During rush hour traffic, Hanoians have begun walking with their motorbikes on pavements to save time.
Near the junction of To Huu and Trung Van streets, west of downtown Hanoi, many people have been driving on the opposite street lane or sidewalk, worsening traffic jams.
If the drivers follow the right lane, they have to travel for a quite some distance to reach a space that allows a U-turn. To avoid the jammed street and the extra distance they would have to cover, they would choose to drive on the sidewalk.
But when more traffic police officers were assigned to manage the traffic chaos, motorbike drivers adopted a new strategy: walk their bikes on the pavement in the direction opposite to the traffic.
Typically, this walk commences at around 6 a.m. and lasts until 8:30 a.m. every day.
Traffic authorities have taken several measures to prevent violations, like blocking the space between the street dividers for drivers to make u-turns at places prone to major traffic jams, but if they do this at one spot, the traffic jam shifts to another.
It is not that people are not aware of the law, but overpopulation in the area makes the problems intractable. Hence the police can only stand and watch the bike walkers do their thing.
On a 2-kilometer stretch of To Huu, there are 40 apartment buildings. And on this narrow street, one lane has been dedicated to the bus rapid transit system. During rush hour, it takes motorbike drivers around 20 minutes and car drivers around 40 minutes to travel 300 meters.
Traffic congestion is a daily problem in Hanoi, which has 5.2 million motorbikes and around 550,000 cars, besides some 1.2 million brought by immigrants, according to police figures. Data showed 4.6 percent of annual increase in individual vehicles while traffic land in the city has only expanded 0.4 percent a year. A survey by market research firm Audience Project and Uber last year showed that a person in Hanoi lost an average one hour to traffic jams per day.
At the intersection of To Huu and Mo Lao streets, hundreds of people try to cut through the traffic flow, which is already jam-packed, and travel on the opposite side to avoid getting stuck for too long.
Some even damage the street divider to make space to get to the other side.
On a bumpy part of the sidewalk, drivers on the right lane have to yield space for drivers to walk in the opposite direction.
Hanoi traffic police can fine drivers in the wrong lane, but there is no regulation to fine the motorbike walkers, Nguyen Duc Thang, a traffic police officer, said.
For now, the motorbike walkers are sticking to their routine, getting a morning exercise that they’d never really planned.
Continued caution on the morning of November 7 saw the VN-Index fluctuate on low liquidity.
Selling pressure was not too strong but demand was weak, with fluctuations remaining minor.
Matching orders of more than 1 million units made on HSX included STB, HSG, OGC, HQC and HAG.
The VN-Index inched up during the session, on similar liquidity to yesterday morning.
The HSX had 115 advancers and 136 decliners, with the VN-Index gaining 1.60 points (0.17 per cent) to 923.65 points. Total trade reached over 69.2 million shares, worth VND1.4 trillion ($60.07 million), down 3 per cent in volume but up slightly in value compared to yesterday morning. Agreement trade contributed over 6.33 million units worth VND213.7 billion ($9.1 million).
Nearly all major stocks moved sideways, while VNM increased 2 per cent, BID 2.2 per cent, MSN 1.7 per cent, and STB 4.1 per cent, with the latter leading in trading volume, with nearly 7 million units.
Meanwhile, VIC lost 0.7 per cent, VHM 0.7 per cent, GAS 0.2 per cent, and SAB 0.85 per cent.
HNX saw 37 gainers and 46 losers in the morning, as the HNX-Index rose 0.28 points (0.26 per cent) to 104.83 points. Total trade was over 16.1 million shares valued at VND223.62 billion ($9.5 million). Deals totaled more than 815,000 units worth VND6.5 billion ($278,840).
The UPCoM-Index fluctuated sharply, moving around its reference level before gaining slightly at the close.
After nearly two years of receiving investment from Mekong Capital’s Mekong Enterprise Fund III, F88 made a milestone in officially opening two new stores in Ho Chi Minh City, on Cach Mang Thang Tam Street, District 1, and Au Co Street, Tan Binh district, on November 11.
F88 Chairman Mr. Phung Anh Tuan said the expansion to Ho Chi Minh City is within the long-term development plan of the pawn shop chain, as it holds major potential in consumer finance loans and could handle three times more shops than Hanoi.
“We are confident about bringing a whole new pawn service to the city, with friendly service and responsible lending,” he said. “We expect to open 200 stores in the time to come.”
The management, operations and development experience gained in major cities in the north will be the foundation of the company rapidly expanding its network in the south, he added.
F88 was launched in 2013 as a startup operating in the pawn service sector. It now offers a variety of collateralized loan services on motor cars, motorbikes, telephones, and laptops for short, small value loans.
It operates similar to a finance company, with appraisal, approval, and management of loans, but in terms of operations more resembles a retail business,
Evaluation is the core activity, Mr. Tuan said, and in addition to building an appraisal board, with specialists from many fields, F88 has also invested in appraisal technology capable of keeping updated market prices.
F88 is keen to expand its chain after opening 45 pawn shops in six northern cities. Total disbursement in 2017 stood at VND600 billion ($25.7 million).
Coffee shipments from Vietnam will set a new record this year, supported by global demand for its key robusta variety.
Exports of all varieties are likely to top 1.8 million metric tons, according to Do Ha Nam, the chief executive officer of Intimex Group, the largest shipper in the country. Nam is also vice head of the Vietnam Coffee and Cocoa Association, the main industry grouping in the world’s largest robusta grower.
“The world market has consumed all the coffee shipments from Vietnam,” Nam said in an interview. “Supplies have been insufficient to meet demand.”
Coffee Craving
Vietnam’s exports are forecast to hit a record
Global consumption of robusta, mainly used by companies including Nestle SA to make instant coffee, is forecast to climb to a record this season, supported by growing demand for the instant variety in developing markets. That’s good news for farmers in Vietnam, who enjoyed a 10 percent jump in local prices in October as global benchmark futures rebounded.
To feed that demand, Intimex this year added three robusta processing plants with a combined capacity of 180,000 tons, bringing its total capacity to 750,000 tons, Nam said last week. The company expects its overseas sales to grow 20 percent to an all-time high of 510,000 tons this year. As well as being an exporter, Vietnam imports beans for re-export and for domestic use.
Harvest Progress
Vietnam’s production in the 2018-19 year that started last month may climb just over 2 percent to 1.83 million tons assuming normal weather, according to the median estimate of 14 traders surveyed by Bloomberg. That compares with 1.82 million in a previous survey, and a 1.8 million ton forecast by Intimex and Simexco Dak Lak, the second-largest exporter. The country’s agriculture ministry in July said production would surpass 1.8 million tons.
Harvesting began in Dak Nong in late October. Other key areas, including the coffee “capital” Dak Lak, will start collecting beans around the middle of November, RCMA Asia Pte said in an emailed report.
RCMA expects a slight reduction in the estimated record crop triggered by fungus diseases mainly in Dak Nong and unusual cherry droppings in Gia Lai. The group earlier projected that 2018-19 season output would rise to 1.92 million tons. It sees exports at a record 1.76 million tons this season.
Instant Market
More key information:
Global demand for robusta coffee will rise to an all-time high of 71 million bags this season, compared with 64 million tons in 2016-17, according to an RCMA Group forecast.
The worldwide market for instant coffee is set to expand 4.7 percent a year through 2023 to $14 billion from $10.4 billion in 2017, market research company IMARC Group said in a report.
Demand in emerging markets is expected to grow significantly in the next five years, IMARC noted in a separate report.
Recent mostly dry and sunny weather in Vietnam is favorable for harvesting and drying of new-crop beans, according to RCMA.
Precipitation in the Central Highlands, the major coffee-growing belt, is expected to be 20-50 percent below average from now through April, the national forecasting center said on its website.
Farmers end-season reserves are in line with a year ago and the five-year average, the traders’ survey from late October shows.
Growers probably sold 1.75 million tons by end-October based on production of 1.785 million tons last season, or 98 percent of the crop.
Stockpiles in warehouses in and around Ho Chi Minh City are estimated at 100,000 tons as of Oct. 31, according to the median of 6 respondents. That compares with 169,000 tons a year earlier and the five-year average of 167,500 tons.
Growers probably collected 4 percent of the new crop as of end-October, compared with 5 percent a year earlier, the survey shows.
Vietnam International Bank (UpCom stock code: VIB) has just been approved to increase its chartered capital to VND7,834 billion in 2018 from VND5,644 billion by the State Bank of Vietnam (SBV) and had relevant dossier endorsed by the State Security Commission of Vietnam. Accordingly, VIB’s shareholders will receive bonus shares with the ratio of 41.13%, equivalent to 411.3 shares for every 1,000 shares they owned. The final date for registration is November 19, 2018.
After completion of the chartered capital increase in November 2018, VIB’s Basel II Capital Adequacy Ratio (CAR) will increase positively, maintaining safe gap with CAR minimum requirement of 8% as regulated in Circular 41 issued by SBV. In the list of 10 commercial banks to pilot Basel II implementation, to date, VIB is one of two banks that have finished the implementation and registered for applying the Basel II standards in 2018.
The increased chartered capital will help VIB operate more safely and have more capacity to cope with potential risks, including risks from credit, market and the bank’s operation activities. Also, VIB is one of five banks which repurchased all bad debts that they sold to Vietnam Asset Management Company (VAMC).
In addition, the financial capacity enhancement and CAR increase will help the bank grow more sustainably, providing its customers with better experience of financial services and preferable offers and ensuring long-term benefits of VIB’s shareholders.
Earlier, VIB announced its 10-month business statement with its profit before tax reaching VND1,956 billion, up 187% year-on-year, fulfilling 98% of the full-year target. Accumulated revenue increased by 47% year-on-year, in which interest income and non-interest income up 49% and 40%, respectively. VIB continues to become one of the biggest retail banks in Vietnamese market as the bank’s accumulated individual lending reached VND69,000 billion, up 55% year-on-year.
VIB ranks 27th in top 500 private businesses with largest earnings in 2017, according to Profit500 report issued by Vietnam Report in October 2018.
In June, Bamboo Airways announced it signed a deal worth US$5.6 billion to acquire 20 Dreamliner commercial jets from Boeing after the airlines inked a similar deal costing US$3 billion with Airbus.
Bamboo Airways, the would-be fourth Vietnamese airline, has not received the license to take off due to matters relating to aviation security, Minister – Head of the Government Office Mai Tien Dung said last weekend.
The Civil Aviation Authority of Vietnam (CAAV) will be in charge of granting the license basing on the Law on Civil Aviation, Dung explained.
The Government Office is seeking feedback from concerning ministries and agencies before making the final decision regarding this issue in the upcoming regular government meeting, he said.
Bamboo Airways is a project of FLC Group, a publicly-traded resort and housing developer in Vietnam. The airlines was set up in mid-2017 with registered capital of VND700 billion (US$30.17 million) to offer standard aviation service and budget passenger carrying service. It raised the registered capital to VND1.3 trillion (US$60 million) after a year.
The carrier targets to run on 24 domestic and 16 international routes by the end of 2023, mainly to destinations where FLC is operating its own resorts, including central provinces of Binh Dinh, Quang Binh, and Thanh Hoa.
In June, Bamboo Airways announced it signed a deal worth US$5.6 billion to acquire 20 Dreamliner commercial jets from Boeing after the airlines inked a similar deal costing US$3 billion with Airbus.
The news has surprised aviation industry and international experts.
Henry Harteveldt, a commercial aerospace analyst at Atmosphere Research, said that the purchase of twenty Boeing 787 airplanes indicated a degree of confidence, some would say arrogance, and a willingness to ignore basic financial planning for an airlines, where you usually buy a few and wait for the market to materialize. “It’s a very bold, very risky move,” he added.
Vice President and analyst at Teal Group Richard Aboulafia said that a newly-established airline should begin with small airplanes like Airbus’s A320 meanwhile wide-body airplanes built for long-haul flights like Boeing 787 are not suitable. He was skeptical that Vietnam’s aviation market can sustain another airline.
A local expert told newswire Zing.vn that Bamboo Airways itself may be aware of risks when investing in a large plane fleet, but it may be a necessary move to prove its willingness to start up in the aviation industry.
Bamboo Airways had been expected to take off on October 10, 2018. But the date for the first flight remains uncertain as Minister Mai Tien Dung said that the government will “cautiously consider” granting the license.
Currently, low-cost airline VietJet Air which debuted in late 2011 holds around 43% of the market share while Jetstar Pacific Airlines, the budget carrier of the country’s biggest carrier Vietnam Airlines, claims over 10% of the market share.
Some foreign airlines like Malaysia’s AirAsia and some Chinese low-cost carriers are targeting Vietnam’s airline market which sees a growth of more than 20% annually on the back of the country’s growing middle class.
Vietnam is one of the world’s leading producers and exporters of rice, but wheat consumption is growing. Imported grains and oilseeds play an important part in supplying the country’s big livestock sector.
There is no wheat produced in Vietnam. The International Grains Council (IGC) estimates its 2018-19 corn crop at 4.7 million tonnes, down from 4.9 million the year before.
According to a report by Chris Lyddon on world-grain.com, the IGC puts Vietnam’s total grains imports in 2018-19 at 14.7 million tonnes, up from 13.7 million the year before. The figure includes imports of 4.4 million tonnes of wheat, down from 4.6 million the year before, and 10.2 million tonnes of corn, up from 9 million a year ago.
The IGC puts Vietnam’s 2018-19 rice production at 28.6 million tonnes, up from 27.9 million the year before. The IGC points out Vietnam’s main crop is harvested in the first half of the following year.
Vietnam’s rice exports in calendar 2019 are forecast at 6.7 million tonnes, compared with 6.5 million the year before, making it one of the world’s five major exporters.
In oilseeds, Vietnam produces soybeans, with the IGC putting the 2018-19 crop at 1.6 million tonnes, up from 1.5 million the year before. It is forecast to import 4.8 million tonnes of soymeal, compared with 4.7 million in 2017-18.
“Wheat is the second staple food, after rice, in Vietnam,” the USDA attaché in Hanoi explained in an annual report on the grains sector. “In large cities, people consume many wheat-based foods, and in recent years the demand for bread/baguette and other baked goods and wheat-based foods has risen.
“The changes reflect the increasing pace of urbanization and increasing familiarity of consumers with convenience foods. The growing presence of fast-food chains in Vietnam, such as McDonald’s, Dunkin’ Donuts, and Burger King; western-style cafes; and, the presence of foreign convenience stores, such as Circle K, Aeon, 7-Eleven, and GS 25, are also key factors in boosting the use of wheat-based foods.”
The trend to consume wheat-based foods is largely limited to the big cities, but it is spreading.
“As a result, the consumption of milling wheat is still small but has seen slight and steady increases,” the attaché said. “This includes an increase in demand for top-quality wheat used for higher quality wheat-based products introduced by western food outlets.”
That means a steady increase in demand for U.S. wheat.
“Australian milling wheat has traditionally dominated the wheat import market in Vietnam,” the attaché said. “On average, Australian wheat accounts for over 70% to 80% of Vietnam’s total wheat imported volume.”
The USDA in Hanoi estimates the current level of demand for milling wheat at about 2 million tonnes a year. It puts Vietnamese milling capacity at about 3.4 million tonnes a year, which, with consumption of 2 million to 2.1 million, means that the mills are running at about 60% capacity.
“This leads to strong competition in the wheat milling sector and also demonstrates industry is anticipating future wheat consumption growth,” the USDA said. “The Vietnam milling industry is expected to not only supply its milled flour domestically, but also regionally to other countries in Southeast Asia.”
There are around 20 flour mills in Vietnam. The biggest mills include Binh Dong Flour Mill Co., with a capacity of 920 tonnes (wheat equivalent) a day, Dai Phong Co., Ltd, with a capacity of 200 tonnes a day, Lua Vang (old name Hiep Luc) Flour Mill (capacity 250 tonnes per day), Interflour Vietnam Co., Ltd. (1,000 tonnes a day), Mekong Wheat Flour Processing Company (800 tonnes a day), Sai Gon Flour Mill/Phuoc An (200 tonnes a day), Tien Hung Co., (400 tonnes a day), Uni President Flour Mill/Uni President Enterprises Corp (250 tonnes a day), Vietnam Flour Corporation (VIKYBOMI) (Việt Nam Kỹ Nghệ Bột Mì) (300 tonnes a day), Vietnam Flour Mill (two mills, with a capacity of 800 tonnes and 500 tonnes a day), Vimaflour (1,500 tonnes a day).
Imported grains are of vital importance to the country’s big livestock industry.
“Vietnam is one of the world’s top pork consuming nations and stands second in Asia after China,” the attaché said. “Subsequently, the Vietnam hog industry is the key driver of the local feed industry.”
In 2016, pork prices fell below production costs, forcing many small farmers out of business.
“Currently, the market is only for big players with a more fully integrated production cycle, as they are able to continue production on a very tight margin,” the attaché said. “For corn, local producers are facing challenges from competitively-priced corn from major producers, such as Argentina and Brazil.”
World market corn prices have been lower than the domestic price since 2014 and the attaché forecast that imports of corn would rise. Feed wheat imports have risen in the past two seasons, but the attaché points out that wheat cannot totally replace corn in feed.
“Currently, due to the competitive price of feed wheat, it is becoming a crucial ingredient in producing compound feed for both aquaculture and livestock,” the report said.
Corn production has become less attractive to farmers, resulting in reduced area.
“Local corn production has been unable to meet demand in recent years, and coupled with low imported corn prices, this has resulted in increasing volumes of imported corn brought into Vietnam,” the attaché said. “Local corn production faces stiff competition from major corn producers like Argentina and Brazil, and most recently from Eastern Europe countries, and cannot compete with imported corn on cost and quality.
“This discourages farmers from expanding corn area and forces them to find alternative cash crops. Young corn plants from some local corn production areas are also used to feed beef cattle, as prices for corn plants lead to higher incomes compared to traditional corn production.”
Rice, oilseeds and biotech
Rice is Vietnam’s main staple food.
“Vietnam’s decline in per capita rice consumption is consistent with other countries in Asia,” the attaché said. “As the economy develops, consumers have greater purchasing power and more access to other foods, and per capita consumption declines.”
The report cited data from the Food and Agriculture Organization (FAO) showing average rice consumption at about 145 kilograms. Even so, population increase, use in feed and use for processing, notably for beer and wine, means demand is rising by some 500,000 tonnes a year. The attaché pointed out that rice is one of the main ingredient sources for home-made feed for pigs, fish and poultry, especially in the Mekong River Delta area.
In an annual report on the sector, the attaché explained that Vietnam’s soybean production has been falling because of low yields and farmers switching to more profitable crops.
“Soybean production continues to fall well below the demand from the food, and livestock and aquaculture feed sectors,” the report said.
In 2017-18 and the year before, the United States remained the biggest exporter of soybeans to Vietnam.
In a report on agricultural biotech in Vietnam, published in December 2017, the attaché put the area of biotech crops in 2016 at 35,000, all of it corn, representing around 3% of cultivated area.
“Vietnam remains a major importer of key biotech plant products such as corn, DDGS, soybeans for animal feed production and cotton for textile industry,” the attaché noted in its report.
The Vietnam Military History Museum in Hanoi is one of six national museums in the country.
Opened in 1959, the museum has thousands of military artifacts, everything ranging from small medals to large aircraft.
In fact, the museum even has several US aircraft, which were shot down in North Vietnam during the Vietnam War, according to the museum’s website.
The Vietnam War, which was fought from 1955 to 1975, killed about 58,200 US troops and as many as 2 million civilians. The US had military advisors in Vietnam in the 1950s, but didn’t officially send combat troops there until 1965.
The museum also has US military vehicles that were purportedly captured during the Vietnam War.
Check them out below.
Here’s the purported wreckage of a US B-52, which was possibly shot down by a surface-to-air-missile during Operation Linebacker II in 1972.
Read more about the operation and how the B-52 was shot down here.
Both VinFast and Vespa have come out with spectacular new electric motorcycle models to green out the roads with style – at very different prices.
VinFast officially issued the decision to apply the “Three No” policy – no depreciation charge, no financial charge, and no profit – for its electric automobiles and motorcycles, while simultaneously adding the discount on Klara electric motorcycles.
Notably, at the beginning all electric automobiles and motorcycles will enjoy the “Three No” policy.
At the same time, Klara electric motorcycled will also be offered at a discount (see details in the chart below).
“With the “Three No” policy, VinFast accepts to sell products without profit to help customers enjoy “Made in Vietnam” products of international standards. Especially, with the electric motorcycle model, VinFast is willing to offer a discount of 40 per cent at the beginning so that these products can achieve larger market coverage,” said Le Thi Thu Thuy, chairwoman of VinFast.
Along with the price incentives, VinFast will support customers by constructing charging stations and providing warranty as well as maintenance services.
In a related move, on October 8, Vespa officially began the online sales of its electric motorcycle model named Vespa Elettrica. Accordingly, the first exclusive models of the Vespa Elettrica can be booked from October 8 until November.
The Vespa Elettrica is a contemporary icon of Italian technology, a synonym for advanced connectivity and silence, personalization, and accessibility, respect for the environment, and style. These values have always characterised Vespa and are fully implemented again today in the Vespa Elettrica, confirming Vespa as a pioneering brand on the market.
With a power unit delivering top power of 4 kW, assisted by the dynamic performance typical to electric engines, Vespa Elettrica outshines a traditional 50cc scooter, particularly in acceleration and hill starts.
It guarantees easy, agile, and enjoyable riding on city roads, even at very low speeds in congested urban traffic, with the added benefits of absolute silence and the absence of vibration, helping to make cities less chaotic and more liveable by avoiding both air and sound pollution.
Vespa Elettrica has a maximum range of 100km, a value that changes little between urban and extra-urban environments thanks to the scooter’s modern lithium ion battery and efficient kinetic energy recovery system, which recharges the battery during deceleration. To recharge the battery, the rider simply plugs the cable located in the compartment below the saddle into a normal electric wall socket or into one of the recharging points that are becoming a common sight in today’s cities. A complete recharge normally takes 4 hours.
Vespa Elettrica is available in the main Eurozone countries at a price of €6,390 ($7,300) or alternatively through a new purchasing solution based on monthly payments of €99 ($113).
According to the plan, Vespa Elettrica will be launched in Asia and the US in 2019.
The retail price of biofuel E5 RON 92 fell by VNĐ1,082 to trade at a maximum of VNĐ19,600 (US$0.84) per litre at 3pm today, the ministries of industry and trade and finance announced.
The price of RON 95-III also dropped by VNĐ1,138 to a maximum of VNĐ21,065 per litre, while the prices of diesel 0.05S went down by VNĐ67 to VNĐ18,544. The prices of kerosene and mazut 180CST remained unchanged at VNĐ17,086 per litre and VNĐ15,694 per kilo respectively.
According to the ministries of industry and trade and finance, in the 15 days before November 6, the global price of RON 92, which is used to produce biofuel E5, averaged $78.70 per barrel, $10 a barrel lower than the previous period. Those of RON95 and diesel 0.05S were $80.52 per barrel and $92.27 per barrel, respectively.
The global prices of kerosene and mazut were averaged at $92.09 per barrel and $489.901 per tonne, respectively.
The ministries of industry and trade and finance said the adjustment of petrol prices aimed at regulating gasoline prices, contributing to controlling inflation and limiting the increase in the consumer price index (CPI).
The two ministries also decided to decrease the use of subsidies from the petrol price stabilisation fund.
Subsidies for E5 RON 92 were unchanged at VNĐ700 per litre, while those for RON 95 and diesel were zero.
The ministries said the use of the petrol price stabilisation fund has helped limit the effects of increasing petrol prices in the world market in the past few months, thus contributing to curb inflation.
The price of ethanol E100, which is used as the basis for the calculation of the price of biofuel E5 RON 92 after the elimination of petrol RON 92, stood at VNĐ14,737 per litre without value added tax.
Reviews of fuel prices are set to be announced every 15 days to keep up with swings in the global market.
As of November 5, the balance of the price stabilisation fund was more than VNĐ3.03 trillion.
The petrol prices have had 21 adjustments so far this year including 6 increases, 3 decreases and 12 times they were kept unchanged.
A financial technology (fintech) firm that owns one of the most popular mobile wallet apps in Vietnam has become the first-ever Vietnamese representative to be listed among the world’s top 100 companies of this kind.
Vietnamese e-wallet MoMo was honored in the 2018 Fintech100 alongside such technology unicorns as Ant Financial, JD Finance, and Baidu from China, Robinhood from the U.S, and Adyen from the Netherlands.
The ranking was announced by the fintech investment firm H2 Ventures in collaboration with KPMG Fintech on October 23.
MoMo offers a mobile, electronic wallet and payment application for iOS and Android devices.
The app helps customers in Vietnam make nationwide cash transfers, pay more than 100 types of bill, top-up mobile phone accounts, settle personal loans, and purchase services such as software licenses, online game cards, and airline and movie tickets.
In the company description, the 2018 Fintech100 introduced MoMo as “both the largest and the fastest-growing of Vietnam’s payment providers with over eight million customers and a growth rate of 15 percent in monthly transaction volume and user base.”
This is also the first time a business from Vietnam has been named in this report.
In the 2017 Fintech100, Southeast Asia had only two representatives – Silent 8 and SoCash, both from Singapore.
This year’s report, the fifth of its kind, highlights dynamic fintechs from around the world that are transforming the financial services industry.
It lists the ‘Leading 50’ fintech firms around the globe, ranked based on innovation, capital raising activity, size and reach; and the ‘Emerging 50,’ exciting new fintechs that are at the forefront of innovative technologies and practices and are often pursuing new business models.
MoMo is listed among the ‘Emerging 50’ companies.
Ian Pollari, global co-lead of KPMG Fintech, commented that “the 2018 Fintech100 showcases the increasing diversity and scale of the global fintech market.”
“Payments and lending continue to be the dominant sectors, however wealth management is taking off, with 14 companies on the list, and insurtech remains strong with 12 companies,” Pollari elaborated.
‘Insurtech’ refers to the use of technology innovations designed to squeeze out savings and efficiency from the current insurance industry model, which was inspired by the term ‘fintech.’
Earlier in March, MoMo was also listed among the top 100 fintech companies in the world in the report “Financial Inclusion in the Digital Age” by a team from Stanford University and International Finance Corporation (IFC) from the World Bank Group, according to news site VnExpress.
Components of a major expressway in southern Vietnam are being stolen repeatedly, putting vehicles at risk and causing mounting losses.
The Vietnam Expressway Services Engineering Joint Stock Company (VECE), which manages the HCMC-Long Thanh-Dau Giay Expressway, said up to 116 cases of theft have been recorded so far this year.
More than 1,000 cast iron manhole covers, 500 meters of power cable, more than 400 meters of control wire, 448 meters of earth wire, 11 traffic cones and metal beam crash barriers have been stolen from the expressway that runs 55 kilometers (34 miles), connecting HCMC with the neighboring provinces of Dong Nai and Ba Ria-Vung Tau.
Nguyen Thi Hoai Phuong, deputy director of VECE, said the total value of the stolen products was around VND1 billion ($43,000), but it costs a lot more to replace them with new ones.
The greater worry is about the risks that such stealing poses for vehicles.
Metal beam crash barriers save vehicles from serious damage in case of accidents while traffic cones are mounted on the pedestals along the road and the dividing strip to help vehicles in low light areas.
The most serious problem is the stealing of power cable, which has paralyzed the lighting control system in Xuan Thanh Commune, Thong Nhat District, Dong Nai Province.
VECE has reported the problem to local police and the company itself frequently checks the area, but theft has continued to rise.
For three days in a row last month, hundreds of manhole covers plates were taken away.
On early October 30, a team from VECE caught a container truck driver stopping his vehicle along the expressway in Long Thanh District of Dong Nai and taking 24 plates.
Earlier, the team caught two men taking power cables in District 2 of HCMC and another man driving a truck to the area with the same purpose.
Costing more than VND20.6 trillion ($883.7 million), the expressway opened to traffic in 2015, cutting the travel time between HCMC and the beach town Vung Tau from two and a half hours to just 80 minutes.
From 2016 to date, power cables have been stolen at least 12 times along the expressway.
App features range of safe and secure log in options.
Shinhan Bank Vietnam has officially launched a new mobile banking app, SOL, with many outstanding features.
Apart from regular features in any mobile banking app, such as balance checks and money transfers, SOL also has logging in by password identification and other safe and secure log in options such as pattern, fingerprint, or iris identification.
SOL also offers customers direct transfers to mobile numbers of recipients. Its interface is user-friendly, integrating all transfer functions on one screen and allowing users to self-arrange and customize according to their actual needs.
“With consultation from our parent bank in South Korea, the SOL app integrates the most advanced technologies in mobile banking and bears outstanding features compared to other apps in the market,” said Mr. Shin Dong Min, CEO of Shinhan Bank in Vietnam. “We hope it will provide our customers with a modern, fast and convenient solution for their financial needs with an easy yet safe and secure approach.”
The app is named after the SOL bear, the mascot of Shinhan Bank in 2018. SOL stands for Speedy Optimized Leading Lending? and embraces the meaning of SOLution for customers’ financial demands.
About 3 million young Vietnamese are affected by mental and psychological problems but only 20 percent of them receive medical treatment, while the rest resort to alcohol, tobacco, and drug, said a doctor in Ho Chi Minh City, Vietnamnews reported.
Nguyen Song Chi Trung from the Centre for Technology Transfer in HIV and Addiction Treatment under the Ho Chi Minh City Medical University shared the information at a recent conference on mental health and drug use among youths.
According to Trung, there are many reasons leading to drug use among young people, such as the pressure of self-assertion, peer pressure, being a victim of abuse, divorced parent, and poverty. They often come to drug as a new experiment, however, some turn into addicts.
Trung said the family plays a key role in keeping young people away from stimulants. Parents need to equip themselves with knowledge on early symptoms of mental health problems and help their children get life skills to be able to deal with challenges at school and in society, he advised.
He recommended avoiding ostracism and discrimination against young drug users as the practice can hamper their treatment and rehabilitation.
According to the World Health Organisation, half of psychological disorders start at the age of 14, most going unnoticed or untreated.
A UNICEF’s study of mental health and psychosocial wellbeing among children and young people in Vietnam this year showed the average rate of having mental health problems among people aged 14 – 18 was 12 percent. The most common disorders were depression, anxiety disorder, loneliness, and attention-deficit hyperactivity disorder.
According to Danang Department of Construction, plots of land that are smaller than 1,200 square metres in the city centre will not be allowed to build high-rise buildings.
The department has sent official documents to district authorities and related agencies about the regulation.
Investors will only be allowed to build up to nine floors on linked plots of lands. However, investors are only allowed to build up to eight floors in Hai Chau and Thanh Khe districts as authorities are considering a ban on high-rise buildings in those areas.
Projects without 1/500 scale plans must follow the city master planning to 2030 with a view to 2050, in which high-rise buildings will be limited in existing residential areas, along streets that are smaller than 20 metres wide and on plots of land that are smaller than 1,200 square metres.
For investors with large plots of land, the city will review each case and issue decision based on the infrastructure and how the land will be used.
Many buildings have been found to have violated planning regulations in Danang. The inspectorate discovered that Bach Dang Complex Company built a hotel complex without permission. Bach Dang Complex Company was fined VND110m and instructed to remove the building in 60 days or face forced removal.
Meanwhile, Minh Thuy Company, investor of the Eden Hotel in Ngu Hanh Son District, illegally increased the number of rooms from 96 to 225. They were also told to remove the illegal section.
Song Viet was given permits to build 19 villas, covering 5,008 square metres in total. In reality, they built 20 villas that covered 6,975 square metres. They were also building 18 villas without licenses. Some villas were located in different places than planned or were bigger than registered. There are also seven unlicensed bungalows and a 17-metres embankment that encroached on the water.
Song Viet continued the construction despite the ban and was fined VND100m (USD4,400). The investor of The Song resort project also had to remove the illegal constructions and was made to seek permits for the rest.
Danang People’s Committee has applied various measures to prevent similar cases and issued a decision which states that the chairmen of wards, communes and districts must take full responsibility.
