Vietnam Insider - Page 1291 of 1525

What can Vietnamese entrepreneurs learn from Philippines’ Kumu

Advertisements

By Marga Canon

A study led by the University of California San Diego calculated the average person’s digital diet: We consume 34 gigabytes per day, or what amounts to more than 100,500 words. As this study was conducted using American subjects, we can only imagine that countries like Vietnam and the Philippines in Southeast Asia – which have leapfrogged the desktop generation and proceeded straight to mobile – consume even more data.

What’s scary about this kind of scale is that we have little control over what type of media we consume. The situation is particularly worrisome on the internet. The algorithm for Facebook’s NewsFeed is designed to keep us engaged, sparing us (outside of the company’s occasional experiments) of content that might challenge or offend us. Google is no different: Our search results are largely influenced by what we have searched for before. We exist, in short, in an online echo chamber. We may think we are reaching out across a sea of information, but we’re actually just moving in circles in our own small pond.

The idea that our mass media – particularly the internet – is slowly becoming an echo chamber is a growing global concern, and it’s one that Southeast Asians should take seriously. For the region to continue its rise as an international economic power, we must continually expose ourselves to new ideas, challenge our existing ones, and reach out to people we know to be vastly different from ourselves. Great ideas, after all, do not emerge from the status quo, but in its rebuttal.

Addressing the echo chamber that runs our online world may only be possible through other more open digital platforms. One example from the Philippines is the recently launched Kumu, a content and livestreaming app founded by Roland Ros, Rexy Dorado, Andrew Pineda, and Clare Ros. While Kumu is targeted toward Filipinos around the world – it allows anyone to broadcast to an audience of fellow Kumu users whenever and wherever they wish – it may serve as a case study for Vietnamese entrepreneurs and business leaders who similarly want to broaden the country’s digital horizons.

The idea that everyone can be a content creator is common in other countries, but it’s still transformative in the Philippines. Like other Southeast Asians, Filipinos are still used to the idea of creative artists polished by studio talent development programs, or their digital equivalents. But when anyone can livestream, it democratizes the creative process, and in so doing, surfaces more unique ideas and talents to a wider audience.

As a platform, Kumu unearths many possibilities: A Filipino psychologist can discuss via their livestream the oft-ignored issue of mental health in the Philippines; a Filipino family in one of the far-flung provinces can give a real tour of their hometown, one that goes off-the-beaten path from the usual tourist spots; a Filipino entrepreneur can give unconventional business advice that he would not want published for posterity. Even traditional industries – singing, dancing, and hosting – can be upended by introducing indie talents who may not work for traditional studio executives but would be welcomed by an audience starved off new creatives.

Ultimately, the new talents and topics will be enjoyed by Filipino audiences as a respite from the fare that they are typically served, and provides an interesting case for founders and business leaders in Vietnam. Where so many apps are content with providing convenience, Kumu may herald a growing minority of content platforms in Vietnam and in Southeast Asia that are equally designed to provoke deeper thought. Like with Kumu, the greatest impact of these platforms will occur long after the website or app has closed. Users will walk away with new ideas, beliefs, and skills that may very well change the course of their own endeavors or inspire them to pursue new ones.

The benefits of exposing ourselves to new media – such as Kumu for Filipinos or other platforms yet to arise in Vietnam – will only begin when we admit that what we choose to expose ourselves to has a profound effect on who we are. Vietnamese entrepreneurs and business leaders need to acknowledge that our digital diet has the same impact as our food – you are what you eat. The question then boils down to: What do we want to be? In the next generation of Vietnamese content-based apps, platforms, and marketplaces we will find our answer.

How Northern Vietnamese Cuisine Differs From Southern

Advertisements

The delicious cuisine of Vietnam changes from region to region and the differences are rather noticeable. Here is how the cuisine of the north differs from that of the south.

A tale of two Phở

Northern Vietnam is the birthplace of many Vietnamese favorites such as phở, banh cuon and bun cha; the first two are breakfast staples and the latter is a lunchtime go-to. Phở is Vietnam’s national dish and the most well-known outside of Vietnam. It’s your typical noodle soup dish, made of three components: a flavorful broth, some kind of meat and delicious silky rice noodles. You can add in extra flavoring according to your taste — usually you get the dish served with additional ingredients and condiments such as fish sauce, chilies, lime and other greens. Some people even add sugar. It’s up to the consumer.

The southern version of phở is often preferred over the northern version, but you must try this dish at least once while you’re in Hanoi because the most authentic version of the dish is served here. Head to Phở Gia Truyen, located at 49 Bat Dan Street for a nice big bowl. It may be a small restaurant, but it has a lot of personality. During meal times, you will find queues stretching across the street, as half of Hanoi are, as the kids say, “down to phở.” As seats are hard to come by during meal times, we recommend you go there on your motorbike which serves as an impromptu dining car.

A taste of the north: pork, pepper, and stir-fry

Another northern favorite is bún chả — a meat heavy noodle dish. Bún chả is served with separate components: heavy sweet and sour broth with a fish sauce, sugar and vinegar, vermicelli noodles and lastly, charcoal grilled pork patties and pork neck. Unlike the other broths, you cannot drink this one. On the side comes a basket of veggies and herbs that you can add to your meal, if you prefer. When President Barack Obama visited Vietnam on his state visit, American chef Anthony Bourdain treated him to a hearty meal of bún chả at Bun Cha Huong Lien, and since then, the table has been left uncleaned. It has actually been turned into a shrine. Check it out at 24 Le Van Huu.

Other dishes that originated in Hanoi are bun rieu (crab noodle soup), banh cuon(steamed rice rolls), xoi (sticky rice), bun thang (fermented fish paste noodles), and bun dau mam tom (fermented shrimp noodles). After trying some northern Vietnamese cuisine for a while, it becomes evident that the food is heavily influenced by China — there is a lot of stir-frying and noodle-based dishes, with the regular use of soy sauce, as well as sticky rice.

Another common trend is that the food does not get served spicy. Chilies aren’t often used as ingredients and in their stead, black pepper is added. This is because the colder climate in the north is not suitable for growing certain ingredients such as chilies and other spices, which affects their availability.

Overall, the northern flavors are rather harmonious, and one taste does not overpower the other. The flavors are light and balanced.

A taste of the south: sweeter, spicier flavours

If you try the same dishes from the north in the south, the differences will be readily apparent. Things are much, much sweeter in the south and some go as far as to say this trend reflects the people down there. The sweetness is thanks to the use of sugar and coconut milk in dishes — tips taken from neighboring countries like Cambodia and Thailand. The food is also spicier; however, the spiciest is in central Vietnam.

A good way to learn about the differences in northern and southern Vietnamese cuisine is to try pho in both regions. Pho in the south comes with a lot more herbs and garnishes, making the soup murkier which is much different to the clear broth you get served in the north. It’s also a lot more flavorful and your tongue will be able to identify the different types.

Other dishes to try in the south are banh mi op la (a sandwich with an omelette) and hu tieu nam vang (noodle soup). Banh mi op la is a fusion dish. Since Ho Chi Minh City is very international, foreign influence is readily apparent and you will find a lot of these dishes. Banh mi is the famous Vietnamese baguette sandwich, with the bread introduced by the French. Since then, the Vietnamese have added whatever ingredient they could think of, making the sandwich entirely their own. In banh mi op la, however, the baguette is plain, and you get eggs served sunny-side up, often supplemented with cucumber, caramelized onions and peppers, and some beef. It’s similar to a western breakfast, not only when it comes to the ingredients, but also, methods of preparation.

The warmer climate of the south is also ideal for growing a wide variety of vegetables, fruit, and livestock. Most noodle soups in the south come with a large helping of herbs and vegetables, such as hu tieu nam vang, a Chinese and Cambodian influenced pork-based noodle dish. Like this, other noodle soups are vibrant and flavorful, with liberal use of a variety of ingredients. As mentioned earlier, the soups can often be sweet, thanks to the use of sugar and coconut milk.

Other dishes you must try in the south are com tam (broken rice with pork), banh tam bi (coconut cream noodles), and goi cuon (summer rolls). Goi cuon is a wrap and roll dish where you lay out a bunch of ingredients on rice paper and roll it up yourself, before dipping it in fish sauce and taking a bite. You will find a lot of these because the Mekong Delta is the largest producer of rice paper, and of course, rice. Com tam is made with broken rice, a byproduct of rice production that farmers made use of, rather than letting it go to waste. It’s now a favorite lunchtime meal.

Since fish sauce is also widely produced in the coastal areas of the south, such as Nha Trang, Mui Ne, and Phu Quoc, you will almost always get a small bowl of this along with your meal, whereas in the north, soy sauce is more common.

Source: The Culture Trip

Two killed in traffic accident in Ha Noi

Advertisements

Two people were killed when a four-seater car crashed off the Chương Dương Bridge in Hà Nội into the Red River on Saturday.

The Mercedes-Benz vehicle hit the handrail and fell into the river early evening as it was crossing the bridge to get to the city’s centre from Long Biên District.

Authorities said the car’s front was crushed and its airbag had exploded when it was taken out of the water early yesterday.

The two victims were identified as Nguyễn Thị Thu Hương, 29, from Hà Đông District, and Bùi Kim Chi, 21, a resident of Thanh Xuân District.

Hương, the car’s owner, was sitting in the back seat when she was killed.

The crash is under investigation – Vietnamnews reported

42 million Vietnamese people use Facebook daily

Advertisements

Up to around 42 million people in Vietnam use Facebook every day, one of the highest rates in Southeast Asia.

The information was given by Noudhy Valdryno, a representative from Facebook’s Asia-Pacific division at a seminar on the role of social networks in enhancing dialogue between administration and businesses held in the northern province of Quang Ninh on November 2.

According to Valdryno, roughly 242 million people in Southeast Asia use Facebook daily, including 42 million in Vietnam. Meanwhile, a large number of Vietnamese people also use other social networks such as Instagram.

He added that up to 91% of governments use Facebook as their official dialogue channel with people and enterprises. This trend has started to increase in Vietnam.

Chairman of the Quang Ninh People’s Committee Nguyen Duc Long said that realising the importance of IT in institutional reform and the steering of socio-economic activities, the province set up the Facebook fan page DDCI Quang Ninh in order to interact with the public and businesses. The fan page has attracted more than 5,500 followers and over 100,000 likes and interactions since its creation just over a year ago.

Over the last three years, Quang Ninh has sustained fourth place among the 63 provinces and cities on the Vietnam ICT Index, greatly helping to improve its business climate and competitiveness.

Long partly attributed Quang Ninh’s top position in the country’s Provincial Competitiveness Index in 2017 to the opening of the page, which has facilitated dialogue between the provincial administration and the public.

Valdryno also highlighted the importance of selecting information for posting on Facebook to attract followers. He cited a survey conducted by Facebook as saying that video tended to attract more viewers than other information.

The Facebook representative noted that globally, there are about 2.2 billion users active on a monthly basis and 1.4 billion daily users on Facebook.

Source: Dtinews

Foreigners employed in Vietnam are required to pay social insurance

Advertisements

The Ministry of Labour, Invalids and Social Affairs and Vietnam Social Security (VSS) have been working with other countries on bilateral agreements to ensure the benefits to foreign workers employed in Vietnam who are required to pay social insurance.

Under a newly-issued decree which will take effect from December 1st 2018 stipulating compulsory social insurance for foreign employees in Vietnam, foreigners with a work permit, practice certificate, or practice license granted by local authorities and under non-fixed-term labour contracts or contracts with a term of one full year and above shall be subject to compulsory social insurance. Said Dao Viet Anh, VSS deputy general director yesterday at a media briefing

They will be entitled to the following social insurance regimes – sickness, maternity, workplace accident, occupational disease, retirement, and survivor benefits. From December 1 this year until December 31, 2021, employers are obliged to contribute amounts equal to 3 per cent of the employee’s monthly salary to the sickness and maternity funds and 0.5 per cent into occupational accidents and hazards.

Employers will have to contribute 14 per cent of the employee’s monthly salary into the retirement and survivor benefits fund and the employee’s contribution to the retirement and survivor benefits fund is set at 8 per cent of their monthly salary, equivalent to the amount Vietnamese workers have to contribute. The new regulation will be applied from January 1, 2022.

“There would be differing opinions towards the new decree from foreign employees and Vietnamese employers”, Dao Viet Anh added.

The VSS has completed the fourth round of negotiations on the agreement with the Republic of Korea – one of the countries with the biggest number of people employed in Vietnam and is working with Japan and Germany, Anh said, adding that VSS aims to sign bilateral agreements with all nations with large numbers of employees in Vietnam.

“The bilateral agreements will fully support foreign employers in Vietnam who are entitled to the compulsory social insurance scheme,” he said.

To help employers adapt to the new regulations, the compulsory social insurance payment for long-term retirement and survivor benefits fund will not be compulsory until 2022, he said.

According to statistics by the Ministry of Labour, Invalids and Social Affairs, the number of foreign employees in the country increased from 63,557 in 2011 to 83,046 in 2016. Most of them came from Asian countries, such as China, the Republic of Korea and Japan, accounting for 73% of the total, followed by European nations (21.6 %), and North America (2.4%).

Read full article on VNS

VDSC Weekly Market Recap: Coverage List, Webinar Invite, PPC, PAC, PXS, CVT, NLG, STK

Advertisements

For the week, the VNIndex managed to increase 2.7% to 924.86. Investors’ confidence returned thanks to a potential Trump-Xiao dialogue (China A-shares went up by 2.7% on Friday while the Hang Seng rose 4.2%) and the fact the CPTPP trade agreement has been submitted to the National Congress for signing. Liquidity on the HOSE remained relatively weak at around VND2,700bn (~USD117mn), well below October’s average value of VND3,680bn (~USD160mn).

October’s price performance was truly dreadful. For the whole month, the VNIndex lost 10%. This makes it the worst October since 2008, and puts the month among the top 20 biggest declines since the VNIndex’ inception. Yet despite the drop, and perhaps because of it, foreigners bought heavily into Vietnamese equities injecting VND9,272bn (~USD400mn) vs. only VND474bn (USD20mn) the month before.

In last week’s recap, I said that Vietnam is trading at a premium to historic valuations. In fact, the VNIndex is among a handful of markets globally trading above their 5-year and 10-year average. And for Vietnam particularly, average valuations may be skewed by some very large caps that are trading at 20x earnings and above.

What I find particularly interesting is that Mid Cap stocks, which have underperformed the broader market YTD, are now trading at about 20% below their historical average. I believe current depressed valuations should provide good entry points into Mid Cap stocks. You want to look at opportunities in the 36 companies we cover that are within the small and mid-cap space. (see our Coverage List attached)

54 out of 58 stocks under our coverage announced their business results for the first 9 months of 2018. 28 stocks (51%) were in-line with our forecasts, while 13 companies published better-than-expected results, and another 13 stocks had worse-than-expected results. Steel firms performed much worse than our analyst forecasted, especially in cases of NKG and VGS. Other stocks for which we had been mistakenly optimistic, and which came in below our forecasts, included CTI, BFC, HAX and DPM. Our analysts are reviewing and updating their forecasts on those stocks. Furthermore, our analysts reduced their target price for TCM, VGC and BFC. For the detailed rationale, please contact me and we’ll set up a call with the analysts.

Bernard Lapointe, our Head of Research prepared a short video commentary sharing his views on global markets in general and Vietnam in particular. Please follow this link to view the video: https://goo.gl/V98HWB

Top Picks

Pha Lai Thermal Power (HSX: PPC)

Price : VND17,900
52w High : VND24,700
52w Low : VND16,600
Avg 30day Volume : 388,708
P/E : 5.8x
P/B : 0.97x

Catalysts:

Significant improvement in average selling price (ASP) due to favorable momentum in the competitive generation market (CMG) in the third quarter, boost 5% of selling average price growth for PPC.
Lower risk for PPC in capex plans due to no requirement for gas treatment systems by government since it costs EVN about USD1bn and their benefit is unmeasurable. The company expects to replace these projects by Pha Lai 3, however, the project is uncertain and too early to factor in PPC’s earning forecast.
VND125bn of reversal from FX differences in 2016 is expected to be recognized in 4Q2018.
Maintaining stable cash dividend of VND2,500/share, corresponding to a 14.7% dividend yield at current market price.

Valuation:

For 2018, we expect NPAT reaches VND1093bn, rise 28% YoY due to a large one-off income from the reversal of the expense from FX differences. Therefore, 2018 EPS of PPC is projected to be VND3,317/share
From 2019-2023, EPS would be stable at about 2,700 VND/share.
Our target price for PPC is VND 23,000/share, upside 28.5%, we recommend to BUY stock on PPC

Risk:

Low liquidity, only about VND6.5 bn/day

Webinar Invitation

Our Research Department is about to publish their November Strategy Report. And, on the back of this report we are organizing our Monthly Strategy Webinar on Tue, Nov 6, 2018 4:00 PM – 5:00 PM WIB.

Mr. Bernard Lapointe, Head of Research at Rong Viet Securities, will present the Equity Research Team’s most up-to-date views on Vietnam’s stock market, present some of their favourite stocks and answer investors’ questions.

Join the event to receive our top investment ideas and to learn how our strategy will help your investment decisions.

Registration URL: https://goo.gl/1W7ztX

(if the link doesn’t work, copy & past it in your browser)

Rong Viet Securities Equity Research Summary

Company Report

Dry Cell And Storage Battery JSC (HoSE: PAC ) – (UPDATE, REDUCE, VND38,000, DOWNSIDE 7%)

· 9M18 net revenue and NPAT reached VND2.297Tn (+11% YoY) and VND107bn (+7%), respectively.

· Due to relocation of machinery from Tan Tao factory to the Nhon Trach factory and fierce competition with FDI companies, sales volume in 9M 2018 decreased by 1% YoY

· Sales volume and gross revenue in 4Q18 is forecasted to decrease because GS, the direct competitor of the company, is launching attractive promotions

· We forecast that 4Q 2018 NPAT will grow by 40% to VND38bn YoY while gross revenues and NPAT will reach VND2.942tn (+13% YoY) and VND147bn (+14% YoY), respectively.

· The stock is trading at 44.x current EPS of VND3,037. Furthermore, at its current price, it is trading at ~3.x P/B. Cash dividend is expected at VND2,500.

Analyst Pinboard

Solar Energy in Ninh Thuan – At Rush Hour

· Solar energy increases its importance in Government’s official agenda

· The Government has given attractive incentives for renewable energy development, including solar power.

· Why Ninh Thuan?: Ninh Thuan province has favorable natural conditions for developing solar energy project.

· Project owners who have signed Power Purchase Agreement with EVN will be the most beneficiaries

· The buyer (EVN) is responsible to purchase all the electricity generated from the grid-connected solar power projects under the 20-year PPA with a price of 2,086 VND/kWh at the electricity delivery point. This price should be adjusted based on the exchange rate fluctuation of VND/USD.

Petroleum Equipment Assembly & Metal Structure (HoSE: PXS ) – Low earnings in 2018 is a chance to buy

· The bottom line continues to post a loss in 3Q18 with revenues down 5.7x to VND132 bn in 9M.

· Despite low earnings in 9M2018, we see some “positives” to support the company in 3Q18.

· Oil & Gas projects: After getting a USD 110 mn contract for Long Son Petrochemical Complex, PXS is bidding for another contract for Block B.

· DK project: PXS will build another DK in 2019 with a total value of VND 300 bn and it will take four months to complete.

· Windfarm: The windfarm in Taiwan will be delayed to 2020 while the windfarm in Ke Ga is asking for building permission.

· Vessel maintenance: PXS has just signed a contract to set up a JV with another two partners for vessel maintenance. PXS will contribute 35% to this JVs.

· Hyosung: PXS is bidding USD 20 mn for a tank farm. Hyosung has already delivered USD 2 mn in contracts to PXS.

CMC JSC (HoSE: CVT ) – Awaiting for new high-end tiles to perform

· 9M’s revenue and NPAT were recorded at VND987Bn (+15% YoY) and VND114bn (-12% YoY), respectively. 3Q NPAT came in at VND41bn (-21% YoY).

· There is a high possibility that sales cannot reach 1,000,000 sqm as planned.

· Regarding these two high-end products, we are concerned about how CVT will push its selling activities given the high price level of the new products.

· These high-end products are heading to alternate hind-end imported tiles from China, which costed around VND 0.7 – 2 million per sqm.

· In 2018, CVT’s production may reach about 16,000,000 sqm, including 7,500,000 sqm of ceramics (which is now 85% completed).

· High dividend yield will remain from VND3,000 to VND3,500/sh.

Nam Long Investment Corporation (HoSE: NLG ) – Profit in line with expectations

· NLG recorded total revenues and NPAT-MI in 9M18 of VND2.74tn (+67.4% YoY) and VND635bn (+80.4% YoY) in line with our recent estimations.

· Earning guidance in 2018 is guaranteed, remaining positive at VND861bn (+60.9% YoY), bringing PAT to VND300bn.

· Launch of Akari City has been delayed. We suppose that the delay of the project implementation will not affect NLG’s revenue and profit in 2018 and 2019, only the cash flow.

· NLG issued more shares and completed the conversion of Keppel Land’s convertible bond into equity shares.

· In our opinion, we think NLG still has a long-term advantage of a clean and available land bank.

Century Synthetic Fiber Corporation (HoSE: STK ) – 9M 2018 Business Results

· In 9M18, revenue reached VND1.780tn (+24.4% YoY) and NPAT was VND131.4bn (+96.5% YoY).

· In 3Q 2018, STK expanded its new customer base by more than 15 coming from Korea, the US, Pakistan, Hong Kong and the domestic market.

· In the remaining three months of 2018, STK estimates to reach its sales target and surpass its NPAT by 10-20%.

Outlook for 2019

· STK intends to increase the proportion of recycled yarn to revenue from 10% (AGM’s plan) to 14% in 2018 due to the increase in customer demand for recycled orders.

· STK plans to implement new product development plans

· STK expects Trang Bang 5 project to come into operation in 1Q19. Until then, the company may increase its capacity by 5% for DTY and recycled yarn.

· We forecast its revenue and NPAT at VND2.362tn (+18.7% YoY) and VND160bn (+60.6% YoY) in 2018.

Saigon hotel catches fire, foreign guests panic

Advertisements

Foreign guests panicked after a fire broke out Saturday at a District 1 Saigon hotel, but no casualty was reported.

Locals first heard an explosion coming from the higher floors of the 4-star A&Em Hotel on Thu Khoa Huan Street, District 1, and soon saw flames and smoke emanate from the building.

“I was working in a construction site opposite to the hotel and I saw a lot of fire and smoke coming out after the explosion,” said Xuan, a worker near the scene.

The fire caused dozens of foreigners ran outside in panic. The hotel’s staff tried to put out the fire using mini extinguishers and led the guests outside safely.

Firefighters later came to the scene and put out the fire in minutes.

The fire might have been started by welding sparks created by three welders hired by the hotel to make an iron door on its higher floors. The sparks might have set nearby objects on fire and triggered the blaze, said Doan Ngoc Hai, Vice Chairman of Ho Chi Minh City’s District 1.

“The three welders have been requested to go to the local police station for further investigation,” he said.

No casualty was reported.

Ho Chi Minh City, the largest metropolis in Vietnam, reported more than 1,000 fires last year, which killed 26 people and caused damage worth around $4 million.

Source: Vnexpress

Vietjet inks $6.5 bn deal with Airbus for 50 planes

Advertisements

Vietnam’s fast-growing budget carrier VietJet famed for its bikini-clad air hostesses signed a deal with France’s Airbus on Friday for 50 planes worth $6.5 billion, according to a copy of the deal.

Airbus signed “a commercial contract with Vietjet Air for the delivery of 50 A321neo” planes, read a document of the deal from the office of French Prime Minister Edouard Philippe, who attended the signing ceremony in Hanoi during an official visit.

The pact was part of a raft of agreements signed between Vietnam and France, one of Hanoi’s top European trading partners that is eager to boost investments in the Southeast Asian nation.

Vietjet also inked a Memorandum of Understanding worth $5 billion with France’s Safran group for engines and equipment maintenance, the document said.

Vietnamese airlines have been eagerly growing fleets to serve burgeoning passenger numbers, where domestic travel has soared in recent years and international air travel is on the rise.

Vietjet stormed into Vietnam’s airline sector in 2011 when much of the market was dominated by the national carrier Vietnam Airlines.

The country’s first budget carrier, owned by Vietnam’s only female billionaire Nguyen Thi Phuong Thao, has raised eyebrows with its racy marketing campaigns featuring nearly-naked models and by staffing inaugural flights with air hostesses wearing bikinis.

In just five years Vietjet quickly caught up with Vietnam Airlines to capture 42 percent of the domestic market in 2016, and 27 percent of the total market, according to data from the CAPA Centre for Aviation.

Over the past two years it has turned its attention to adding more international routes to its roster, including to Japan, South Korea and Taiwan, as it seeks to serve Vietnam’s growing middle class with a thirst — and budget — for travel.

The number of passengers travelling internationally jumped to 30 million in 2017 from 23 million the year before, according to official Vietnam aviation data.

From foes to friends

The French premier is in Vietnam for a three-day visit largely aimed at drumming up business deals with one of Asia’s fastest growing economies, which clocked 6.8 percent GDP growth last year.

Both sides signed deals worth a total of nearly $12 billion, including in the energy and IT sectors.

Trade between the former colonial foes has boomed in recent years, and France is now Vietnam’s third leading European trading partner after Germany and Italy, with two-way trade hitting $7.6 billion last year, according to the French Prime Minister’s office.

Vietnam, an export-driven manufacturing hub with a population of 93 million people, has eagerly courted trading partners in Europe after the United States pulled out of the sprawling Trans-Pacific trade pact that Hanoi stood to gain enormously from.

Philippe visited Dien Bien Phu on Saturday, the site of the epic battle between France and Vietnam in 1954 that would spell the end of France’s colonial empire in Indochina and pave the way for Vietnamese independence.

The French premier’s trip also includes a stopover in the bustling economic hub Ho Chi Minh City on Sunday where he will inaugurate a French medical centre and host a business forum with French tech entrepreneurs before heading to New Caledonia.

Source: AFP & Tuoitrenews

Vinfast launches electric motorcycle

Advertisements

This morning, Vinfast launched its first electric motorcycle model in Haiphong on the occasion of the opening ceremony of its electric motorcycle manufacturing factory after more than one year of construction.

The first model is named Klara and will be offered in two formats. Vinfast expects to start marketing these products on November 17. The firm expects to issue seven electric motorcycle models next year.

The factory has a capacity of 250,000 units per year in the first phase and will be expanded to produce 500,000 units in the second phase. Besides, Vinfast plans to increase the total capacity of the factory to 1 million units per year.

The vehicles can cover 80 kilometres on a full charge at an average 30 kilometres per hour. Their maximum speed will be around 50 kilometres per hour.

Vinfast is looking for distributors across the country. Besides, Vinfast and PV Oil signed a business co-operation agreement between the two companies. This cooperation aims to increase efficiency and develop the market share of petroleum and non-petroleum services, especially to catch up with the trend of electric cars in the coming time, by working together and utilising each other’s respective strengths.

Accordingly, the two sides will deploy charging points for electric vehicles at PV Oil’s petroleum stations and authorised agents of PVOIL; invest in building, expanding, and trading non-petroleum services (convenience stores and automobile repair stations, among others) at PV Oil’s petroleum stations; co-operate in building and trading petroleum stations in Vingroup’s urban centres and industrial parks; as well as prioritise the use of products and services of each party (PV Oil Easy, PV Oil Mobile, VinMec, VinSchool, VinHomes).

Besides, Vinfast is looking for other partners to expand its network of electric vehicle charging points.

Previously in October 2017, the representatives of Vingroup and Bosch Vietnam signed a memorandum of understanding (MoU), marking an important milestone between the two parties, according to information published on Vingroup’s website.

According to the MoU, Bosch Vietnam will supply parts and components to Vinfast’s automobiles. Besides, it will advise and support Vinfast to implement software for motorcycles and automobiles as well as business management.

Ha Vy report on VIR

National agreements on foreign workers’ social insurance negotiated

Advertisements

Vietnam negotiates bilateral agreements over implementation of social insurance policies for foreign workers.

Deputy General Director of Vietnam Social Security (VSS) Dao Viet Anh was quoted by the Vietnam News Agency (VNA) as telling a VSS conference in Hanoi on November 2 that bilateral agreements for a new generation of social insurance policies have been negotiated to support foreign workers engaging in Vietnam’s social insurance scheme.

Under Decree No. 143/2018/ND-CP detailing the Law on Social Insurance and the Law on Labor Safety and Hygiene, foreigners working in Vietnam with a work permit, practice certificate, or practice license granted by competent Vietnamese authorities and under indefinite-term labor contracts or contracts with a term of one full year or more shall be subject to compulsory social insurance.

Those temporarily transferred from parent companies abroad to subsidiaries in Vietnam or reaching the retirement age shall not be subject to the compulsory social insurance scheme.

Deputy Head of VSS’s Department of Social Insurance Policy Implementation Dinh Thi Hien was as quoted by VNA as saying that, currently, foreigners are yet to join social insurance in Vietnam, so from December 1, 2018 to December 31, 2021, they are not subject to compulsory insurance.

From January 1, 2022, foreign workers subject to the compulsory social insurance scheme must pay 8 percent of the salary stated in their contract to the retirement and survivor fund, as their Vietnamese peers do.

From December 1, 2018 to December 31, 2021, employers must pay insurance for employees to the fund for sickness, maternity, workplace accident, and occupational disease. From January 1, 2022, employers must pay an additional 14 per cent of their employees’ monthly salary fund to retirement and survivor insurances.

According to figures from the Ministry of Labor, Invalids, and Social Affairs (MoLISA), the number of foreign workers in Vietnam increased from 63,557 in 2011 to 83,046 in 2016. They mostly come from Asian countries such as China, South Korea, and Japan, which account for 73 per cent of the total, followed by European countries (21.6 per cent) and North American countries (2.4 per cent).

Those with employment contracts of under one year only make up 4.4 per cent, which is in response to local demand for and sustainability of foreign workers in the country.

Mr. Anh said that VSS has finished the fourth round of negotiations with South Korea, one of Vietnam’s biggest bilateral overseas labor partners.

VSS has also been implementing necessary negotiation processes with Japan and Germany, as well as all countries with overseas workers in Vietnam.

He added that the bilateral deals will support foreign workers in Vietnam in joining social insurance.

Source: Vneconomictimes

Python supposedly kills man in southern Vietnam

Advertisements

A Vietnamese man who was hired by a snake farm owner died Saturday allegedly after being constricted by a python kept at the facility.

On Saturday evening, residents in Trang Bom District of Dong Nai Province, located next to Ho Chi Minh City, killed a large python after they discovered it slithering freely on the ground.

A member of the local family keeping snakes suspected the reptile was the animal they were raising, and ran home only to find a young man lying immobile near a snake cage.

On arrival the police determined that the man, 20-year-old Nguyen Ba Linh, was already dead.

The victim worked as a laborer at the family’s farm, the law enforcement said.

Neighbors said the python, weighing over 20 kilograms, had been kept at the snake farm for around seven years.

The farm owner was in hospital at the time of the incident, locals said.

The deceased man’s body was taken later on the same day to his hometown in the south-central province of Binh Thuan for burial.

The case is still under investigation.

Thai Xuan report on Tuoitrenews

Vietnam’s breast cancer warriors bare their breasts

Advertisements

Breast cancer survivors, patients and relatives of those who have died are taking the fight forward by sharing powerful stories.
With her shaven head, Tien Nguyen looks like a young cancer patient.

She’s not.

She’s the sister of a breast cancer patient who died, and now, a sister in the sisterhood that is helping fight the dreaded, deadly disease by sharing their stories and offering both material and psychological support.

In a soft but firm voice, she tells her story, and that of her late sister, Thuong Sobey.

“My sister was diagnosed with BRCA1 and BRCA2 tumor suppressor genes in October 2012, a few days after her wedding day, and later, stage 4 breast cancer,” she said.

Mutations in tumor suppressor genes like the BRCA are considered “high penetrance” as they often result in cancer, though the majority of cancers are not caused by this mutation.

“When Thuong fell ill, newspaper and books I found didn’t have enough information about the disease. I couldn’t find people like me who have family members suffering from this cancer either, so I felt deeply lost.”

Thuong Sobey was married to an Australian man and family support from all sides took her to her husband’s hometown for surgery.

“Not only were patients aided by psychologists and caretakers at the hospital, we as family members were cared for by these staff as well. They even gave us documents to read about breast cancer.

“That was 2013, and Vietnam didn’t have this kind of holistic service,” Tien told VnExpress International.

So the sisters decided to do something about it when they returned from Australia to Vietnam.

There was not much information available online in Vietnamese and relevant knowledge in Vietnamese in print was also too generic in 2012.

The two sisters decided to kickstart a revolution of knowledge about breast cancer in Vietnam.

Founded in March 2013, the Breast Cancer Network Vietnam is a member of the Union for International Cancer Control, which works to increase early detection of breast cancer and to improve the quality of life for women diagnosed with the disease.

“My sister and I started with a website where we uploaded translated information about the illness that we’d got from Australia. We also created a platform on the website where patients of breast cancer and people whose family members are breast cancer patients could get together and support one another.”

Tien did not find doing this easy or rewarding, initially.

Absorbing negativity

“When you work with sick people, it is very easy to take in their negative energy, especially if you are not trained. It’s almost like a give-take game, helpers provide positive energy, patients negative energy.

“While the latter improve thanks to the positivity the former bring, the helpers can easily fall into depression if they don’t know how to deal with the negativity, which was my problem and one of the reasons I tried to quit doing this.”

She quit, and then returned. Today, the co-founder and CEO of Breast Cancer Network Vietnam (BCNV) is a successful activist.

Having come through personal and institutional ups and downs, the network is now a hub of 300-400 breast cancer patients and 5,000 volunteers.

Invaluable support

Tu, a member of BCNV, was diagnosed with stage 3 malignant tumor last April.

She joined the network a couple months ago and appreciates the physical and mental benefits the organization’s activities have given her.

“I came to know about the network through other patient friends. I’ve attended events where doctors share information about cancerous tumors as well as zumba and yoga classes.”

Tu said that most breast cancer patients are closed up and feel low about themselves, so communities like Breast Cancer Network Vietnam and Salt Cancer Initiatives, which she is also a part of, allow them to come out of their illness shells and mingle with others.

Unlike most other women with breast cancer, Tu is a single mother.

Her 10-year-old daughter has been unnerved by the news. The girl had always hated and demonized cancer, having seen several movies where cancer patients are haggard and downcast.

“I didn’t want to hide my illness from my daughter. I wanted her to know what is going on, so she can take care of herself and be more independent,” Tu said.

Because her daughter is worried that Tu would end up like the cancer patients on screen, Tu tries her best to maintain a positive image, depsite several chemotherapy sessions wreaking havoc on her body.

Her daughter has since ceased to be a child, taking caring of Tu.

Hiding and revealing

In contrast to Tu, Mai, another member of BCNV, decided to keep her illness a secret from her daughters, both studying in the U.S. In fact, she learnt of her diagnosis the very day her younger daughter left for the U.S.

Mai, who already had one breast removed, was diagnosed with stage 3 with a malignant 1.5 mm tumor under her right breast in 2015.

When she was hospitalized and could not video-call her daughters, her husband made up stories about Mai going on philanthropy trips.

“My younger daughter would lightly chide me for leaving my husband at home. All my hair fell out because of the chemo, so sometimes when I did talk to her on the phone, I wore wigs.”

At exactly the time she yearned most for her daughters’ hugs and affection, she gave higher priority to their peace of mind.

“One day, my younger daughter, a chemistry student, called me from the U.S., and told me about wanting to do a case study for her research and asked me if I knew any cancer patient who could participate.”

Mai broke down.

Both her daughters were in the same room at that point and it became a emotional watershed moment for all of them.

Mai is grateful that she found BCNV three years ago in her search for information about the disease.

“My right arm hurt like crazy because of the tumor and other things. Thanks to the family (network) members who have gone through this before, I learnt more on how to deal with it,” Mai told VnExpress International.

She also cautioned about the sensitivity and consideration for other patients when sharing one’s own stories.

“I’m lucky to have my husband take care of me and blessed to have knowledge about this disease, but others are not as fortunate. I know of a younger woman whose husband left her a while after she got breast cancer, because he didn’t have the patience and his interest in his wife wore off.

“So I’m always vigilant when sharing my experience and advice with other patients.”

Show you care, donate your hair

To help women deal with the loss of hair as a result of chemotherapy, an event that can be traumatic, given the vulnerable context, BCNV has worked hard to provide wigs that boost both looks and morale.

“We built the wig library in 2013 and gifted the wigs to our members on a first-come, first-serve basis. But they were made of synthetic hair, which is super hot to wear. The hair gets curled up, deteriorates after a while, and cannot be used by a another person,” Tien said.

BCNV switched to real hair wigs in 2015, and began scouting for real hair sources. The production of human hair wigs is a time-consuming and costly process.

Instead of giving away the wigs only to members, BCNV began delivering wigs to different hospitals in Hanoi and Ho Chi Minh City. Patients without hair can borrow them and once their hair grows back, pass them onto the next patient in need of a confidence boost. This wig library model has cultivated a culture of sharing among breast cancer patients in Hanoi and HCMC hospitals.

BCNV aims to employ the same model in Nghe An Province, seven hours south of Hanoi, with 50 sets of human hair wigs.

BCNV’s “sharing is caring” culture was evident at the Pink Hat Day 2018 event held in District 7, HCMC, on October 28. The event, which aims to support breast cancer awareness, uses the Vietnamese traditional cone hat as its symbol and sets itself apart from the iconic pink ribbon of breast cancer awareness the world knows.

This year, the event included a booth for hair donation. It attracted a four-year-old hair donor, An Nhien.

Nhu Luong, An Nhien’s mother, said it was her idea to donate her daughter’s hair. But she asked for her daughter’s permission more than a year ago and received her consent.

“She likes to share and help other people. Whenever she has food, she shares it with people around her,” Nhien’s mother said.

When asked if she was scared to have her hair cut, Nhien shook her head. “I’m donating to help sick people who can’t grow their own hair. I’m going to have my hair just like my mom after I donate,” the girl said as her mother and volunteers surrounding her beamed in delight.

A total of 150 people came and gave their hair for charity at the festival, and along with donations from other organizations, 230 hair sets were collected. More than a thousand people attended the event.

Collective effort

It takes more than one organization or person to alert women about this illness that can prove fatal, and inform them how crucial it is to prevent it by having an early screening.

The government has invested more than half a million dollars on a mobile van to provide free mammograms for women across the country.

The campaign, “Breast cancer screening at 40” is coordinated by the Ministry of Health, Bright Tomorrow Fund and Hanoi’s K Hospital. In the October 13-November 3 campaign, it is expected that 8,000 women in the two big cities Hanoi and Ho Chi Minh and nine provinces in the north and central regions will be screened free of charge.

Nguyen Viet Tien, Deputy Minister of Health, said breast cancer can be cured if detected early – the sooner the detection, the easier, cheaper, and more effective the treatment. However, many women in Vietnam do not undergo breast cancer screening due to psychological apprehensions, leading to many cases where the disease has already reached a late stage and treatment becomes more costly and has less chance of succeeding.

Breast cancer also affects men and BCNV’s Pink Hat Day festival also encouraged males to register at its breast screening booth, while attracted many male festival goers.

“I came to this event to understand more about the life and needs of women,” said Nguyen Do Quoc Bao, a 17-year-old male student.

‘Be a warrior, not a worrier’

That was the slogan of the festival, which Tien Nguyen has made her own since her sister passed away.

“I started this network because of the love for my sister. I used to tell her that my commitment to BCNV depended on her, that I would only continue doing this if she took better care of herself,” Tien said.

After Thuong Sobey passed away, Tien left BCNV and went looking for another job. But she did not feel right.

“I felt emotionally heavy and could neither apply myself nor dedicate myself completely to my new job, which was a well-paid one and could provide me a comfortable life in Hanoi.

After three days at my new job, I wrote a long resignation email and sent it to my boss at 2 a.m. on a Sunday morning.”

The boss promptly responded and expressed her faith in Tien’s choice and advised her to follow what her heart said.

In her five-year journey with BCNV, Tien has touched, inspired and been inspired by many individuals.

Mai, the mother who’d kept her illness a secret from her daughters before revealing it in dramatic fashion, did not get a wig from BCNV because her younger daughter returned home and made her mother a wig out of her own hair.

Mai’s hair has grown back now and she has trained her right arm so she indulge in her favorite hobby again – painting. She participated in a free drawing class organized by BCNV in order to improve her skills.

Mai does not think any cancer survivor can fully and eternally recover, because cancer cells might still be lurking in the body and can resurface anytime, anywhere.

But she has learnt to live with it. “A wise and educated woman is one who knows how to take care of herself first,” Mai said.

Younger people are getting breast cancer

Breast cancer is the most common cancer among Vietnamese women. Its incidence has more than doubled over the last two decades from an age-standardized rate of 13.8 per 100,000 women in 2000 to 29.9 per 100,000 women in 2010, according to the World Health Organization.

Each year in Vietnam, nearly 165,000 new cancer cases are detected, of which breast cancer number is over 15,000, or 9.2 percent.

In recent years, younger Vietnamese women are getting breast cancer.

Deputy Health Minister Tien said he has operated on a 9-year-old patient for breast cancer, although such cases are quite rare. Typically, the older the women, the higher the risk.

Mai and Tu are among the few patients who feel comfortable enough to share their stories, and this makes a big difference in the lives of others.

The survivors bring priceless optimism to this fight. Many survivors say breast cancer has uncannily invigorated them and motivated their loved ones.

Her eyes glowing, Mai said: “My younger daughter has decided to enroll in a master’s degree in medical biology to help find ways to cure her mother.”

Source: Vnexpress

Moody’s upgrades baseline credit assessments of VIB

Advertisements

Moody’s Investors Service has just upgraded the baseline credit assessment (BCA) and adjusted BCA of Vietnam International Bank (VIB) to B1 and Counterparty Risk Assessment (CRA) to Ba3.

Previously, right after upgrading the Government of Vietnam’s long-term issuer and senior unsecured ratings to Ba3 from B1, Moody’s upgraded the long-term local and foreign currency bank deposit and issuer ratings of VIB to B1 from B2 on August 14, 2018.

The upgrade in VIB’s BCA and other banks’ is driven by the higher Macro Profile of Vietnam, progress in writing off legacy problem assets and profitability of the banks, according to a report from Moody’s.

In addition to the upgrade, VIB was recognized by State Bank of Vietnam (SBV) and Vietnam Asset Management Company (VAMC) as one of five banks to re-purchase all bad debts that they sold to VAMC. Moody’s and VIB expect profitability for VIB to improve over the next 12-18 months as the burden of credit costs is reduced because the bank has no debt at VAMC.

VIB is also known as one of the only two local banks ready to apply Base II standards. To date, VIB has completed the implementation and waited for SBV’s approval for applying the standards in 2018.

The financial institution is now one of banks with best profitability ratios and risk management in Vietnam. As VIB’s profit before tax reached VND1,720 billion in the first 9 months 2018, its return on equity ratio (ROE) reached nearly 20% and expected to go up in Q4/2018. The bank’s capital adequacy ratio (CAR) is more than 12% and CAR, under Basel II, is over 9.5%. Ratio of short-term deposits used for long-term loans stood at 38% on September 30, 2018, lower than permitted maximum limit of 45%.

Earlier, Moody’s held a conference named “Inside ASEAN – Spotlight in Vietnam” in HCMC on September 12, 2018, assessing Vietnam’s economy, Vietnamese banking system’s ratings, giving forecast on the economy’s outlook and local bank’s performance in 2019. Mr Ho Van Long, Deputy CEO at VIB, is the only representative from local banks to be invited by Moody’s to join panel discussion in the conference.

Analysts from Moody’s expected Vietnamese banks’ asset quality and profits to set to improve in 2019. Raising new capital from external funding and retained profits provided banks with better capital foundation. Moody’s analysts also asserted that Vietnamese banks’ CAR is improved but still lower than their peers in the region.

When sharing solutions to raise capital and CAR, Mr Ho Van Long said in the conference that VIB and other healthy banks had 4 methods, including raising capital from increasing profits, raising Tier 1 capital from domestic and foreign funding, raising Tier 2 capital and optimizing risk-weighted assets (RWA). About VIB’s growth in retail banking (RB) business, the bank’s transformation which started 2 years ago helped VIB develop well and sustainably and become one of the biggest retail banks in Vietnam with NPL of RB under 1%. VIB continued to maintain the first position in car financing and ranked top 3 in Bancassurance sales in the market.

Controversial truth underlying multimillion-dollar hair extension industry

Advertisements

When it comes to hair extensions, people may think about a quick and easy beauty solution to ladies in a special occasion.
They call it a billion-dollar industry. According to the Guardian newspaper, in Britain sales are up to £60 million ($78.72 million) a year and growing.

But what lies underneath is a global tale of exploitation.

Since the 1900s, when the hair trade boomed in western countries, controversy has surrounded it as to how hair is collected.

Advocates see it as an amicable sale in that where there is demand supply appears. Critics view it as grotesque and controversial.

In developing countries rich in culture and customs such as Vietnam, India, Malaysia, and Cambodia, women really love long and glorious tresses. It should come as no surprise if you see a woman gently combing out a knot and massaging her strands with coconut oil in the early morning. It remains a tradition marker of beauty though it takes time and meticulousness.

More importantly the industry has not grown or been regulated in these places. Therefore, over the years, women like Thuy (pictured above) have been targets for hair traders. She said the highest amount she has ever been offered is VND70,000 ($3) while the cost, as estimated by the Guardian, in an upmarket central London salon is around £900 ($1,180). So, what if she agrees and falls victim to that exploitation?

These foreign collectors target people who are hard up and desperate to sell their hair. They fall victim to this business as they need money to survive.

The invisible chain of labor

Years ago hair extensions were something only celebrities such as Victoria Beckham, that iconic global fashion symbol, knew about. However, these days they are popular among ordinary working women and even teenagers.

For example, an average visit to a hair salon for hair extensions in America costs $500 to $2,000. Whereas the original owner might receive only $40 for one or two bundles of 100 grams. This is enough to buy rice for nearly two months. Economically viewed, it is an amicable exchange.

On the surface, everything seems to be alright since this is the way demand and supply work. However, if you dig deeper, you will find what you discover hard to believe. In fact, hair vendors are scouting every village in the world for virgin hair which has never been dyed, blow-dried or straightened.

In the villages, young girls with beautiful tresses are found, a price is agreed upon and long ponytails are snipped of instantly. This is acceptable in that they depend on this for a living. At least temporarily their desperation is eased though, as we have analyzed, the price is incredibly cheap and it is not a fair deal any more.

However, demand far outstrips supply: up to 10,000 extensions are exported to the U.S. every week enabled by lax regulations. Hence, no one cares about their origins or really knows if the hair is willingly donated or not. Donors become stuck in this chain of labor. In other words, they are essentially invisible.

Hair industry exploits women due to their invisibility

The exploitation results from a shortage of hair to meet the demands of customers out there. To overcome that hardship, hair companies either fake it by chemically processing strands from any source they can find (normally, they would choose two kinds of hair with similar textures and features such as Indian hair and Brazilian hair) or purchase hair from sources that cannot be traced.

For the sake of money, people even resort to armed robbery of hair. It is not very hard to find stories of women and children being attacked for their hair at gun or knifepoint. Take a quick look on YouTube at “Women robbed off hair at gunpoint in Venezuela” on CNN News. Similar incidents also happen in India, South Africa, Ukraine, Myanmar, and so forth.

No action is taken and the door is still left open for this to take place all over the world by criminals with a view to making a quick buck from virgin hair. The industry continues to boom while potential threats are posed and the sufferers are those who are desperate.

Disgusting as it may be, it is worth reporting that there are quite a few incidents of girls trying to run and are dragged back by their parents to finish the deal. Others choose silence in their helpless fight against this traumatic event. On the surface it is an ordinary event without any harm to the child because the families get paid, but if you are in the girls’ shoes, you might understand how grim it is.

A survey done by the Alternative Daily shows that even though the participants know exploitation is more than likely, there is little they can do while living in a small town and making ends meet by farming or fishing. They just do whatever they can to feed themselves and their families.

“As a way of life, the more disenfranchised the women, the less these dealers will offer for good hair they can easily flip”, said Nguyen Dinh, CEO of hair company Ivirgo.

Dream to challenge hair exploitation

With Vietnamese gradually becoming familiar with the concept of selling their hair for money, hair extension start-ups are mushrooming. As a business, they all have to do their best to make profits and remain in business. However, as local hair vendors, what they offer hair sellers is surely superior to what others do.

Take for instance Ivirgo hair, the pioneer in the manufacture and export of Vietnamese hair extensions. In a distorted market where fair price is not well defined, Ivirgo hair desires to make the hair trade scrupulous.

The firm stated that most people do not and cannot know where hair comes from. Therefore, its hopes its appearance will change the situation. At the same time Vietnamese donors can get what they deserve to meet their basic needs in life.

Increasingly in the list of reliable hair vendors in Vietnam, we have the right to expect a promising future in which hair donors can enjoy a reasonable deal. It is also a good thing for the county’s economic growth, the firm said.

The emergence of hair companies like Ivirgo does brighten the life of poor women like Thuy. From now on she can sell her hair to a business that will support her family for many years to come.

Thu Ngan report on Vnexpress

Vincommerce tops list of prestigious retailers

Advertisements

List compiled by Vietnam Report in cooperation with online newspaper Vietnamnet.

Vingroup’s Vincommerce topped a list of the top 10 most prestigious retailers in Vietnam announced on October 25 by Vietnam Report in cooperation with the Vietnamnet online newspaper, according to report from the Vietnam News Agency.

Following on the list were the EB Services Co., Saigon Co.op, Aeon Vietnam, Tan Son Nhat Airport Services JSC, Lotte Vietnam, Saigon Trading Group, Hapro, Lan Chi Investment and Service Co., and Noi Bai Airport Services JSC.

The Mobile World Investment Corporation, meanwhile, ranked first on the list of most prestigious retailers in terms of durable, electronic and refrigeration goods.

It was followed by Phu Nhuan Jewelry, FPT Retail, Saigon Jewelry, Doji Jewelry Group, Mediamart Vietnam, Cao Phong Co., VHC Trading Co., Fahasa, and Pico.

Companies were evaluated, scored and ranked based on three main criteria: financial capacity as shown in the latest audited financial statements, reputation in the media as assessed by Media Coding, and expert surveys on the position of the companies in the industry.

Source: Vneconomictimes