to use as many cartons as we can for our arts and crafts lessons,” says Phung Thi Dung, 38, who has been working as a primary school teacher in the Ba Ria province for ten years. “But the rest just get thrown away. I’m not sure where they end up.”

On Long Hai beach Ngoc Tham isn’t sure what to do with the cartons she gathers. Once a week she burns them after sending her 14-year-old son, Phuc Thinh, inside and instructing him to close all the windows and doors to prevent the fumes from seeping inside. Her nearest neighbours – an elderly couple whose beach hut is 300m away – often come storming down the sand to complain about the smell.

Those at the country’s “informal waste stations” admit they don’t have the answers either. Le Thi Anh, 75, works alongside her teenage grandson to sort through the sacks of rubbish dropped off by litter pickers from across the region. “In around 2013 the number of milk cartons being brought to us began to increase quite dramatically,” she says. “We bought them at the start, because somebody told us that recycling plants would buy them to make roofing tiles. But when we took them to the factory, they said it was impossible and they sent us away.” In the end, she burned the cartons in an unofficial landfill nearby. “The smoke was so strong I was coughing for a week.”

Thi Anh was right about one thing: Tetra Pak cartons can be made into corrugated roofing tiles – utilising between 95% and 97% of the multi-layered packaging in the process. “On average, we produce 5,000 tiles every month,” says Quyet Tien over at Dong Thien. Unfortunately, they’re also twice as expensive as normal roof tiles. “As a result, we have to manufacture to order, because so few construction companies are willing to pay that price and we don’t want to be left with any excess,” he explains.

The problem may yet worsen. Next May the company will open Vietnam’s first domestic packaging plant on the outskirts of Ho Chi Minh City. Worth $110m, the factory will be capable of producing 20bn cartons a year – foreshadowing a presumed increase in dairy consumption of yet another 50%.

For now, in the absence of any economically viable recycling solutions, Tetra Pak cartons in urban areas of Vietnam are collected by local authority-licensed municipal rubbish collection services, such as Citenco, to be disposed of in large landfill sites across the country. In Ba Ria, the cartons largely end up in a Korean-owned rubbish dump spanning 30 hectares (74 acres) – the largest in the region. There’s no sorting or recycling involved. It’s estimated that between 76%-82% of non-recyclable urban waste in Vietnam ends up in managed landfills. But for those in rural regions, where only 10% of waste is collected by the licensed authorities, the majority ends up dumped by the side of the road or in the sea.

Environmental experts are concerned. Mia MacDonald is the executive director of policy research organisation Brighter Green. “I find it strange and unsettling that so little is known about what happens to Tetra Pak packaging when it’s being distributed in such vast quantities across regions such as Vietnam,” she says. “Tetra Pak appear to have seen the potential for growth in south-east Asia, and are now trying to capitalise on that with small, single-use cartons that are quickly consumed and then thrown away. And the packaging appears benign: it’s not obviously plastic or glass or metal – it presents itself as recyclable. ”

An open-air dump site in La Gi province

“When Tetra Pak came to Vietnam in 1994, drinking milk was almost non-existent,” says the company’s in-country spokesperson, Ta Bao Long. “It was always just sweetened condensed milk … which was given to babies and ill people. We had to educate the customers about the convenience and safety of drinking milk from a portable, disposable carton.”

The company concedes that more needs to be done to develop recycling across Vietnam. “We’ve been proactively working on recycling since 2004, scouting for recyclers and seeking support from the government as well as NGOs. We started working with the first recycler in 2006,” Jason Pelz, regional circular economy director for Tetra Pak told the Guardian. “We agree more needs to be done. Over the past few years we have worked with our partners to build a total recycling capacity of 18,000 metric tonnes per year. The bottleneck is collection and segregation. We will continue to work closely with the government as well as other partners to increase the beverage carton collection and recycling in Vietnam.”

“We would like to strengthen recycling ability by discussing with [a] recycler in the north; which would bring more convenience in transportation and logistics,” says Ly Trang, Tetra Pak’s sustainability manager in Vietnam. “We are always looking for partners in the recycling/waste collection sector, who have the same vision … Waste management, segregation and collection in Vietnam [is not] at a mature stage yet so there is a lot of work to do.” Pelz added: “Recyclables are not sorted by consumers to be collected in different streams, and the collection of recyclables is often done voluntarily by waste pickers based on the value they can sell to the junk shops. This adversely impacts the recycling of most recyclables, because clearly you can’t recycle effectively when the waste is mixed. The Vietnamese government sees the need to build the infrastructure … We fully support the government initiative and are actively doing our part.”

Litter chokes a beach in Binh Thuan province @ Photographs by Francesco Brembati/ the Guardian

“Recycling has to be supported by Tetra Pak and the milk industry, because they’re the ones making huge profits,” says Quyet Tien, adding that the Dong Tien recycling plant needs to upgrade its carton processing technology, but can’t afford it. “If Tetra Pak don’t offer to supply it to us, we will have to drop the programme completely and Tetra Pak can find someone new – or they can try recycling it themselves and see how difficult it is.”

How close is Vietnam to the FTSE’s Secondary Emerging Market status?

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By Son Tran, VDSC, Email: son.tt@vdsc.com.vn

In the last FTSE’s annual review published in September 2018, Vietnam was added to the watch list for possible upgrade to Secondary Emerging Market in the future. In general, a country needs to be on the watch list for at least one year before a possible upgrading announcement and then another year before the official reclassification. Therefore, in an ideal scenario, Vietnam reach this status in September 2020.

Kuwait, China A shares and Saudi Arabia were the newest Secondary Emerging markets. Let’s have a look at their journeys below and see how close Vietnam is to the status.

Figure: FTSE’s upgrading process for Secondary Emerging Market in recent years

Kuwait: after being added to the watch list in September 2008, Kuwait had to wait for ten years before achieving the status in 2018. The outstanding criteria was “Clearing & Settlement – T+2/T+3” which was addressed in May 2017 by the country. See table below for “Quality of Markets Matrix”.

China A shares: increasing accessibility of the China A-share market for international investors was a long-lasting problem for China. It refers to the “formal stock market regulatory authorities actively monitoring the market” criteria which was finally met by the country in early 2018, just before the upgrading announcement from FTSE.

Saudi Arabia: after three years of being on the watch list, the country fulfilled two outstanding criteria which were “settlement – rare incidences of failed trades” and “clearing & settlement – T+2/T+3”. At a result, FTSE announced the upgrade of Saudi Arabia in September 2018.

To sum up, all three countries were added to the FTSE’s watch list even when they were still not meeting all criteria. The upgrading announcement came right after they fulfilled the requirements. Considering that Vietnam was added to the watch list while it had met nine out of nine criteria, we believe if it can maintain these conditions throughout the ongoing review year, Vietnam will be upgraded to Secondary Emerging Market status in 2020.

Table: FTSE Quality of Markets

VDSC Weekly Market Recap: Vietnam’s Emerging Market Status, Pharmaceuticals, FPT Online,

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Whether or not the Christmas rally started early, this week marks the 3rd consecutive week of gains, as the market rallied 3.5% WoW.

Since November 9th the VNIndex has gained 4.9%. Early in the week, investors were celebrating (perhaps too enthusiastically) the news from the Buenos Aires meeting between Tump and Xi. Following Asian markets upward, the VNIndex jumped 2.7% to 951.59 pts on Monday alone. Liquidity improved and we saw total matching value on the HOSE soar up to VND3,531 billion (~USD153.5mn), from an average of VND2,340bn (~USD101.7mn) the previous week. Moreover, cash flow returned to large cap shares driving the VN30 index up 3.01% to 921.72 pts on Monday. Our TA guys believe that this was an important technical indicator showing a highly possible recovery for the Vietnamese stock market.

Sentiment was relatively positive for most of the week, until Thursday’s of Huawei’s CFO arrest in Canada on behalf of the US which spooked investors in early trading. However, despite strong intraday volatility, the VNIndex managed to close only slightly down, to 954.82 pts, -0.24% from Wednesday. This was the smallest decline among Asian markets.

Increasingly local investors are starting to believe that the Vietnamese stocks are uncorrelated to the rest of the world, and that they can follow its upward trail, no matter where global indexes go. That might have been the case since early November.

However, we all know what happens when risk-off sentiment returns and markets move in unison. My point is that investors may want to be cautiously optimistic and look for attractive prices for shares of quality companies that have dropped to more reasonable valuations.

How close is Vietnam to the FTSE’s Secondary Emerging Market status?

In the last FTSE’s annual review published in September 2018, Vietnam was added to the watch list for possible upgrade to Secondary Emerging Market in the future.

Kuwait, China A shares and Saudi Arabia were the newest Secondary Emerging markets.

  • Kuwait had to wait for ten years before achieving the status in 2018. The outstanding criteria was “Clearing & Settlement – T+2/T+3” addressed in May 2017 by the country.
  • China A shares: increasing accessibility of the China A-share market for international investors was a long-lasting problem for China.
  • Saudi Arabia fulfilled “settlement – rare incidences of failed trades” and “clearing & settlement – T+2/T+3”. Hence, FTSE upgraded Saudi Arabia in September 2018.

Considering that Vietnam was added to the watch list while it had met nine out of nine criteria, we believe if it can maintain these conditions throughout the ongoing review year, Vietnam will be upgraded to Secondary Emerging Market status in 2020.

Pharmaceutical – Steady but Slow Progress

We only have a NEUTRAL view on the pharmaceutical industry for 2019 even though the transition progress in hospital channels may somehow speed up.

According to UNFPA, although Vietnam is still a young country, the population entered the “aging phase” in 2017. An aging population means more spending on pensions and healthcare.

Healthcare spending leaning towards the ‘hospital channel’: According to BMI, sales of the Vietnam pharmaceutical market is USD5.3bn of which sales to hospitals account for 70%.

As rising spending for healthcare is only a matter of time, the government needs to control costs. This will also help control inflation of healthcare.

Some domestic manufacturers, namely PME and IMP, won the bid in Tier 1 and Tier 2, typically dominated by foreign drugs. However, the amount has not reached our expectations.

However, winners will be the one who manage to sell the drugs to end-users

Risks

Policy risk is the major issue as the industry is heavily policy dependent.
FTAs coming into effect would lower the imported tax for foreign drugs.
High input price will likely remain due to the environment protection act from China.

FPT Online – New digital media listing on UPCoM

Ever since Yeah1! (HSX: YEG) listed, I’ve been hoping for more digital media stocks to list here. And next Monday December 10th, we’ll have one. FPT Online (UPCoM: FOC) will be FPT Corporation’s fifth subsidiary to list in Vietnam.

FPT Online publishes the online newspapers VnExpress, Ngoi Sao and iOne in Vietnamese and VnExpress International in English. Traffic data for iOne and VnExpress International are unavailable as those websites are sub-domains to VnExpress.

https://www.trafficestimate.com/vnexpress.net

The starting price has been set at VND110,000 (US$4.7) per share, which infers a market cap of VND1.55 trillion (USD66.3 million). At that price, the stock would be trading at 5.8x its 2018E EPS. Expect little liquidity as FPT and its related companies own ~85% of the 14.08 million shares. So there’s a pretty good chance the price will jump to the upper on the first day, and will trade in a similar was as Viettel Post. From market chatter on the OTC, we heard that blocks were changing hands at VND140,000 per share.

This year, FPT Online targets revenue of VND570 billion (USD24.8mn) and after-tax profit of VND267.2 billion (USD11.6mn).

Digital banking is here to stay, but effects still unclear

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Making late investments in high technology could cause a bank to lag behind, but if a bank goes too fast and customers are not ready, it will suffer losses.

Established in 2008, TP Bank has a limited network of branches and transaction offices. It experienced liquidity shock in 2011, but has become a ‘rising star’ in the banking sector.

What attracts customers most is LiveBank, a digital banking service of the Bank. LiveBank can serve nearly all kinds of banking transactions without tellers.

LiveBank has great advantages over normal ATMs because it allows customers to conduct many kinds of transactions, and over banking officers because it can work 24/7 hours with very high efficiency.

To date, TP Bank has 90 LiveBanks and plans to raise the number to 400 by 2020, which is equal to the number of transaction offices of the banks leading in networks, such as Sacombank, ACB and Eximbank.

In the last few years, banks have launched online transaction channels, such as internet banking and mobile banking. However, the channels work independently and customers need to choose the appropriate channels.

For instance, if customers carry out a transaction on mobile phones and the transaction is suddenly interrupted, they will not be able to continue the transaction on computers or at the counter. They will have to restart the transactions from the very beginning.

However, this inconvenience has been settled by Omni-Channel banking platform at OCB. The bank is also going to build a multi-utility ecosystem based on the omni-channel platform that, with only one banking app, allows customers to shop, book movie ticket, connect to social networks and do other transactions with only ‘one touch’.

For VP Bank, digital banking is an ecosystem of fashion, food, shopping and entertainment that fit youth’s taste. VP Bank’s Yolo app targets young people who have grown with touchscreens and wireless connections.

Military Bank now allows customers to transfer money via Facebook app and communicate with customers via chatbot. At Vietcombank, customers can initiate transactions at a separate transaction space named Digital Lab.

If compared with ebanking, which focuses on some major functions such as money remittance, payment and balance checking, digital banking is a new development as it carries out nearly all banking transactions online.

According to Pham Tien Dung, director of the Payment Department, 94 percent of banks have begun building or implementing digital transformation strategies and only 6 percent still have no general strategies. The investments in IT in general and digital banking in particular are not inexpensive.

According to a report on Vietnamnet

Barriers still exist in debt trading market

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Experts say that bad debts will be settled only if there is a debt market, but the market still has not taken shape because of the lack of a legal framework.

Since its establishment, the Vietnam Asset Management Company (VAMC) has bought VND280 trillion worth of bad debts with special bonds based on book value. However, the amount of settled debt is VND100 trillion only.

Bad debts moving around

The Q3 finance reports of commercial banks show a worrying problem that the bad debt is on the rise. This is attributed to the rapid increase in outstanding loans. However, analysts pointed out that there is another reason that banks have bought back the bad debts they had sold to VAMC before.

VietinBank, for example, in its biannual report, showed that it bought back all the debts sold before to VAMC. Vietcombank, Techcombank, Military Bank, ACB and VIB also no longer have any bad debt at VAMC.

VAMC is described as a ‘vault’ which keeps banks’ bad debts temporarily. It allows banks to ‘put bad debts aside’ and restore their capability of providing loans. In addition, they only have to make provisions against risks for special bonds than for bad debts.

As banks’ financial capability has improved, they are buying back the debt to accelerate the settlement process.

Deputy Prime Minister Vuong Dinh Hue, reporting to the National Assembly about the bad debt, said that bad debt figures in banks’ balance sheets is just 2 percent, lower than the 2.56 percent earlier this year.

However, if counting off-balance sheet bad debts and the debts sold to VAMC, the bad debt ratio of the entire banking system would be 6 percent.

Still awaiting legal framework

According to Tran Du Lich, a respected economist, when VAMC bought bad debts from banks with special bonds, this created a a 3-party relation among debtors, banks and VAMC.

That is why if VAMC wants to sell the assets mortgaged for loans, as it needs to reach agreements among three parties. In many cases, the agreements cannot be reached because each party has its own goals.

“If VAMC buys bad debts indefinitely, the debt settlement process will go more smoothly,” he said.

Meanwhile, other experts have repeatedly urged to form up a debt market. Doan Van Thang, an economist, said there must be a debt trading floor.

“Once such a trading floor is set up, debts will be put on sale on the floor and buyers will come,” he said.

Dao Van Hung, director of the Academy for Policy & Development, pointed out that the lack of a legal framework is the biggest problem hindering the development of the debt market in Vietnam.

According to a report on Vietnamnet

Giang brothers set new world record

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Vietnamese gymnasts, the Giang brothers have officially set a new world record with their head-balancing act in Italy.

Giang Quoc Co and Giang Quoc Nghiep performed the act in Rome following an invitation from the Guinness World Records organisation. The brothers walked 10 steps in 53.97 seconds while balancing each other with their heads while being blindfolded.

They performed the act on November 15 and had to return to Vietnam immediately afterwards.

“We’ve been waiting after completing the act. We couldn’t reveal much since the performance is exclusively aired by TV8 Channel in Italy per our contract. We only want to say that we always do our best not just for ourselves but also for Vietnam,” Giang Quoc Co said.

The brothers said they felt even more emotional than the performance in Spain where they broke the previous record of most stairs climbed with a person on the head set by Chinese duo Tang Tao and Su Zengxian.

The brothers said they wanted to share the happiness with their families, circus performers and other fans in Vietnam and the world.

According to Nghiep, they were nervous a week before the challenge started and practised every time they got. They found the blindfolded one-minute test nerve-wracking.

According to a report on Dtinews

VinTech to invest $4.5 million in decoding Vietnamese genome

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The VinTech technology development company’s big data research institute announced on December 6 that it will start a 4.5-million-USD project on building Vietnamese genome data next year.

The project, set to run for five years, will decode genomes of 1,000 people to generate mass data for local and foreign researchers.

The data will aid the early treatment of some diseases and develop treatment methods suitable for each individual.

VinTech is an affiliate of Vietnam’s leading conglomerate Vingroup. It researches and acquires licences from Vietnamese organisations to bring initiatives and technologies to life.

According to a report on VNA

AFF Suzuki Cup 2018: VFF set date for online sale of tickets for second leg of final

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With Vietnam in the final of the 2018 AFF Suzuki Cup, fans are eagerly anticipating where to get tickets for the team’s home game which will be the second leg of the final against Malaysia.

The last time Vietnam won was back in 2008 and with the second leg being the deciding match on who goes away as champions, Vietnam fans are undoubtedly going to support by going to My Dinh Stadium.

According to the Vietnam Football Federation, tickets for the second leg final will be sold online on December 10 and the slots open by 10:00AM local time.

The report goes further by saying 15,000 tickets will be available for the public, with one person – with an ID provided – can buy as much as two tickets at once.

Malaysia host the first leg on December 11 at Bukit Jalil National Stadium before Vietnam play their home match on the 15th of the month.

According to a report on Fox Sports Asia

Cashless payments are booming in Vietnam

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Vietnam’s mobile payment is more than doubling in value over the first three quarters of 2018. In particular, transactions over mobile apps and digital wallets rose by an impressive 126% and 161%, respectively, according to Department of Payments at the State Bank of Vietnam.

“Mobile payment is becoming a new trend with the rise of technologies such as QR codes, contact and contactless payments, and the tokenization of card information,” Nghiem Thanh Son, deputy director of the department, said, 

According to a report on Fintech News, besides banks, local startups too are tapping into the trend with key players now operating in the Vietnam mobile payment market including Mobivi, NganLuong, OnePay, Payoo,Momo, 123Pay, Moca, telco-run ViettelPay, VNG’s ZaloPay, Ononpay. Overall, there are 27 licensed payment services and 20 of them operate e-wallets.

Grab expands mobile wallet business

Singapore-based tech company Grab recently partnered with Vietnamese payment startup Moca to launch GrabPay by Moca, a mobile wallet integrated into Grab’s app in Vietnam, with which it aims to provide reliable and affordable financial services for the masses. Grab also acquired a stake in the startup.

The deal focuses on leveraging the strengths of both companies to push for mobile payments in Vietnam: Grab chose Moca for their local knowhow and access to licenses, while Moca’s mobile payment system will gain traction through its integration with Grab.

GrabPay is now setting its sights on Cambodia and Myanmar, according to Nikkei Asian Review, and signed a partnership with Philippine-based conglomerate SM Investments Corp (SM) to expand its mobile wallet to the Philippines. It also partnered with Thai lender Kasikornbank (KBank) to offer GrabPay and other financial services in Thailand by early next year. KBank has committed to invest US$50 million in Grab’s ongoing fundraising found.

An alliance with United Overseas Bank Limited (UOB) was announced last month to have the bank’s digital banking service integrated into its app.

Go-Jek launches in Hanoi

Grab’s Indonesian rival Go-Jek launched its ride-hailing services in Hanoi in September under the brand Go-Viet. Go-Jek announced in May a US$500 million international expansion strategy starting with four countries in Southeast Asia: Vietnam, Thailand, Singapore, and the Philippines.

App-based on-demand service Go-Viet is driven by a Vietnamese founding team with Go-Jek providing technology, expertise and investment. It currently offers two-wheel ride-hailing (Go-Bike) as well as courier services (Go-Send) but plans to introduce additional services such as Go-Car, a four-wheel ride service, Go-Food, for quick food delivery and Go-Pay, its e-money service.

Go-Viet grabbed a 35% share of the Vietnamese motorbike ride-hailing market in Ho Chi Minh City just six weeks after launching in the city in August 2018.

QR code payments gain traction

QR code payments are becoming increasingly popular in Vietnam and is now implemented at 18 banks, including state-owned banks such as BIDV, Vietcombank, VietinBank, and large joint stock banks such as VP Bank, Maritime Bank, SCB and SHB, with 8 million users.

The QR feature on apps allows users to scan QR codes with a smartphone camera to quickly transfer money, make payment for bills and shop.

Tran Tri Manh, CEO of payment services provider VNPAY, said that more than 20,000 merchants now accept payments with VNPAY-QR with the number of users increasing by 30% a month.

Products and services accepting payments through QR codes are becoming more diverse with large companies such as Vietnam Airlines, Vietjet Air and Jetstar all adopting the trend. Vietjet, which began accepting VNPAY-QR on October 3, saw more than 50,000 air ticket bookings being paid with QR Pay as of early November.

Digital wallet and online payment gateway NganLuong recently got into the QR code payments craze as well, launching QR code payments capabilities in September and announcing co-operation with 15 local banks. NganLuong has 1.3 million users who conducted a total of 15 million transactions for a total value of US$200 million.

Mobile payments to reach US$70,937 million by 2025

According to a report published earlier this week by Allied Market Research, the Vietnam mobile payment market is projected to reach at US$70,937 million by 2025, growing at a CAGR of 18.2% from 2018 to 2025. The market was valued at US$16,054 million in 2016.

The report notes changes in customer preference from cash to digital payments, surge in need for immediate transactions in Vietnam, increased penetration of internet and smartphones, and growth of the e-commerce industry as the major factors contributing to the growth of the market.

Vietjet boss among Forbes’ 100 most powerful women

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Ms. Nguyen Thi Phuong Thao in 44th place on this year’s list, headed by Angela Merkel.

Ms. Nguyen Thi Phuong Thao, President and CEO of Vietjet Air, has been listed among the World’s 100 most powerful women by Forbes. She is the only representative of Vietnam and is listed at 44th, up eleven spots against last year.

Forbes estimated the self-made billionaire’s assets at around $2.6 billion, higher than last year’s $1.98 billion.

Ms. Thao is Chairwoman of Sovico Holdings, President and CEO of Vietjet, and Standing Vice Chairwoman of HDBank. She holds a Ph.D in Economic Cybernetics and a Bachelor’s Degree in Credit-Finance.

She successfully listed Vietjet and HDBank on the Ho Chi Minh Stock Exchange (HoSE) in 2017 and 2018. The combined market capitalization of the two companies stands in the billions of dollars and she is now the second richest person on Vietnam’s stock market.

Topping the Forbes list was German Chancellor Angela Merkel, followed by UK Prime Minister Theresa May, Managing Director of the International Monetary Fund Christine Lagarde, and CEO of General Motors Mary Barra. The first female president of the New York Stock Exchange since it opened in 1792, Ms. Stacey Cunningham, was 27th.

This is Forbes’ 15th annual Top 100 list of the most powerful women in the world, including women in business, finance, media, politics, social / philanthropic / NGOs, and technology.

The annual rankings are based on multiple categories such as asset quality, media exposure, segment, and international influence. According to Executive Vice President Moira Forbes, the women on the list have a wide and direct influence on more than 3 billion people worldwide, with activities in various fields.

Source: Vneconomictimes

AFF Suzuki Cup: Players gave their best, says Vietnam’s head coach

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Head coach Park Hang-seo lauded and thanked both players and fans as Vietnam convincingly advanced to AFF Cup final.
“So after 10 years, we are in the AFF Cup final again. It is a well-deserved reward for the fans, who supported us all the way. And for the players, I want to thank them. They have given their best in this game,” Park Hang-seo said at post-match conference.

Vietnam repeated their first leg score in the second leg semifinal against the Philippines Thursday night in Hanoi, entering the final of the AFF Suzuki Cup 2018 with a robust 4-2 aggregate.

Park also stressed the need to remain focused and not get carried away.

“Although we beat Malaysia 2-0 in the group stage, they showed that they have many dangerous attackers. We have to prepare for this carefully. Everyone has to stay focused,” he said.

On the other side, Philippines head coach Sven-Goran Eriksson said Vietnam deserved to win this match and had a good chance to win the cup.

“Congratulations to Vietnam because they played too well today. The final between Vietnam and Malaysia will be a great match. Good luck to Vietnam in the final. Your team is the top contender for this year’s AFF Cup,” Eriksson said.

Midfielder Nguyen Quang Hai, who tapped the first goal in for Vietnam, said he was already looking forward to the final.

“What a great game! We dedicate this victory to the fans. Now we need to rest, eat well and prepare for the final,” Hai said.

Midfielder Nguyen Quang Hai, who tapped the first goal in for Vietnam, said he was already looking forward to the final.

“What a great game! We dedicate this victory to the fans. Now we need to rest, eat well and prepare for the final,” Hai said.

Hai was named man of the match by Fox Sports, who gave his performance a nine out of ten.

“Another day, another brilliant performance from Nguyen Quang Hai. The midfield maestro has been one of the best performers of the AFF Cup and it showed today. He controlled the midfield and even provided with an attacking outlet at times,” the site gushed.

Vietnam will clash with Malaysia again in the final’s first leg on December 11 at Malaysia’s Bukit Jalil Stadium. The second leg will take place at the My Dinh National Stadium four days later.

Source: Vnexpress

CNN names top 7 beaches in Vietnam

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Check out stunning photos of the top seven beaches in Vietnam, including Mui Ne in the south and An Bang on the central coast, which named by CNN Travel.

Con Son Island, Con Dao archipelago: A one-hour airplane hop from the southeastern tip of Vietnam, the Con Dao islands sit in turquoise water and offers some of Vietnam’s best diving.| @ From Six Senses Con Dao
Amanoi, Vinh Hy: Amanoi, a luxurious off-the-grid Aman resort, offers heart-stopping clifftop views of Vinh Hy Bay and a private sheltered cove of soft sand. |
@ Courtesy Amanoi/Aman Resorts
Amanoi Beach Club: Six Senses Con Dao, the sole five-star resort on Con Son, boasts one of the most dramatic and exclusive beaches at the foot of a mountain.
| @ Courtesy Amanoi/Aman Resorts
Long Beach, Phu Quoc Island: Located in the Gulf of Thailand, Long Beach stretches over 12 miles with clear water, soft beige sand and beachfront accommodation that unfurls against a backdrop of languid palms and jungle-cloaked mountains. | @ Shutterstock
Long Beach, Phu Quoc Island: Long Beach is actually two beaches — north and south. The latter is home to a few small pearl farms and fishing villages, ideal for solitude-seekers. Party goers should head north. | @ Ralf Tooten/JW Marriott Phu Quoc Emerald Bay Resort & Spa
An Bang, Hoi An: Three miles from the UNESCO World Heritage town of Hoi An, An Bang is surprisingly unpretentious for a beach so close to a major tourist attraction. | @ Hoang Dinh Nam/afp/getty images
An Bang, Hoi An: The optimal time to hang out is dry season from March to September, when An Bang’s calm waters are the remedy to blistering Central Coast temperatures. | @ DALE DE LA REY/AFP/AFP/Getty Images
Nha Trang: Perhaps the most famous beach in Vietnam, Nha Trang — in the city of the same name — is four miles of sand, palms and warm water, all of it free and accessible to the public. | @ AFP/Getty Images
Mui Ne: Consistent cross-onshore winds and affordable hotels have turned Mui Ne into the kitesurfing mecca of Southeast Asia. Nearby gigantic red and white sand dunes are great spots outside the tourist strip to catch the sunset. | @ AFP/AFP/AFP/Getty Images

Le Diep Kieu Trang, director of Facebook Vietnam, has announced to resign

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Le Diep Kieu Trang will stop working as director of Facebook’s operations in Vietnam from January 1 next year.


On her own Facebook page, Trang, 38, cited “family reasons” for her decision.

Trang, also known as Christy Le, surprised the business community in March when becoming the country director of Facebook in Vietnam.

She told local media back then that she wants to experience a “challenging position.”

She has been in charge of the social network’s business development in Vietnam from its office in Singapore.

Kenneth Bishop, managing director of Facebook in Southeast Asia, said in March that with more than 60 million people using Facebook in Vietnam each month, Facebook is investing in human resources to support the business community and its partners in Vietnam.

With her professional experience, Trang would be able to support companies in Vietnam, he said.

Trang comes from a family with a long business tradition.

Her father, Le Van Tri, is former deputy CEO of The Southern Rubber Industry Joint Stock Company (Casumina), Vietnam’s leading rubber manufacturer, while her brother, Le Tri Thong, is former deputy CEO of Dong A Bank and is currently deputy chairman of Phu Nhuan Jewelry Joint-Stock Company (PNJ).

Trang won scholarships to study at Oxford University in England and then Massachusetts Institute of Technology (MIT) in the U.S.

She previously worked for global management consulting firm McKinsey in the U.S. before joining her husband to found Misfit Wearables, a startup specializing in keeping track of human health and physical activities that attracted investment from John Sculley, former CEO of Apple, and Hong Kong billionaire Li Ka-shing.

Misfit was acquired by Fossil Group for $260 million in 2015, but Trang continued to work as CEO of Fossil Vietnam until early March this year.

In June, Vietnam passed the Cybersecurity Law that enforces tougher conditions on tech businesses like Facebook and Google.

The law says local and foreign digital and tech businesses will have to open a representative office in Vietnam and store users’ data.

Facebook has just lost its throne as a top-rated employer, based on Glassdoor’s 2019 list of the “Best Places to Work.”

After ranking top last year, Facebook now ranks seventh, dropping from a 4.6 to 4.5 award score out of 5.

Glassdoor bases its ranking on eight different of factors, including work/life balance, senior management and compensation and benefits.

On employee satisfaction alone, Facebook has seen a decline from a 4.6 rating in the first quarter to a 4.3 in the last quarter, Glassdoor Community Expert Scott Dobroski told CNBC.

Six former Facebook employees told CNBC they have been receiving increasingly more messages from current Facebook employees looking for a way out.

According to a report on VnExpress

Spanish arrested people smugglers from Vietnam

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The European police agency says Spanish authorities have arrested 37 people suspected of belonging to a Vietnamese people-smuggling ring that has earned an estimated 13 million euros ($14.8 million).

Europol said in a statement Thursday the gang charged each Vietnamese migrant 18,000 euros ($20,500) and smuggled them into the European Union via South America.

According to a report by The Associated Press, each group of up to 12 migrants was guided by an English-speaking smuggler who facilitated their travel.

Spanish police conducted searches of 10 houses and more than 100 beauty salons across the country after learning that the smuggling operation was largely based in Barcelona.

The gang also furnished the migrants with counterfeit residency documents.

Vietnam through to final after beating Philippines 2-1

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Philippines visited Hanoi knowing that nothing short of a miracle would take them to the final of the AFF Suzuki Cup. However, on the day, they were outclassed both defensively and offensively and were knocked out of the competition. We take a look where the match was won and lost.

Impenetrable Vietnam

Vietnam have forged a reputation, during their remarkable cup run, of being the toughest side defensively. The Golden Dragons had conceded just once before their semi-final second leg match against the Philippines, keeping four clean sheets in the process.

Fox Sport Asia reports, in the first leg of the semifinal, Vietnam went to Bacolod and recorded a 2-1 victory against the Philippines. In doing so, they gained a massive advantage rendered by the two away goals.

However, the beauty of knockout football is in its uncertainty. And so, they knew that anything less than 100 per cent today would land them into trouble. But the Golden Dragons were impeccable on the night and didn’t allow their opponents any space to work with.

Vietnam’s 5-3-2 formation kept the Philippines attackers at bay, while the two wingbacks raced up and down the wings to stretch the play. Furthermore, the three central midfielders provided solid defensive cover and made it even harder for their opponents to go close to the goal.

It was yet another defensive masterclass from Park Hang-Seo’s side, who are slowly turning into a force to be reckoned with.

Ineffective Philippines

As much as the result depended upon Vietnam’s defensive solidity, one can only wonder what could’ve been had Philippines been better in attack. The Azkals boasted one of the strongest sides going into the AFF Suzuki Cup and were deemed favourites by many.

However, for much of the competition, the Phil Younghusband-led side looked lacklustre and was often toothless in attack. Indeed, throughout both the legs of the semifinals, Philippines never looked to really pose a threat to Vietnam and ultimately paid the price.

Nevertheless, Philippines did have an ‘ace in the pack’ in Stephan Schock, who had been their best performer so far. Schrock was the one making things tick on the field. However, he didn’t receive adequate support from his teammates and was often left isolated.

Apart from Schrock, nobody in the Philippines side looked to threaten the opposing defence from open play. The Azkals did win a lot of set pieces on the night which could’ve made life harder for their opponents, but their inefficiency from the dead ball situations didn’t help their cause either.

As a result, it was smooth sailing for Vietnam, who made easy work of their opponents and reached the Final.

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