Mattis visited agent orange cleanup site in Vietnam

Advertisements

The top Pentagon official is visiting the last and largest site in Vietnam to be contaminated by Agent Orange, thanks in part to some prompting from Vermont U.S. Senator Patrick Leahy.

Leahy has been pushing for years for the U.S. to clean up sites in Vietnam where it used the chemical herbicide, which has been linked to a range of human health problems.

Jim Mattis, the US’s Secretary of Defense visited Bien Hoa, where a decade-long remediation effort led by the U.S. Agency for International Development (USAID) is expected to begin next year at a cost of $390 million.

“I came to show the support of the Defense Department for this project and demonstrate that the United States makes good on its promises,” Mattis said.

Speaking to reporters ahead of the visit, Mattis said, “I just want to get eyes on it so when I go back and I talk to Congress, I can tell them my impression with actually having seen the site.”

Mattis visited the Agent Orange contamination area after a phone call with Leahy, according to Tim Rieser, Leahy’s longtime foreign policy aide.

“This is a big undertaking. One that no one thought would happen because the tradition has been that, frankly, the U.S. government doesn’t clean up this type of thing after wars and for years the Pentagon’s position was that ‘we don’t do that,’” Rieser added.

“It finally took Leahy speaking with Mattis and explaining the uniqueness of this problem and the importance of this relationship,” he said.
The Department of Defense did not respond to a request for comment.

U.S. troops dropped Agent Orange during the Vietnam War to clear jungle foliage and better track Viet Cong positions. The chemical compound has since contributed to severe health problems that, according to the U.S. Department of Veterans Affairs, include Parkinson’s Disease, prostate cancer, and Leukemia.

Decontamination of ground soil containing Agent Orange at Phuket, Danang International Airport, and now Bien Hoa has all been possible because of funding secured by Leahy, as a longtime member of the powerful Senate Appropriations Committee.

A similar project at Danang International Airport finished at the end of last year, after five years of work costing $110 million.

Leahy began pushing for the cleanup efforts more than a decade ago. During a visit last year to Vietnam by President Donald Trump, the senator said the work cleaning up Agent Orange has been pivotal to improving U.S.-Vietnam ties.

“This probably affected our relationship as much as anything because it was a daily reminder of the war,” Leahy said at the time. “And then it became a generational reminder.”

 

Reporting by Kit Norton

VN is the most globalised populous economy

Advertisements

Việt Nam’s trade as a percentage of gross domestic product (GDP) reached over 200 per cent in 2017, the highest level for any country with over 50 million people in the World Bank’s data set, which goes back to 1960.

The information was revealed in a report by the World Economic Forum.

Of the world’s twenty most populous countries, Việt Nam blows away number two Thailand at 122 per cent.

The measure is calculated by adding the value of exports and imports then dividing the figure by GDP. Economies with high measures are typically rich and small. Hong Kong, Singapore and Luxembourg all have rates over 300 per cent. Companies in these countries and territories make products for export because the domestic market is too small to consume all of their output.

According to the report, Việt Nam’s exceptionally globalised economy is a result of its focus on exports for economic growth. The country opened up its cheap labour market to foreign investors and become a hub for low-cost manufacturing.

Currently, Việt Nam is a major exporter of electronics and apparel, with the United States and China as the main destinations for its goods.

Unlike in some fast-growing economies, Việt Nam’s new prosperity has been shared. The proportion of people in extreme poverty fell from above 70 per cent in the early 1990s to around 10 per cent in 2016, the WEF said. — VNS

Source: Vietnamnews

Vinasun’s suit against Grab comes to the court

Advertisements

The HCM City People’s Economic Court on Wednesday began hearing the suit filed by taxi operator Vinasun against ride-hailing service Grab, accusing it of unfair business practices and demanding compensation of the VNĐ42 billion (US$1.86 million) worth of losses it has suffered.

Once earlier the court had begun the trial but deferred it on Grab’s request.

At the trial on Wednesday, Grab once again asked for an adjournment because Cửu Long Company, which had been in charge of assessing the losses suffered by Vinasun, was not represented in court.

It claimed defining the losses would be very important and would affect the entire trial.

But HCM City People’s Procuracy official rejected the demand saying all documents related to defining the losses have been filed.

Vinasun, once a dominant player in the southern taxi market, has seen its market share gradually taken away by Uber and Grab.

The latter, which recently acquired Uber in Việt Nam, continues to grow in popularity, especially since the number of smartphone users in the country is rising.

Vinasun claims the “illegal” operations of Grab in Việt Nam were to blame for a fall in its revenues in 2016 and 2017 of VNĐ42 billion.

A Vinasun spokesperson said his company based its complaint on the Trade Law and the Government’s Decree 37 issued in 2006, which clearly states that the duration of total promotions in a year must not exceed 90 days and each promotion programme should not last beyond 40 days.

Besides, businesses seeking to offer promotions must register with the municipal or provincial commerce department, but Grab did not do so, he said.

Exploiting the lack of clear regulations for software-based transport services, Grab offered “rampant” promotion deals and discounts, which was similar to dumping of manufactured goods, he said.

Vinasun said while it needs to comply with 13 regulations, Grab has to follow only three, creating unfair competition.

There was a crowd of drivers from Vinasun and Mai Linh, another well-known taxi company, gathered at the court on Wednesday morning, waiting anxiously for the outcome of a suit that could determine their future.

Source: VNS

Stop building condotels, says real estate association

Advertisements

No more condotels should be built in Vietnam and the focus should instead be on developing existing ones, says Vietnam Realtor.
In a report on the market in the third quarter, the association of real estate agents said the supply of condotels exceeds demand, echoing previous warnings of oversupply by many experts and market research firms.

Data from real estate consultants DKRA Vietnam shows high oversupply of condotels in the second quarter, with 2,100 new units coming online, but only 850 sold.

Unsold condotel units accounted for 74 percent in Khanh Hoa province, 78 percent in Binh Dinh province, and 91 percent in Da Nang City. DKRA said that the condotel oversupply situation might worsen in the future as more projects of over 1,000 units each year are being built.

Some 23,000 condotel units were built in the country last year, according to the Ho Chi Minh City Real Estate Association (HoREA). Last year only 33 percent of condotels were sold, just half the rate reported in 2016, it said.

HoREA in August last year estimated that between 2017 and 2019 around 29,000 condotels would be built.

But buyers are keeping away, one of the reasons being the lack of laws governing condotels, Vietnam Realtor said.

There have been disputes between buyers and management companies over ownership and maintenance of condotels.

Industry insiders said since authorities do not issue title deeds for condotels, many people are wary of buying them.

“Management companies and buyers are waiting for a law so that their rights can be guaranteed when investing in this type of property,” Nguyen Manh Ha, deputy chairman of the Vietnam National Real Estate Association, told a forum last August.

Vietnam Realtor said high prices are another reason for the anemic sales. Condotels are now sold at VND35-50 million ($1,493-2,133) per square meter, even VND70 million ($2,987) in some places.

This price range makes it difficult for buyers to resell later, the report added.

Source: Vnexpress

Landslide changes in phone segment

Advertisements

As Vietnamese smartphone producers are launching new products and Chinese giants are stepping up their game, Samsung and Apple’s hold on the market seems more fragile than ever before.

Local brands flex muscles

Last week, Bkav Corporation officially launched Bphone 3, expecting that the new version will bring it closer to becoming the best-selling mobile phone brand in Vietnam. “Bkav has 10 years to prepare and realise this ambition. If mobile phone producers hold perfect technology, they can overcome competitors to gain the first position. Apple and Samsung succeeded this way, thus, with our existing technology basis, Bkav is confident in gaining the No.1 position,” said Nguyen Tu Quang, CEO of Bkav.

Learning from failed debuts, Bkav will revolutionise the distribution of Bphone 3. Instead of putting it on sale on e-commerce sites or on the shelves of electronics retailer Mobile World, Bkav will establish a store chain by co-operating with the Bphone Fan Club and the Bkav Pro collaborators network. In its plan with the timeline having not been disclosed, Bkav will open 300 stores in cities and provinces across the country. In Hanoi and Ho Chi Minh City, there will be at least one Bphone store in each district.

Another contender from Vietnam, Vingroup has recently set up Vinsmart with $131 million to produce smart electronics, starting with the Vsmart smartphone brand. Just three weeks after the announcement, Vinsmart and the leading Spanish technology firm BQ signed a strategic partnership to ensure that the production of Vsmart will be in accordance with international standards.

Accordingly, Vinsmart will purchase intellectual property rights from BQ to develop two Vsmart models for the high-end and mid-range markets. In addition, Vinsmart will exploit BQ’s strengths across the entire process, from design through research and development to production. This is an important step for Vinsmart to soon launch its smartphones with futuristic design and European-standard technology as BQ is currently co-operating with many prestigious technology partners from around the world, such as Qualcomm, Google, and several Spanish universities to research and develop products and deploy production.

“We are working with the world’s leading companies, seeking out the best experts and completing the production line,” said Nguyen Mai Hoa, general director of Vinsmart.

Influx of foreign names

In addition to the movements of Vietnamese mobile phone makers, foreign brands have also been stepping up their game. In the end of September, Nokia announced a return to Vietnam by signing a strategic partnership with Digiworld, beginning to distribute Nokia smartphones from the second half of 2018’s fourth quarter. However, DGW is not the exclusive distributor of Nokia in Vietnam, as HMD Global Oy, the producer of Nokia products, has also entered into a co-operation with at least another distributor, FPT Trading. Switching to Android from the Windows operation system is one of the reasons that Digiworld and HMD believe that Nokia could return to its glory times in Vietnam.

Talking with VIR about the “rebirth,” a Digiworld representative said that Nokia will improve its old phone lines with new features to suit the modern demand. It is targeting the mid-tier segment and avid Nokia fans and millennials.

However, according to an expert, there is a veritable flood of emerging brands offering competitive quality at cheaper prices. Moreover, most young customers and teenagers know little about Nokia, which will make it difficult for Nokia.

Indeed, Chinese producers like Oppo, Huawei, and Xiaomi are also trying to gain market share in Vietnam. In August, Huawei, the world’s second largest mobile phone manufacturer, officially launched its first store in Hanoi presenting hi-tech Huawei smartphones, tablets, laptops, smart watches, and other IoT products, confirming its ambition to become the second best-selling phone brand in Vietnam by 2020.

“The store launch is just our first step, we have already built a long-term strategy for Vietnam. In the time coming, Huawei will continue opening more stores across the country,” said Henry Liu, director of CBG Huawei Vietnam.

The smartphone market is expected to remain heated, especially in the mid-tier. According to Counterpoint Technology Market Research, Oppo sold the second highest number of smartphones in the second quarter of this year (around 22 per cent of the market), followed by Huawei and Xiaomi (combined 10 per cent).

Tarun Pathak, associate director of Counterpoint, said: “The growth of Chinese players at the expense of local players is a key trend across emerging markets and Vietnam is no exception. This is due to the fact that the average selling price of smartphones increases every year. Users in emerging markets are upgrading to smartphones in higher price brackets than their previous purchase. While first-time smartphone users are targeted by local players, the users who are buying their second or third smartphones are in the sweet spot of Chinese smartphone players who have robust portfolios above $100.”

The race heats up

With the price of VND5-10 million ($220-440) as well as eye-catching marketing strategies, Chinese smartphones have quickly gained a foothold in Vietnam by targeting young people who want new technologies, take photos, and surf social networks – on a budget.

Two years ago, in May 2016, the third and fourth ranks were held by Mobiistar (5.8 per cent) and Microsoft (4.7 per cent), while the runners-up were Sony (4.6 per cent) and Taiwan-based HTC and Asus (2 per cent each). However, by now, these brands have been replaced by Chinese mobile manufacturers, and Sony and Microsoft even withdrew.

According to the latest statistics of Counterpoint, in the second quarter of this year, the local smartphone market grew by 11 per cent on-year, the highest since the fourth quarter of 2016. Growth was due to new launches and offers in the entry to mid segment, mainly from Chinese brands. Of these, Xiaomi is the fastest growing brand, going from 1 per cent in the second quarter of last year to 5 per cent of the total shipment market in the same period this year.

Xiaomi entered the top five in Vietnam for the first time, owing to the strong performance of Redmi 5A and Note 5. Similarly, Huawei’s market share increased from 2 to 5 per cent, producing a 193 per cent growth rate. Meanwhile, the shipment market share of Samsung decreased from 41 to 37 per cent between the second quarters of 2017 and 2018. Despite a decrease of 4 per cent to 22 per cent, Oppo still remains the second largest brand.

According to Pathak from Counterpoint, Chinese players are already pressuring global brands like Samsung and Apple in Vietnam. “That is the reason why we expect both Samsung and Apple to get aggressive in the market to retain hold of the growing mid-tier smartphone demand. The recent opening of a premium Apple reseller store and Samsung’s increasing investment into manufacturing both point in this direction,” he told VIR, adding that the US-China trade war will weaken the yuan, resulting in cheaper Chinese products. This will help Chinese brands, which now hold around 39 per cent of the market in Vietnam, helping to grind down the dominance of Samsung and Apple.

Source: VIR

Grab introduces new cashless payment method

Advertisements

GrabPay by Moca to bring customers new and secure cashless payment solution.

Grab has recently announced the launch of payment solutions from Moca under a brand-new cashless payment method called GrabPay by Moca, to bring a swift, seamless and secure cashless payment experience to Grab users in Vietnam. The move is one of the results of the strategic partnership between Grab and Moca to promote cashless payments, announced by the two companies in September.

With this new cashless payment method, Grab customers will be able to pay with ease and enjoy attractive promotions in the GrabRewards loyalty program. The security of users’ personal information is guaranteed under advance payment security and fraud prevention protocols, giving customers peace of mind when using the service.

The launch of GrabPay by Moca is being implemented in batches and is expected to be completed within October. Customers don’t need to download the Moca app; they will be able to use GrabPay by Moca from within the Grab app.

Prior to activation completion, users’ GrabPay Credits balance will not be displayed. Any balance on GrabPay Credits will be migrated to the GrabPay by Moca wallet and be available for use following activation completion. For customers using the Moca app, the existing balance on the Moca wallet (if any) will be merged with the balance on the GrabPay by Moca wallet after completing activation.

In cases where the activation process cannot be done, users still have cashless payment options for services on Grab by using international credit and/or debit cards via the payment gateway service of Moca when adding these cards on the Grab app.

This cashless payment method can only be used for GrabCar, GrabBike and GrabExpress. In accordance with regulations, customers cannot top up directly from a credit card to an e-wallet. In cases where customers do not use an ATM card issued by banks in cooperation with Moca, the current balance in GrabPay Credits (if any) can be refunded or converted into promo codes of the same value.

Grab and Moca last month announced a strategic partnership to promote cashless payments on the Grab platform and in Vietnam. Moca and Grab will leverage each other’s technological expertise and partner networks to roll out payment services to millions of Vietnamese consumers and small and medium-sized enterprises (SMEs).

They will be able to expand payment services more quickly and efficiently throughout Vietnam via the strategic partnership. Moca-enabled merchants will soon be able to benefit from the Grab app’s large customer base, comprising both driver-partners and consumers.

Hung Cao report on Vneconomictimes

Thang Long Warriors opens basketball training centre in Hanoi

Advertisements

Viet Nam Basketball Association (VBA) League 2017 champions Thang Long Warriors have opened a basketball training centre in Hanoi.

It is based in UNIS School in Ciputra urban area. The centre will train 50 young players from the age of eight to 18 for two months until December 16.

Thang Long Warriors’ head coach Predrag Lukic, coach Jason Benadretti and professional players at Thang Long Warriors Club will teach them.

According to Tracy Thu Luong, chairwoman of Thang Long Warriors, the centre will focus on training good quality players to raise the sport’s profile in Hanoi and Vietnam, not gaining profit.

Luong also hoped her centre will become recognised as a good basketball institute across Southeast Asia.

According to a report on VNS

Mid-tier smartphone market segment is crowded with new arrivals

Advertisements

Huawei, Xiaomi and Nokia launched new products recently to compete with Samsung and Oppo, the two big players in the mid-tier market segment.

Samsung introduced the 2018 version of A7 model with 3 rear cameras. This is the first time a Samsung product has been integrated with 3 cameras and is one of very few smartphone models with 3 rear cameras available in the market.

More notably, they are equipped for a mid-tier model, priced at below VND10 million.

With 3 cameras, A7 2018 version has features existing in two separate smartphone models – taking pictures under ‘panorama’ and ‘bokeh’ modes.

The product is expected to hit the market by the end of October at VND7.69 million.

Prior to that, Huawei, a brand from China, marketed the white version of Nova 3i, giving one more choice to its customers.

Huawei, selling VND700,000 lower than Samsung’s A7 2018, also has outstanding features for cameras. The product has dual cameras, on front and back, which allow bokeh mode. The rear camera can identify scenes to optimize the picture shooting.

The product has 128 GB interior memory, bigger than many other rivals of the same segment.

Two weeks ago, Oppo renewed its F9 and launched the version with violet color. The version hit the market just one month after the manufacturer officially introduced the model in Vietnam, which shows its high capability of satisfying the market demand.
The strength of F9 is that it has good camera for selfies and fashionable colors. Besides, its fast charging feature also attracts users.

Xiaomi, which also follows an ambitious business plan in the Vietnamese market, on October 13 launched Redmi Note 6 Pro with front and back cameras like Nova 3i.

Meanwhile, Nokia, the once glamorous brand, which has made a comeback, has introduced 5.1 Plus, targeting gamers.

Sources said Realme, a sub-brand of Oppo, is going to launch a series of new products in Vietnam, while Huawei has begun taking orders for Huawei Y9 2019 after the launching ceremony.

The reports by GfK all show that the mid-tier market share (products priced at VND5-7 million and VND7-10 million) has been expanding. Manufacturers are paying higher attention to this segment as they realize consumers are now spending more.

While the high-end market segment is occupied by Samsung and Apple, the mid-tier segment is crowded with more manufacturers and products.

According to a report on Vietnamnet

Will flow of FDI capital lead to a real estate bubble?

Advertisements

FDI capital flow to the real estate sector soared to $5.5 billion in the first half of 2018.

Real estate is one of the favorite investment fields of foreign investors. In 2017, FDI capital into the sector reached a 7-year high with $3 billion worth of committed capital.

However, the record has been broken. The amount of registered capital in the first half of 2018 was equal to that of the entire 2017.

Where is the money going?

Singaporeans and South Koreans were the first foreign investors in Vietnam’s market, while investors from China and Japan have come in recent years.

According to Rong Viet Securities, the foreign capital mostly flows into the high-end segment with projects developed in Hanoi and HCMC.

As the land fund in the central area is diminishing, realtors have begun eyeing the suburbs.

Chinese CFLD Group is developing the Nhon Trach urban area project in Dong Nai province, while Sumitomo is joining forces with BRG to develop a smart urban area worth $4 billion, located on the Nhat Tan-Noi Bai backbone route.

Foreign investors have different tastes. While Singaporeans (CapitaLand and Keppel Land) target housing market segment, South Koreans prefer retail centers, and shopping malls, and Japanese have begun stepping up the development of office projects. Nomura, for example, has taken over Sunwah building on Nguyen Hue street in HCMC.

Real estate bubble?

“Vietnam’s real estate remains very attractive with upgraded infrastructure, so-called golden population structure and low average housing area per capita,” Rong Viet Securities said.

The presence of foreign investors, who have powerful financial capability and experience, will help the market take off.

This is also why many Vietnamese real estate developers have joined hands with foreigners. Nam Long, for example, following successful cooperation with Mizuki, Kikyo and Fuji, is moving ahead with the largest project so far – WaterPoint – in Long An province.

As there are many players in the market, less capable players will be eliminated. This will bring benefits to consumers as they have more options with higher quality.

ACB Securities estimated that 60 percent of households are capable of buying houses as their monthly incomes are higher than expenses.

The houses worth VND1-5 billion are affordable to households in Hanoi and HCMC. The apartment prices increased by 5-6 percent in 2017.

Troy Griffiths from Savills Vietnam disagreed with the opinion that strong capital flow may lead to a real estate bubble, saying that the risk is low.

Sharing the same view, Rong Viet Securities said the government has taken moves to prevent the explosion of the market in 2017 and 2018.

By Vietnamnet

One person killed, 13 others injured in Quang Ngai boat explosion

Advertisements

A fishing boat exploded on Wednesday evening while on its way back to shore in the central province of Quang Ngai, killing one crew member and injuring 13 others, Dtinews reported.

Vice chairman of Ly Son District People’s Committee, Le Van Ninh, confirmed with Dantri/Dtinews on October 18 that the accident occurred at about 10pm when a boat of fisherman Truong Minh Kinh was coming back to shore after nearly a month out in the sea.

“The boat was about six nautical miles from Ly Son Island when it suddenly exploded,” Ninh said. “Fisherman Duong Minh Hung, 21, died while 13 others were injured including eight seriously hurt.

Ninh said that all the injured fishermen have been sent to hospital and local police are investigating the accident.

Foreign banks enlarge networks, restructure operations in Vietnam

Advertisements

The sale of business divisions can be seen as a move by foreign banks to restructure their operations and focus on core business fields to improve business efficiency.

The recent moves by foreign banks have led to big changes in the operation models. ANZ Bank has transferred the retail banking division, which once was its key business sector, to Shinhan Bank from South Korea. Prior to that, Commonwealth Bank sold its retail banking division to Vietnam’s VIB Bank.

Sources said another similar deal may wrap up in some days. Both the seller and buyer are foreign.

A banking expert said foreign banks plan based on the business environment of the host countries. Previously, foreign banks had difficulty finding their way to explore the Vietnamese market. But now they have identified the strong and weak points of the market.

Foreign banks plan based on the business environment of the host countries. Previously, foreign banks had difficulty finding their way to explore the Vietnamese market. But now they have identified the strong and weak points of the market.

He said that it is now easier for banks to sell their business divisions thanks to an upgraded legal framework, including the amended Law on Credit Institutions which allows merger, share transfer and capital contributions. Foreign banks have exploited this to restructure their operation.

In the case of ANZ, the sale of its retail banking division brought a huge amount of money which helped the bank target corporations and financial institutions.

An ANZ report showed that its profit decreased slightly after the sale of retail banking, but its total assets had increased by 16 percent by the end of the second quarter compared with the beginning of the year.

The biggest increases were seen in two items – deposits at the State Bank (up by VND320 billion), and deposits and loans to other credit institutions (VND4.15 trillion).

While some foreign banks plan to stop doing retail banking, other foreign banks want to step up the business field in Vietnam. These include Hong Leong Bank, Shinhan Bank, Woori Bank, CIMB Bank, UOB and Public Bank Berhard.

The banks have increased their presence with diverse services. Some banks now sell products via phones and messages. This shows that foreign banks are preparing not only to compete with each other, but also with Vietnamese banks.

Shinhan Bank is pursuing an ambitious plan to be among the top 3 banks in credit card services in the next three years.

It is not only strong in financial capability (it belongs to Shinhan Group, a powerful financial group in South Korea), but it also has advantages in retail banking. It has taken over Prudential Finance, (PVFC) at $151 million.

Woori Bank also reportedly wants to buy a retail banking division.

Source: Vietnamnet

Lawmakers approve continued pilot e-visa issuance for foreigners

Advertisements

The National Assembly (NA) Standing Committee decided on October 16 to extend the pilot e-visa programme for foreign visitors to Vietnam by another two years.

On November 22, 2016, the NA issued Resolution No.30/2016/QH14 on the pilot programme, which was scheduled to last until February 1, 2019.

According to a report at the 28th sitting of the NA Standing Committee, between February 2017 and August 31, 2018, Vietnam approved 298,113 e-visas for foreigners, of which 298,507 were self-submitted and 8,606 done by sponsoring organisations. As of August 31, there had been 241,875 e-visa holders entering Vietnam.

Presenting the Government’s report on the implementation of the pilot programme, Deputy Minister of Public Security Le Quy Vuong said the outcomes showed that the policy has contributed to attracting foreigners to Vietnam for tourism and investment, forming a driving force behind the tourism sector.

Many diplomatic agencies of foreign countries in Vietnam applauded the policy, saying it facilitates the nation’s external diplomacy amid global integration, Vuong added.

He proposed that the pilot scheme should be continued to provide the basis for a more complete assessment of the policy’s impacts on local socio-economy, defence, security, and foreign diplomacy.

The official pointed to some existing shortcomings, which include the low number of e-visa holders entering Vietnam due to ineffective work on popularizing the policy, and the high number of countries yet to be subject to the policy.

According to Vuong, the extension of the pilot plan will help complete regulations on e-visa issuance when amending the law on the entry, exit, transit, and residence of foreigners in Vietnam.

At the session, the NA’s Defence and Security Committee requested that the Government direct the Ministry of Public Security and relevant agencies to review and assess the implementation of the law on the entry, exit, transit, and residence of foreigners in Vietnam, with a view to adding the law to the NA’s law building programme for 2019.

Concluding the function, NA Vice Chairman Do Ba Ty announced a decision on the two-year extension of the pilot programme, saying that during this period, the Government is required to prepare amendments to the immigration law for submission to the NA

According to a report on VNA

SBV allows VIB to increase charter capital

Advertisements

The State Bank of Vietnam (SBV) just issued document No. 7820/NHNN-TTGSNH to allow Vietnam International Bank (Upcom: VIB) to increase its charter capital.

The plan to increase the charter capital from VND5.64 trillion (US$240 million) to VND7.80 trillion (US$340 million), was approved by the owner through the resolution approved on September 11, 2018.

According to the document, Nguyen Dong Tien, the SBV’s deputy governor requires VIB to build and control credit growth, in accordance with the bank’s plan but not exceeding credit growth targets announced by SBV.

In addition, SBV requests the bank to increase its capital in line with the current provisions of the law. After increasing the capital, VIB has to submit the application for amendment of charter capital in the license to SBV.

This document is valid for 12 months from the signing date. If the increase of chartered capital has not been completed within the permitted time limit, this document shall be invalidated.

Founded in 1996, with its head office in Hanoi, VIB has become one of the leading commercial joint stock banks in Vietnam, with total assets of VND123.2 trillion ($5.2 billion), shareholder equity is nearly VND9 trillion ($385.6 million). It has more than 5,000 people working at 162 branches and transaction offices in 27 key cities and provinces around Vietnam, serving about 2 million customers.

Traders Fair and Gala Night, Vietnam – The world of finance in one fantastic show!

Advertisements

Traders Fair & Gala night, Vietnam is attracting the world of traders to one place during one day. The leaders of the industry are going to come together in one place and to have an exchange of knowledge and experience.

When: November 24, 2018
Where: Windsor Plaza Hotel, Saigon (18 An Duong Vuong Street, District 5, Ho Chi Minh City, Vietnam)
Website: https://vietnam.tradersfair.com

Traders Fair & Gala night, Vietnam consists of 2 parts:

1. The exhibition starts at 9:00 and is free for visitors. To become our visitor you should download our Mobile App and get your personal QR-code or just register through our website https://vietnam.tradersfair.com/ . During the day exhibitors will show their services, communicate with potential clients and tell people about their companies. Also Traders Fair, Vietnam is a fantastic opportunity to meet and (what is more important) to take seminars from the leaders and experts. There will be 3 workshop rooms, where Forex professionals, successful traders and motivators are going to share out their knowledge and answer your questions – free for all visitors as well.

2. The Gala Night starts at 18:30 and ends at 23:00 – you may attend this part only by invitation cards. We provide companies and our speakers with them, so they can communicate in an informal way. Of course, we are going to share some amount of invitation cards with our visitors – by different lotteries and so on. Gala Night is going to be full of live performances, music, networking, food&drinks and prizes. To say more, you may win the Grand Prize of our Traders Fair – motorbike – during Gala Night. The last winners were just visitors, who obtain invitation cards during the event (Traders Fair Malaysia and Thailand).

Don’t miss! To register now for FREE, you should visit https://vietnam.tradersfair.com

Telegram https://t.me/tradersfair
Facebook https://www.facebook.com/TradersFair/
#tradersfair #tradersfair2018 #tradersfairvietnam

Discuss in Vietnam: Think before you type

Advertisements

We often overlook the obvious for the sensational. It’s human nature to look up when something out of the ordinary hits our radar. We react with humor, commentary and sarcasm, displaying our personality flaws more than we realize. You’ll never hear a football fan at a game say, “Hang on a moment, let’s take a balanced and objective view and quietly discuss that foul.”

Recent online debates regarding seemingly important yet somehow trivial events in Vietnam have plagued our computer screens for quite a time. Certainly it brings out the idioms, ‘Storm in a tea cup’, ‘bite off more than you can chew’ or ‘fat hits the fire’ and ‘go haywire’.

It’s a spectator sport on Facebook to observe and comment on disputes totally unrelated to us – much the same as we do at a football match. We drag out our hidden collection of memes and photo jokes. Posters bark at each other like suspicious dogs across a fence and everyone voices an opinion – it’s like a Vietnamese crowd joining in the argument between two stall owners over whose chairs are in the other’s territory.

Among the recent sparkling Internet feuds have been accusations of not paying staff, the Vietnamese pavilion at the Milan food expo 2015 and the poor northern Son La province that proposed building a US$64 million statue of late Vietnamese President Ho Chi Minh.

The Milan expo complaints and excuses were my personal favorites. With the difficulties getting Vietnamese fruit supplied, perhaps the organizers should have contacted a well-known Vietnamese restaurant in Milan (yes, there really is one) and as for not being able to cook Pho in an expo that featured full-sized restaurants… well, next time, kidnap an old lady selling Pho with her cooking stand on wheels.

It’s fun to watch and read the comments which seem to upset everyone without getting to the heart of the problems. Petty squabbles about unpaid salaries? Simple: pay the salary yourself and then go to the restaurant and have a meal without paying. Run an expo – easy: hire the people who did the Cambodian rice and Khmer cultural displays. By all reports it has excellent reviews. And statues of the late Vietnamese president – we can’t get enough of them: let a rich benefactor donate a big car to the cost.

We miss the real point sometimes that the event is not the problem – it’s the lack of clear thinking and planning that seems to plague so many aspects of life in my beloved Vietnam. Snapping at each other on the Internet does sometimes raise awareness but rarely provides real-world progress.

It’s similar to complaining about the Internet eating shark; why do we blame the one who can’t speak for themselves when the real fault lies elsewhere? Sharks don’t post sarcastic replies.

Education is part of the answer, however many of the more trivial issues we confront or argue about – either for fun or genuine concern on the Internet – are better solved by voicing the more controversial issues such as poor leadership skills in tourism, accepting the realities of paying even if you don’t want to or highlighting the plight of the poor in Son La.

I’m just as bad as others. I love to post a funny or sarcastic post sometimes but I prefer to let my typing cool the flames or turn the mood back to fun. So I have to blame myself sometimes when the topics get ‘out of hand’. It’s human nature but that can be tamed and used to change minds and hearts. I won’t stop commenting myself and its ‘popcorn’ fun to tease people yet I think you get my point.

And another thing… think before you type.

According to a report on Tuoi Tre News

Exit mobile version