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Moody’s takes positive actions on Vietnamese banks

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Moody’s Investors Service has today upgraded the long-term local and foreign-currency issuer ratings and long-term local-currency deposit ratings of five Vietnamese banks, and affirmed the same for the other 11 Moody’s-rated banks in Vietnam. Moody’s also upgraded the long-term foreign-currency deposit ratings of two Vietnamese banks, and affirmed the same for the other 14.

At the same time, Moody’s has upgraded the long-term Counterparty Risk Ratings (CRRs) and Counterparty Risk Assessments (CRAs) of eight banks and affirmed the same for the other eight. Finally, Moody’s has upgraded the baseline credit assessments (BCAs) and Adjusted BCAs of 12 banks and affirmed those for the other four.

The affected banks are: (1) An Binh Commercial Joint Stock Bank (ABB), (2) Asia Commercial Bank (ACB), (3) Ho Chi Minh City Development JSC Bank (HDBank), (4) JSC Bank for Foreign Trade of Vietnam (Vietcombank), (5) JSC Bank for Invstmnt & Developmnt of Vietnam (BIDV), (6) Lien Viet Post Joint Stock Commercial Bank (Lien Viet), (7) Military Commercial Joint Stock Bank (Military Bank), (8) Orient Commercial Joint Stock Bank (OCB), (9) Saigon – Hanoi Commercial Joint Stock Bank (SHB), (10) Saigon Thuong Tin Commercial Joint-Stock Bank (Sacombank), (11) Tien Phong Commercial Joint Stock Bank (TPBank), (12) Vietnam International Bank (VIB), (13) Vietnam JSC Bank for Industry and Trade (VietinBank), (14) Vietnam Maritime Commercial Joint Stock Bank (MSB), (15) Vietnam Prosperity Jt. Stk. Commercial Bank (VP Bank), and (16) Vietnam Technological and Comm’l JSB (Techcombank).

In the case of Sacombank, the outlook was changed to stable from negative. The ratings outlooks on the ratings of the other 15 rated Vietnamese banks remain stable.

The rating action reflects Moody’s expectation that the strong economic growth evident in Vietnam will support the asset quality and profitability of the banks. To capture these developments, Moody’s increased Vietnam’s Macro Profile to “Weak+” from “Weak”.

Please click here for the List of Affected Credit Ratings. This list is an integral part of this Press Release and identifies each affected issuer.

RATINGS RATIONALE

The upgrade of the BCAs of 12 Vietnamese banks is driven by the higher Macro Profile, and also by these banks’ progress in writing off legacy problem assets.

UPGRADE OF BIDV, VIETCOMBANK, AND VIETINBANK’S BCAs

The upgrade in the banks’ BCAs largely reflects improvements in asset quality. Funding and liquidity for these banks are stable, a result of their relatively lower reliance on market funds.. At the same time, capital remains a weakness for all three.

UPGRADE OF ABB, ACB, MILITARY BANK, OCB, TPBANK, VIB AND TECHCOMBANK’S BCAs

The upgrade in these banks’ BCAs reflects improvements in their standalone credit strength, particularly progress in writing off legacy problem assets, and in the case of OCB, TPBank and Techcombank, a strengthening of their capitalization.

Moody’s expects profitability for these seven banks to improve over the next 12 — 18 months as the burden of credit costs reduces.

UPGRADE OF VP BANK’S BCA

The upgrade of VP Bank’s BCA takes into account its high profitability and strong capitalization, which offset the high credit risks from its consumer finance portfolio.

UPGRADE OF HDBANK’S BCA

The upgrade in HDBank’s BCA reflects improvements in the bank’s capitalization and profitability. At the same time, this rating action also takes into account the impending merger between HDBank and Petrolimex Group Commercial Joint Stock Bank (PGBank, unrated), a small private sector bank in Vietnam.

Based on the two banks’ financials for 2017, the key credit metrics of the merged entity, with the exception of asset quality, will be broadly similar to that of HDBank.

Moody’s calculates the proforma problem loan ratio of the merged entity — including loans under categories 2-5 of Vietnamese accounting standards, and gross bonds issued by the Vietnam Asset Management Company (VAMC) — to be at around 6.8%, while that of HDBank is 4.9%.

Post-merger, Moody’s expects the merged entity’s return on tangible assets to decline because of higher credit and operating costs. Moody’s expects funding and liquidity for the bank to remain stable.

AFFIRMATION OF MSB, SACOMBANK, SHB, AND LIEN VIET’S BCAs

The affirmation of MSB, SHB, and Lien Viet’s BCAs reflects Moody’s expectation that the banks’ credit profiles will broadly remain stable over the next 12 – 18 months.

The solvency of these banks is modest compared to that of other rated Vietnamese banks, but somewhat balanced by their funding and liquidity.

The BCA of Sacombank was affirmed because the bank still faces a significant risk from its problem assets, which exceeded 20% of total assets as of 30 June 2018.

The adjusted BCAs of all rated Vietnamese banks are at the same level as their BCAs as we do not factor in any affiliate support for these banks.

GOVERNMENT SUPPORT ASSUMPTIONS REMAIN UNCHANGED FOR ALL THE AFFECTED VIETNAMESE BANKS

Moody’s factors in the assumption of a “Very High” probability of government support in times of need into the ratings of the three government-owned banks — Vietcombank, BIDV, and VietinBank — and a “Moderate” probability of government support in times of need into the ratings of the remaining rated private sector banks.

Moody’s government support assumption is also driven by the relative systemic importance of these banks to the Vietnamese banking system as well as, in the case of government-owned banks, their ownership structures.

The upgrade of ACB, Military Bank, and Techcombank’s long-term local and foreign currency issuer ratings and long-term local-currency deposit ratings, as well as HDBank and OCB’s long-term local and foreign currency issuer and deposit ratings was driven by the upgrade in the banks’ BCAs.

Similarly, the upgrade in the long-term CRRs and CRAs of ABB, ACB, Vietcombank, Military Bank, TPBank, VIB, VP Bank and Techcombank was also driven by the upgrade in the banks’ BCAs.

The foreign currency deposit ratings of all rated Vietnamese banks are capped at B1, because Vietnam’s country ceiling for foreign currency deposits is B1.

OUTLOOK ON SACOMBANK’S RATINGS CHANGED TO STABLE

The outlook on Sacombank’s ratings was changed to stable from negative, to reflect its stabilized solvency profile and some progress in the recovery of problem assets.

WHAT COULD MOVE THE RATING UP

The long-term bank deposit and issuer ratings of these Moody’s-rated Vietnamese banks could be upgraded if the sovereign rating is upgraded and/or if the banks post improved standalone credit metrics that lead to higher BCAs.

WHAT COULD MOVE THE RATING DOWN

The long-term bank deposit and issuer ratings of these Moody’s-rated Vietnamese banks could be downgraded if the sovereign rating is downgraded. At the same time, the long-term ratings of Vietcombank, BIDV, and VietinBank could also be downgraded if Moody’s assesses that government support for these banks has weakened.

The BCAs of these Moody’s-rated Vietnamese banks could be downgraded if their financial fundamentals deteriorate significantly. If all other rating factors are constant, the BCAs would come under adverse pressure if the banks report significantly increased problem loan ratios or significantly reduced capitalization. A material deterioration in funding and liquidity could also be negative for the ratings.

The principal methodology used in these ratings was Banks published in August 2018. Please see the Rating Methodologies page on http://www.moodys.com for a copy of this methodology.

An Binh Commercial Joint Stock Bank (ABB), headquartered in Ho Chi Minh City, reported total assets of VND88,586 billion ($3.84 billion) as of 30 June 2018.
Asia Commercial Bank (ACB), headquartered in Ho Chi Minh City, reported total assets of VND309,968 billion ($13.45 billion) as of 30 June 2018.
Ho Chi Minh City Development JSC Bank (HDBank), headquartered in Ho Chi Minh City, reported total assets of VND191,293 billion ($8.30 billion) as of 30 June 2018.
JSC Bank for Foreign Trade of Vietnam (Vietcombank), headquartered in Hanoi, reported total assets of VND977,682 billion ($42.42 billion) as of 30 June 2018.
JSC Bank for Invstmnt & Developmnt of Vietnam (BIDV), headquartered in Hanoi, reported total assets of VND1,268,267 billion ($55.03 billion) as of 30 June 2018.
Lien Viet Post Joint Stock Commercial Bank (Lien Viet), headquartered in Hanoi, reported total assets of VND175,833 billion ($7.63 billion) as of 30 June 2018.
Military Commercial Joint Stock Bank (Military Bank), headquartered in Hanoi, reported total assets of VND333,203 billion ($14.46 billion) as of 30 June 2018.
Orient Commercial Joint Stock Bank (OCB), headquartered in Ho Chi Minh City, reported total assets of VND90,831 billion ($3.94 billion) as of 30 June 2018.
Saigon – Hanoi Commercial Joint Stock Bank (SHB), headquartered in Hanoi, reported total assets of VND303,930 billion ($13.19 billion) as of 30 June 2018.
Saigon Thuong Tin Commercial Joint-Stock Bank (Sacombank), headquartered in Ho Chi Minh City, reported total assets of VND400,686 billion ($17.39 billion) as of 30 June 2018.
Tien Phong Commercial Joint Stock Bank (TPBank), headquartered in Hanoi, reported total assets of VND126,533 billion ($5.49 billion) as of 30 June 2018.
Vietnam International Bank (VIB), headquartered in Hanoi, reported total assets of VND127,238 billion ($5.52 billion) as of 30 June 2018.
Vietnam JSC Bank for Industry and Trade (VietinBank), headquartered in Hanoi, reported total assets of VND1,140,117 billion ($49.47 billion) as of 30 June 2018.
Vietnam Maritime Commercial Joint Stock Bank (MSB), headquartered in Hanoi, reported total assets of VND123,299 billion ($5.35 billion) as of 30 June 2018.
Vietnam Prosperity Jt. Stk. Commercial Bank (VP Bank), headquartered in Hanoi, reported total assets of VND293,112 billion ($12.72 billion) as of 30 June 2018.
Vietnam Technological and Comm’l JSB (Techcombank), headquartered in Hanoi, reported total assets of VND300,405 billion ($13.04 billion) as of 30 June 2018.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review. Visit http://www.moodys.com for any updates on changes to the lead rating analyst and to the Moody’s legal entity that has issued the rating.

Read full press release from Moody’s here

Halloween in Vietnam

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Halloween was introduced to Vietnam in a touristy way, Halloween night in Vietnam is basically formalistic with the main purpose is just to have fun.

Halloween, the most anticipated holiday of October, although originated from Western culture, is starting to migrate and adapted by more and more Eastern countries. On the day, candies are being stocked up, decoration is being hung and the excitement is going up, Halloween’s spirit has already been in the air since October begins and has no sigh of cooling down. However, as much as the traditional concept of the holiday is still being reserved through its spreading, Eastern Halloween versus Western Halloween is much different from each other.

Vietnamese also celebrate and enjoy Halloween parties. As Vietnamese people believe that when a person dies, the soul goes to hell where it is judged based on its behavior from the earth to be sent to heaven or kept in hell and souls in hell can gain release by the prayers of the living, Halloween is of closest ritual to the Vietnamese when naked hungry souls fly out and return to the family altars.

With the symbolized pumpkin engraved with deformed head on a typical black-and-orange theme, Halloween is becoming increasingly popular in Vietnam, especially in the major cities. Halloween parties are mostly held at backpacker areas, usually in coffee shops, bars and restaurants.

Both foreigners and Vietnamese are amazed at the popularity of Halloween in Saigon

The most and properly the crowded area in Ho Chi Minh City (like any other big cities) is the center. Bui Vien Street, Ho Chi Minh backpacker area, will be the place to go if you want to experiment the true spirit of the holiday. Lights will be up all night and there will be many “ghosts” as well as “devils” wandering along the street, they will “gladly” give you a minor heart attack by suddenly jump out and scare you, and they will laugh with you when you realize it was all for good fun.

There are many activities for Halloween party but the most popular activity which appears at almost every party is wearing Halloween costumes. At coffee shops scary movies are often played until midnight while bars and restaurants offer appealing Halloween deals with uniquely Halloween dishes such as blood soup made by tomato and musk sticks or Tombstoned biscuits with the engraved R.I.P letters.

The more upscale hotels tend to throw a buffet party with a $20 – $40 ticket and invite singers and dancers to stir up the party.

Coca-Cola plans to build $300m factory in Vietnam – reports

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The Coca-Cola Company is set to open a new $300 million production facility in Hanoi, Vietnam.

According to a report by Nhan Dan Online, a state-owned media channel, the announcement was made by Coca-Cola’s regional director, Calin Dragan, bottling investments group ASEAN and Middle-East, in a meeting with Vietnam’s prime minister Nguyen Xuan Phuc.

Coca-Cola is currently seeking a suitable location in Hanoi for the plant, and the new $300 million facility would be Coca-Cola’s fourth production plant in Vietnam.

The new facility will reportedly produce both traditional Coca-Cola beverages such as Coca-Cola, Fanta and Schweppes, and more nutritious products such as Fuze Tea, which will be made using Vietnamese materials.

The report also claimed that the Coca-Cola would seek to build a further production facility in Ho Chi Minh City, Vietnam in the future.

Popular noodles in Vietnam return to Japanese origins

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Fans of the popular “Hao Hao” instant noodles originally marketed for Vietnam will soon be able to enjoy the spicy and sour shrimp-flavored variety in Japan.

According to a report on The Asahi Shimbun, Osaka-based Acecook Co. will start marketing the packages by targeting retailers dealing with Vietnamese foodstuffs in the Kanto region in November of this year.

Demand for the noodles has soared owing to a surge in Vietnamese working or studying in Japan and wanting a “taste of home.”

Vietnamese represent the third-largest foreign group in Japan, after Chinese and Koreans and numbered 291,000 as of June 30, a five-fold increase from the end of 2012.

The product will be imported from Acecook Vietnam, which is expected to sell for about 98 yen (87 cents).

Junichi Kajiwara, the Vietnam arm’s general director, who decided to market the product in Japan in an unusual case of reverse-import, said, “We want to support Vietnamese who are working hard in Japan.”

Many Vietnamese love eating instant noodles in the morning, and the country ranks fourth in the world in consumption of such products, following China, Indonesia and Japan.

The launch of “Hao Hao” in 2000 in Vietnam prompted the growth of noodle consumption in the country. Now, 1.4 billion packages are sold annually, representing a 30-percent market share.

Until now, the product has been exported from Vietnam to 40 deferent countries all over the world.

A single package sells for about 3,500 dong (17 yen) in Vietnam. But a carton of 30 packages sold over the Internet through brokers goes for about 3,000 yen, a hefty markup.

The noodles are so popular that Vietnamese purchase them by the carton when they are specially sold during events in Japan.

4,000 fires and explosions broke out in Vietnam

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A total of 3,776 fires and explosions broke out across Vietnam in the first 10 months of 2018, 91 people were killed and 235 others injured.

The fires and explosions also caused property losses of some 69.5 million U.S. dollars, said the officials of Vietnam’s Fire Prevention and Fight Department on Monday.

In October alone, Vietnam faced 368 fires and explosions which claimed nine human lives, injured 11 people, and left losses of 4.5 million U.S. dollars.

In the first 10 months, the Southeast Asian country suffered 3,464 fires and explosions, which left 85 people dead and 220 others injured, and caused losses of 65.2 million U.S. dollars.

Foreign Investments booming in Vietnam

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Despite a decreasing global trend, the amount of foreign direct investment (FDI) in Vietnam grew by 92.2 percent, surpassing 15 billion dollars in the first 10 months of 2018.

The Ministry of Planning and Investment (MPI) indicated on Monday that during this period, 2,458 new projects were authorized under this regime, and of the already existing ones, 954 increased their capital or bought shares for 6.543 billion dollars, a year-on-year growth of 35.8 percent.

From January to October of 2018, the bulk of FDI was placed in the processing and manufacturing industry (13.279 billion dollars), real estate (5.714 billion dollars) and wholesale and retail (2.385 billion dollars).

In mid-October, the United Nations Conference on Trade and Development (UNCTAD), said that in the first half of the year, FDI flows fell by 41%globally, reaching around 470 billion dollars, far from the 794 billion that circulated in the same period of 2017.

The analysis of the agency associated the decline to factors such as the tax reform in the United States at the end of 2017, which expanded the repatriations carried out by the head offices of U.S. companies of income accumulated abroad by their subsidiaries.

According to James Zhan, Director of the Investment and Enterprise Division of the UNCTAD, the panorama in this sense ‘continues being somber.’

As of August 20, 2018, there were 26,500 FDI projects with a registered capital of 334 billion dollars were activated in Vietnam.

The local authorities attribute the growing flow of foreign capital to the international prestige of the country, its responsible presence in multilateral mechanisms and the superior categorization of its business environment.

Cable car failure leaves passengers stranded aloft, frightened in Vietnam

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Multiple riders took fright when Vietnam’s longest cable car abruptly halted, leaving them trapped in mid-air over water for more than an hour on Saturday.

The incident played out at around 3:00 pm on a sweltering afternoon on the Hon Thom Cable Car in Kien Giang Province, located in southwestern Vietnam.

The passengers, including children and elderly people, felt tired and very worried at the time when they were accompanied by no staff member from the cable car operator.

The Hon Thom Cable Car in Kien Giang Province, southern Vietnam. Photo: Tuoi Tre

A rider called an emergency number and received the news that a switch from one electric generator to another had caused the cable car to stall.

He was reassured that the problem would be handled in only five minutes.

Support towers of the Hon Thom Cable Car in Kien Giang Province, southern Vietnam. Photo: Tuoi Tre

But an hour passed without the situation improving, and passengers began making numerous telephone calls for help.

“That was the first time I had taken a cable car ride, but I found myself dangling in mid-air for over one hour without drinking water while the temperature was really scorching,” Nguyen Ngoc Tan, a 62-year-old passenger, recalled.

“I called my family, and they cried because of anxiety.”

Nguyen Huu Tuynh, deputy director of Sun Group, the Hon Thom Cable Car’s developer, said that all stranded passengers eventually came to the terminal safely.

Sun Group extended apologies to the riders and refunded their cable car fares, Tuynh said.

A power glitch prompted the cars to stop, he confirmed.

The Hon Thom Cable Car stretches around 7,899 meters from a town on Vietnam’s tourist mecca of Phu Quoc Island to the neighboring smaller islands of Hon Roi and Hon Thom.

The ropeway, launched in February, was recognized by the Guinness World Records as the world’s longest non-stop three-rope cable car.

A terminal of the Hon Thom Cable Car (red marker) in Kien Giang Province, southern Vietnam, is seen in this Google Maps rendition. Photo: Tuoi Tre

The cable car system has 69 cabins, offering free Wi-Fi, with a capacity of up to 30 passengers each, and they can move at the maximum speed of 8.5 meters per second.

Its largest support tower stands about 174 meters above sea level.

According to a report on Tuoi Tre News

October 29: VN-Index sheds 0.85% in morning session

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Market grappling with pessimistic sentiment among investors.

Positive signs in Asian stock markets weren’t reflected in Vietnam on the first day of the new week, with the VN-Index losing 9 points at one stage in the morning session.

Trade was relatively quiet. Bottom buying was quite weak and only seen at very low prices, while sellers only accepted selling in the high price range, resulting in low liquidity.

At 10am the VN-Index had fallen 3.19 points (0.35 per cent) to 897.63 points, while both the HNX-Index and UPCoM-Index rose. The matching order value was a low VND550 billion ($23.6 million), with investors remaining cautious.

Oil and gas stocks were active, with PVS, PVD, PVB, PET and PGS rising. Banking stocks such as ACB, CTG, BID, MBB, SHB, HDB and TCB also gained, helping the market become more active compared to early on.

At the end of morning session the VN-Index was down 7.62 points (0.85 per cent) to 893.2 points, the HNX-Index 0.03 points (0.03 per cent) to 101.76 points, and the UPCoM-Index 0.04 points (0.07 per cent) to 51.09 points. Total matching value was only VND1.4 trillion ($60.1 million).

Many stocks still managed to gain ground, such as BVH, FPT, GMD, HAG, VHC, VRE, PVS, and PVD.

Foreigners net sold overall by VND20 billion ($858,835) – VND35 billion in net selling on HSX and VND15 billion in net buying on HNX and UPCoM.

Bluechips such as VRE, VJC, MWG, PNJ, FPT and GMD rose, with BVH, GAS, HPG, MSN, HSG, VHM and PLX doing particularly well.

Given the existing market trends, Bao Viet Securities (BVSC) said that investor sentiment is quite pessimistic and there has been some level of panic in the short term. The market may need to fall further to create a more balanced supply and demand.

The VN-Index is supported by the SMA100 area of 884-885 points. The mid-term trend in the market is turning negative, so BVSC believes it may soon penetrate the support range in the near future.

In the short term, the Index is falling significantly as the Bollinger Band continues to go down. This may cause the market to break its old bottom of around 885 and retreat to the next support level of 860-870 points.

My Van report on Vneconomictimes

55 children suffer food poisoning after meal in Saigon church

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Dozens of children aged seven to 12 had to be hospitalized with food poisoning Sunday after attending a church service in HCMC.
Preliminary investigation reveals that the kids had been served bread roll sandwich with chicken floss that morning at the Tan Thai Son Church in the suburban Tan Phu District to the west of the city.

Around 11 a.m. many of them started vomiting and had high fever, stomachache and diarrhea. The families immediately took them to a local hospital.

Soon dozens more started having similar symptoms.

As of Sunday night at least 55 children and two adults had been hospitalized with food poisoning.

Health officials inspected the sandwich retailer in Tan Phu and its chicken floss supplier in Cu Chi District, one hour away, on Monday morning and found several hygiene violations.

They are still testing food samples for further conclusions but suspected that the chicken floss had been infected with Staphylococcus, a bacteria genus known as a common cause of food poisoning.

Food poisoning breaks out frequently in Vietnam, mostly after meals at school and factory canteens.

In December last year 142 children at An Phu Primary School in HCMC’s District 2 were hospitalized and diagnosed with gastrointestinal infections after eating food served at the school.

The offenders in such cases are rarely taken to court.

Official data shows 1,300 people were affected in 53 cases of food poisoning in the first half of this year, 11 of them fatally.

Le Binh, Le Phuong report on Vnexpress

American woman dies in northern Vietnam road accident

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A young American woman was killed in a traffic accident Monday morning in the northern province of Ha Nam.
The victim, whose name has not been revealed, was driving on the National Highway 1A from Hanoi to the nearby Ninh Binh Province when her motorbike was hit by a container truck moving in the same direction, the Thanh Nien newspaper reported.

The accident took place at around 7:30 a.m. in Thanh Liem District, around an hour drive to the north of Hanoi.

The 23-year-old woman was killed almost instantly, Nguyen Van Trung, director of Ha Nam Police, told local media.

Some eyewitnesses said the driver of the truck fled the scene after the accident.

Police are investigating the cause of the accident and looking for the truck driver.

Last week, a French woman and a Spanish man were killed in a road accident in Ha Giang Province after a head-on crash with a truck trailer, prompting provincial authorities to issue a document asking local police to clamp down on traffic violations by foreigners and tighten control on motorbike rental service.

Many bike rental services in Vietnam are said to require foreign customers to present passports only, and not driving licenses.

Road crashes are a leading cause of deaths in Vietnam, killing almost one person every hour. A total of more than 9,000 traffic accidents occurred in the first half of this year, killing nearly 4,100 people and injuring over 7,000, according to the National Traffic Safety Committee.

Hoang Phong report on Vnexpress

ESP Capital invests in food recipe portal Cooky

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Vietnamese food platform raises $500,000 in second seed round investment.

Vietnamese homegrown venture capital firm ESP Capital recently announced it has completed a second seed round investment in Vietnamese food recipe portal Cooky, raising $500,000 in a funding round led by an existing backer.

Local venture firm Founders Capital and undisclosed angel investors also participated in the financing round. The food portal previously received seed financing from ESP Capital in 2017.

“After working for a long time with the Cooky team, we decided to accompany it for the long term and supplemented capital in order to support its growth in the time to come,” said Ms. Le Hoang Uyen Vy, CEO of ESP Capital. “I recognize that home cooking demand has become more popular among the millennial generation, especially young married couples. The Cooky platform has grown rapidly, as have our expectations, so we fully believe in its development potential in the future.”

“The latest investment will be used to enhance our offerings, enlarge the user base and expand our operations,” said Mr. Vuong Nguyen, founder of Cooky. “Cooky hopes to be the bridge for people’s cooking becoming easier and more interesting.”

Founded in 2015, the food recipe portal now has over 3 million visits per month as well as 40,000 recipes on its online platform and more than 200 offline cooking tutorial sessions. Cooky said it was targeting millennials, who were born between 1980 and 2000 and account for 33 per cent of Vietnam’s population of 100 million and are more inclined towards the do-it-yourself and online sharing lifestyles.

Cooky further said that it plans to deepen its brand name through a series of initiatives, including organizing more tutorial sessions, connecting users with celebrities and chefs, and increasing online interaction between users.

ESP Capital, established in 2017, has $20 million in the kitty to invest in early-stage Vietnamese startups. It is also targeting opportunities across Southeast Asia. It has funded ten companies, including eight Vietnamese startups and two Singapore-based startups. Founders Capital is domiciled in Singapore and has an office in Hanoi. It has backed Vietnamese startups including Netlink, Zmedia, Thethao247, Metub Network, Luxstay and Viralworks.

Two months ago, the Vietnam-based provider of video and livestream cloud API platform Uiza also secured an undisclosed pre-seed funding from ESP Capital and Japanese IT Corporation Framgia Inc.

Hung Cao report on Vneconomictimes

Vietnam sees sharp rise in cancer fatalities

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Vietnam has seen a sharp increase in the number of cancer patients and annual deaths, while diagnosis is often late.
K Hospital in Hanoi launched a ceremony to raise public awareness of cancer on Saturday.

According to the hospital, cancer has become a major burden for many countries, including Vietnam. The Global Cancer Observatory showed that so far this year, 18.1 million people have contracted cancer, resulting in 9.6 million deaths.

Vietnam alone has reported 164,671 new cancer cases since early this year, including 114,871 fatalities.

A report from the Global Cancer Observatory and the National Cancer Institute, Vietnam has around 115,000 new cancer patients per year, including 94,000 deaths.

Doctor Nguyen Tien Quang from K Hospital said that cancer could be completely cured if detected early enough. He added that most cancer patients in Vietnam go to hospital for medical check-up quite late, so the treatment effectiveness is limited.

He warned that people of more than 40 years old usually face a higher risk of cancer. So, it is necessary for them to have regular medical check-ups.

Source: Dtinews

Banks race to fund green energy projects

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Commercial banks are rushing to provide loans for green energy projects amid a wave of investment in the growing industry, dubbed a landmark for the country’s renewable energy outlook.

Vietcombank has recently approved a VND785 billion (US$33.55 million) loan for the BP Solar 1 project, which has total investment capital of VND1.2 trillion with designed output of 46MW in the south central coast province of Ninh Thuận.

The bank last month also signed a contract with the Dai Hai Power Investment and Development SJC to fund its VND1 trillion Srepok Solar 1, which has a designed output of 50MW.

Another bank – HDBank – has so far also planned to set aside up to VND7 trillion for the construction of green energy projects from now to 2020.

Under HDBank’s plans, it will lend to projects which were approved by the Government and reach their commercial operation date before June 30, 2019.

To qualify for the bank’s loans, borrowers must have a minimum equity of VND150 billion and the equity ratio in their projects must be at least 30 per cent of the projects’ total investment capital. The bank also requires that all proceeds from the projects be transferred to the customers’ accounts at HDBank.

VietinBank has recently financed VND1 trillion for the 68.8 MW TTC 01 solar project in the southern province of Tay Ninh. The project has total investment of VND1.6 trillion.

Early this year, two banks – Agribank and Vietnam Development Bank – signed a contract to co-fund the Phong Dien solar power project in the central province of Thua Thien Hue.

The Phong Dien project, which has a designed output of 35 MW and total investment cost of VND838 billion, was recently inaugurated after just nine months of construction, becoming the first solar power plant to be put in to operation in the country.

The wave of investment in the renewable energy industry was spurred by the Government’s incentives and the country’s strong potential for solar and wind energy generation. Investors are also racing against time so their projects enjoy the Government’s preferential feed-in tariff (FiT).

According to the Government, only solar energy projects which reach commercial operation dates (COD) before June 30, 2019 qualify to enjoy the FiT of 9.35 US cents per kWh. The deadline for onshore and offshore wind power projects to get the FiT of VND1,928 (8.5 US cents) and VND2,223 (9.8 US cents) per kWh, respectively, is November 1, 2021.

With such prices, if they meet the deadline, renewable power projects will make significant profits as the power retail price currently averages at only VND1,720.65 per kWh (7.54 US cents).

The financial and business information corporation Stoxplus said that foreign and local investors are excited about renewable energy in Viet Nam, which is expected to grow at 23.2 per cent annually during 2020-30.

There are some 245 renewable energy projects in Viet Nam, including wind and solar power as well as biomass electricity, which are being deployed at different stages. If all these projects begin operation, the total capacity of the country’s renewable energy should reach 23.2GW, which is nearly 10 times higher than the target of 2.65GW by 2020 as indicated in the country’s Revised National Master Power Plan VII.

According to a report on VNS

250 brands to attend Coffee Expo Vietnam 2018

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The third Coffee Expo Vietnam 2018 will be held in HCM City next week, attracting 250 brands from 10 nations.

The event, which is slated from November 1-3 at the Saigon Exhibition and Convention Centre (SECC), will display and introduce equipment and materials for coffee making, as well as bakery tools and materials from domestic and international brands.

The annual expo also offers coffee and confectionary business and shop owners to seek sources of high-quality materials as well as learn about business and investment activities.

A highlight of the event will be the Việt Nam Super Barista Championship with prizes worth up to VNĐ200 million (US$8,584).

Coffee was first cultivated in Việt Nam in 1857. To date, Việt Nam’s coffee plantations cover 20,000ha. The country exports 1.8 million tonnes of coffee beans, raking in $3.2 billion per year. Việt Nam is currently the world’s second largest coffee exporter, after Brazil.

Việt Nam exported 1.46 million tonnes of coffee worth $2.77 billion in the first nine months of 2018, an increase of 20.1 per cent in volume and 0.4 per cent in value compared to the same period last year.

According to a report on VNS

Vietnam Mattress Market by Type by End Users and Region – Outlook to 202

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Vietnam Mattress Market is Expected to reach USD 291 million by 2021: Ken Research

Vietnam Mattress Market by size (King Size, Queen Size, Single Size and Others), type (Latex, spring and others), local and international players, urban and rural demand, region (Ho Chi Minh, Hanoi, Da Nang, Hai Phong and Others), distribution channels (Retail, Direct and online) and sectors (Residential, Hotels, Hospitals and Others), by Market Share of Major Companies (KYMDAN, Hava’s Mattress Vietnam, Lien A Mattress, Dunlopillo, Far East Foam, Van Than Mousse & Foam Company, Lotus Mattress, Kim Cuong Mattress, Everpia JSC, BVD Wonders)

Rising number of online players to foster growth for Vietnam mattress market.
Growing tourism in the country will surge the demand for hotels which will have a positive impact in the sales volume of mattress in the country in coming years.

Ken Research in its latest study, “Vietnam Mattress Market by Type (spring, Latex, Hybrid, Foam), Size (King, Queen, Single Size), By End Users (Residential and Non-Residential and Region–Outlook to 2021” suggests that KYMDAN, Lien A Mattress, Hava’s Mattress and Far East Foam Mattress will remain the major Mattress players in this space.

The residential units in Vietnam have been increasing over the past few years owing to the Housing law and law of Real Estate Business which has been effective from July 2015. It allows the foreigners to legally own, sell or transfer real estate properties. Increasing consumer spending, urbanization, rising awareness among the people regarding the relationship between sound sleep and good quality mattress are few other factors that will foster growth in the mattress market. Rising income levels of the individuals will raise their standard of living, which increases the consumer spending on home furnishings such as mattresses.

The mattress market has been evolving over the years and presently consists of both offline and online players. Online players consist of online retail shopping sites and apps offering various verticals and players exclusive to bedding and mattress. The leading online players selling mattresses in Vietnam are Alibaba, Tiki, Lazada and Vatgia. The mattress players started their online websites for enhancing the consumer base and revenue generation including companies such as Hava’s mattress, KYMDAN, Lien-A Mattress and others. The international players such as Dunlopillo have also joined the online platform.

Though, the major players have their websites but the purchasing and payment feature on the online platform is still not present in these sites such as KYMDAN. Online bookings have increased over the years with the rising number of smart phone users and internet penetration. Online channels have several benefits over purchasing from physical store including more convenience, discounts and offers, time and money saving and others.

Tourism industry is growing in Vietnam which has made a positive impact on the mattress industry in the country. Few trends that have led to increase in Vietnam tourism include rise in Chinese and Koreans travelers to the country, 15-day visa-free policy for France, Germany, UK, Spain, Italy and Belarus increased investment in air travel infrastructure and others. Tourist destinations in Vietnam including Saigo Notre Dame Cathedral, Temple of Literature, Hoan Kiem Lake, My Khe Beach, Khai Dinh Tomb, Imperial Citadel and others attract visitors leading a positive impact on the hospitality industry in the country. This has increased the demand for hotels in the country which has directly impacted the sales of mattresses in Vietnam.

“Vietnam Mattress Market by Type (Spring, Latex, Hybrid, Foam), Size (King, Queen, Single Size), by End Users (Residential and Non Residential) and Region – Outlook to 2021”

Vietnam Mattress Market is projected to register a positive CAGR during the period 2016-2021. Increase in number of households, hotels and hospitals, changing consumer preferences and rise in demand for therapeutic mattress is expected to drive the Vietnam Mattress Market in the future.

The report provides information on market size of the Vietnam Mattress Market, market segmentation on the basis of size of mattress, type of mattress, local and international players, urban and rural demand, region, distribution channels and sectors.

For more information on the research report, refer to below link:-
https://www.kenresearch.com/consumer-products-and-retail/home-and-office-furnishings/vietnam-mattress-market/142269-95.html

https://www.kenresearch.com/consumer-products-and-retail/home-and-office-furnishings/philippines-mattress-market-report/100871-95.html

https://www.kenresearch.com/consumer-products-and-retail/home-and-office-furnishings/india-mattress-ticking-fabric-report/42025-95.html

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