Banks expect better business performance in 2018

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A majority of credit institutions in the country expect an upward trend in their business this year, according to a survey released on Monday by the State Bank of Việt Nam.

Under the business sentiment survey conducted last month, which covered domestic and foreign commercial banks operating in the country, 88.3 per cent of the respondents expected their profits this year would be higher than last year. Only 5.3 per cent of the respondents forecast their profit to remain unchanged and 6.4 per cent were concerned about a profit decline.

The respondents forecast that profits for the entire banking system in 2018 would increase by 18.63 per cent against last year, higher than the 13.63 per cent reported in the previous survey conducted in the same period last year.

A total of 72.6 per cent estimated that their business performance in Q3 would be improved in the third quarter, while 80 per cent hoped for continuous improvement in Q4. Of this, 15.8 per cent and 23 per cent anticipated “significant improvement” in Q3 and Q4, respectively.

The survey also showed that many banks expected customer demand for banking services in the second half of 2018 and the entire year to increase compared to last year.

Banks expected the banking system’s credit growth to reach 4.52 per cent in the fourth quarter and 15.22 per cent for the entire year.

The respondents also anticipated capital mobilisation of the entire banking system this year would reach 15.34 per cent, of which the increase in the last quarter was anticipated to be 5.83 per cent.

Banks also said the liquidity of the banking system in both Vietnamese đồng and foreign currencies was currently “good” and that the positive status would continue for the rest of the year.

With optimism about growth prospects for 2018, banks also forecast the industry’s labour market to see positive changes in the coming months.

Despite more recruitment in the first three quarters of this year, many banks said they are still short of employees, with 61.46 per cent of the respondents saying that they planned to recruit more in the fourth quarter of this year.

VNS

Vietnam suffers high gastric cancer rates

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Vietnam stands the 18th among countries with the highest rates of gastric cancer in the world, and most of gastric cancer patients in Vietnam are late diagnosed.
The information was recently given by Associate. Prof. Dr. Nguyen Truong Khanh, head of Gastroenterology Department at Bach Mai Hospital at an International Symposium on liver and gallbladder digestion in Hanoi.

According to Khanh, a high salt intake, staying up late, sedentary lifestyle and HP bacteria infections were the main reasons for gastric cancer rise in Vietnam.

“We are working to provide statistics on Vietnamese people who face the risk of gastric cancer. The best method for the early detection of the disease is endoscopy,” Khanh said.

Professor Hidemi Goto from Nagoya University said that over the past years, experts from the university have helped Bach Mai Hospital with the transfer of endoscopic and surgical techniques to treat gastrointestinal cancer, while many doctors of Bach Mai Hospital have been sent to Japan to gain experience in this area.

In Japan, most of patients with gastric cancer are diagnosed early so the treatment is quite effective. Meanwhile, in Vietnam, the disease diagnosis is often late, affecting the treatment efficiency. That is why gastric cancer patients in Vietnam have to use operations or chemotherapy.

Vietnam sees around 126,000 new cancer patients and 94,000 cancer deaths per year, up to nine times higher than the number of traffic accident-caused fatalities.

Early cancer diagnosis treatment fees are not covered by health insurance. In the coming time, the fees for some kinds of cancer such as breast, live and digestive cancers will be paid by health insurance.

Source: Dtinews

Funky balloons are no laughing matter in Việt Nam

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Huệ Anh faced every mother’s nightmare when he teenage daughter asked to go to a music festival last month.

The 16-year-old wanted to party with friends at the event in West Lake Water Park.

Anh put her foot down and said no. Her daughter probably wasn’t best pleased but her mother had laid down the law.

Seven people died at that festival of suspected drug overdoses. Thankfully for Anh, her daughter wasn’t one of them.

Police have gathered evidence that suggests other revelers at the rave that night had taken balloons, more commonly known as ‘’hippy crack’ or ‘funky balls’.

They contain nitrous oxide, or laughing gas to give it it’s street name.

Anh told the Tin tức online newspaper: “I said no because I didn’t know enough about the festival or what would be going on there.”

She said she feared the fact that her child would give into temptation, and partake in either illegal, or legal but still dangerous, substances.

“It’s hard for the children to resist the temptation to try it,” she added.

A student in a Hà Nội – based university, who wants to remain anonymous, said she often went to streets of Tạ Hiện and Lương Ngọc Quyến to met with her friends at the weekend.

“Sometimes, I also tried funky balls,” she admitted.

Doctor Nguyễn Minh Tuấn of the National Institute of Mental Health told Việt Nam News the balls contained nitrogen oxide, which causes hallucination and could be categorised as a sedative. Usual complications which might occur include respiratory distress, heart attack which could lead to death.

Besides of funky balls, it’s very easy to see urban youngsters smoking shisha in coffee shops in a range of streets in the city, including Nhà Thờ, Nguyễn Hữu Huân, Xà Đàn and Thanh Xuân.

Shisha smoking also called hookah, narghile, waterpipe, or hubble bubble smoking – is a way of smoking tobacco, sometimes mixed with fruit or sugar, through a bowl and hose or tube. The tube ends in a mouthpiece from which the smoker inhales the smoke from the substances being burnt into their lungs.

Causes

Vũ Thu Hương, of the Hà Nội National University of Education, said youngsters often wanted to prove themselves by two ways, one was positive and another was negative.

However, due to lack of experiences and knowledge, they were vulnerable to temptation, some even became criminals, she said.

Poor connection between parents and children were also blamed for the situation, she said.

A lot of temptation appearing in the current living environment was one of the reasons, she said.

Khuất Thị Hải Oanh, deputy director of the Centre for Supporting Community Development Initiatives, said that universities and colleges now failed to provide law-related knowledge for students.

The schools also lacked of healthy forums, activities and space for students to connect with each other, she said.

Another reason was the authority had not promptly reacted to and somehow belittled the problem, Tuấn from the National Institute of Mental Health said.

“The authority hasn’t promptly reacted to and somehow belittled the problem,” he said.

“For example, crystal meth, ecstasy have been categorised as a type of drug, but laughing gas is not.

“The authority has not banned the trading, storing and production of the substance, which leads to the problem. You can see in many festivals, people openly sell funky balls without any troubles.”

Solutions

Tôn Ngọc Khánh, a student of Banking Academy Institute, said schools need to organise more outdoor activities for students so that they could have more space to develop their social skills as well as improve their physical health towards a healthy lifestyle.

Trần Tiến Dũng, a student of the Hà Nội University of Agriculture said forums to discuss on social evils should be held more in schools. It was expected to help students share their comments and ways to protect themselves from the social evils.

Nguyễn Thiên Tú, deputy head of Young People Committee under the Hồ Chí Minh Communist Youth Union, said activities held for students and youngsters should send a particular message to encourage them to say no with unhealthy trends.

Oanh, from the Centre for Supporting Community Development Initiatives, suggested that it was necessary to fill up education gaps for young people and students. Schools had to focus on educating law and regulations for them in the coming time.

Only when they had full knowledge about the law and regulations, they would actively protect themselves from temptation appearing more and more in the modern society, she said.

Colonel Bùi Đức Thiêm, of the Ministry of Public Security’s Drug Crime Investigation Department, told Việt Nam News that currently, the Government only ordered authorised agencies to strictly manage the usage of nitrogen oxide instead of banning.

There were only several countries in the world listing the substance into their management list, he said.

Because if we banned the usage of the substance, it would partly impact to the country’s social-economic development, he said.

Thus, Thiêm suggested the Government and relevant agencies to tighten controls on activities of trading, storing and production of the substances in the coming time.

Thiêm also highly recommended young people to think carefully before trying substances that they did not know well about.

Source: VNS

HCM City Council okays VND1.508 trillion opera house project

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According to the proposal, the opera house is designed to meet international standards. It is expected to have a spacious hall capable of accommodating 1,200 guests and a smaller hall with a capacity of 500 people. The Construction Investment Management Board under the Department of Culture and Sports will be the owner of the project, which is slated for completion in 2022.

The HCMC government said the construction of the venue was aimed at meeting the art demands of over 10 million people and millions of foreigners. The theater is expected to become a new cultural symbol of the city.

Besides this, the new opera house helps enhance the development of art, diversify artistic performances, promote quality, preserve and develop the national culture, and promote spiritual values.

At the meeting, however, some delegates remained hesitant about the opera house project.

Vo Thi Ngoc Thuy questioned whether the new venue would attract spectators when the city is already home to the Hoa Binh Opera and Saigon Opera House and whether the city had surveyed the number of symphony and opera fans yet.

After the HCMC departments and agencies had resolved the queries put forth, all the delegates agreed with the plan to construct the Thu Thiem-based opera house.

The municipal council on October 8 also approved a school milk program aimed at improving nutrition and the physical stature of kindergarten and primary-school students in HCMC during the 2018-2020 period.

Accordingly, the pilot program will be applied to kindergarten and first-grade students in the outlying districts of Cu Chi, Hoc Mon, Nha Be, Can Gio and Binh Chanh. In the 2019-2020 academic year, the program will be extended to all kindergarten and first-grade students citywide.

Total funding for the program in the 2018-2020 period is some VND1.135 trillion, of which some VND350 billion will be subsidized by the State budget and some VND240 billion will be covered by enterprises supplying milk. Students and parents are expected to contribute some VND548 billion, or 50% of the total funding to buy the milk.

The HCMC government, at the meeting, received the council’s approval of a proposal to invest in public projects with total investment capital of VND8.48 trillion, as well as a proposal on the rights to govern the auctions of land-attached properties and land use transfers in the city and a proposal on investment in the city’s supporting industries.

Source: SGT

Another cold spell to hit northern region

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Another cold snap is forecasted in the northern region from October 9.

According to the National Centre for Hydro-meteorology Forecasting, Hanoi would see rains on the evening of October 9 and the temperature would fall to the lowest level of 20-22 degrees centigrade.

This weather would also affect the northern central and central regions, including Ha Tinh, Quang Binh, Thua Thien-Hue, Quang Nam and Quang Ngai, on October 10-13 with quite strong north-east monsoon wind in coastal areas.

Several northern mountainous localities have been predicted to experience the temperature of 19-22 degrees centigrade, even colder in high mountains.

An expert from the National Centre for Hydro-meteorology Forecasting recently said that this year’s winter would come earlier than usual and be colder than the past five years.

The country is expected to face 2-3 storms from now until the year-end which would mostly occur in central and southern regions.

By Nguyen Duong, Dtinews

Vingroup to acquire Fivimart supermarket chain

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Vietnam’s Vingroup’s retail arm, VinCommerce, has completed the acquisition of the Fivimart supermarket system,

According to a press release published on October 8, Vingroup has acquired 100 % of Fivimart from its operator to own all 23 Fivimart supermarkets. These stores will be soon renamed to VinMart, the supermarket brand of Vingroup.

“In VinCommerce’s development strategy, VinMart and VinMart will be established not only Vinhomes residential complexes but also other residential areas nationwide. This deal is one step in realising this strategy,” saidVinCommerce CEO, Ms. Thai Thi Thanh Hai.

Besides continuing to sell consumer goods, food, home appliances and cosmetic utensils, these new supermarkets will also sell safe and fresh food and products with Vingroup’s brands such as VinEco agricultural products, VinMart Cook’s pre-processed foods and VinMart Home consumer goods.

Vingroup’s supermarket system was launched in 2014. After less than four years, the system of VinMart and VinMart has had the largest scale and fastest growth rate in Vietnam.

The deal between VinCommerce and Fivimart came after retail giant AEON terminated its deal with Hanoi-based Fivimart after four years due to losses, selling its 30 percent stake in Fivimart.

Speculation about the divorce between Fivimart and Aeon started in early September.

Since the beginning of their partnership since 2015, Fivimart increased its supermarkets from 10 to 23, while revenue jumped fromVND 1.07 trillion (USD 45.64 million) toVND 1.3 trillion  during the 2015-2017.

However, Fivimart posted losses ofVND 60 billion  in 2015, which later widened to VND96 billion a year later. In 2017, the local supermarket chain reported losses of 23 billion USD, resulting in an accumulated loss of VND 197 billion.

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This article was first posted on VNS/VNA

Google just shut down Google+ for good – Delete your profile now

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Google is known for its collection of wildly popular products, from Search to Maps to Android. But not everything the company touches turns to gold.

Google Glass was supposed to change the world, but it quickly became a punch line. And remember Google Buzz?

Now, Google is killing off one more product: Google+, the social network that was supposed to take on Facebook and LinkedIn. Google decided to shutter the service after a software glitch caused Google to expose the personal profile data of hundreds of thousands of Google+ users (though the company says nothing bad happened).

Of course, the best innovations are the ones that everybody thinks are doomed to fail, so it makes sense that Google has had its fair share of misses over the years. Still, we counted at least 18 products that have ended up in the Google graveyard (but there are probably more – let us know if we’re missing anything).

Here’s how to delete your profile now

Even if you do not use the account it could still be a risk with the recent announcement of the security breach. Here’s how to delete your account ahead of the company’s announcement that they will shut the entire platform down in 10 months.

When signed into your Google account, go to Gmail. Select your icon in the top right. If it has “Google+ profile” up there, you still have an account even if it is dormant.

Click on ‘Google+ profile’ to visit the page. When you arrive click on Settings within the left rail. All the way at the bottom of the settings page is ‘Account – Delete Your Google+ Profile’.

Deleting the profile will impact some content on Google+. Google+ Pages, and Youtube (if you have a linked account). Read it carefully to decide if you want to move forward. You cannot get your profile back once you click delete.

After all these steps, Google will ask for more information on why you are leaving. This is optional. Close the tab if you do not wish to answer.

 

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By Business Insider and Benjamin Lloyd

Dog meat culture clashes with modern tastes in Vietnam

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Vietnamese officials in Hanoi have asked residents to stop eating dog meat, citing health and public image concerns. Vendors and enthusiasts now fear a nationwide ban on what they consider to be a traditional delicacy.

Hoang has been eating dog meat since he was young. He can’t imagine there will be a time that he won’t be eating it at least twice a month. However, Vietnamese officials announced in September that dog and cat meat should no longer be served in the inner districts of the capital city Hanoi because it’s offensive to tourists and can spread diseases like rabies.

Read more: Dog meat trading to be banned in central Hanoi by 2021

Dog meat lovers and restaurant owners fear that the government will try to expand the ban and decide to officially forbid eating dog and cat meat entirely.

“I don’t see how they can ban it. The demand is just too high,” Hoang said at a restaurant in Vietnam’s largest metropolis, Ho Chi Minh City.

In a small alley in Ho Chi Minh City, at least four restaurants serve dog meat, or Thịt chó. People gather around small tables to dine on the canine meat, complementing it with rice wine or beer.

Hoang, who declined to give his full name, is sitting at a table with three good friends. “For us it’s a tradition to eat dog meat. It’s just as normal as eating seafood or chicken,” he told DW.

Read more: Dog thief arrested while carrying the dogs to restaurant

It’s a point many Vietnamese people make. For them eating dog meat is no different than eating any other type of meat. Additionally, some Vietnamese believe that eating dog meat by the end of the month will help them to get rid of bad luck gathered in the weeks before. It’s why these types of restaurants are always more crowded when the month comes to an end.

Tradition vs. international image

The Vietnamese government has a different view on things. Officials in Hanoi say that eating dog meat is damaging the reputation and image of the capital city. They also say that eating the meat could lead to a deadly rabies infection.

In Ho Chi Minh City, authorities are also taking a tougher stand. In September, the city’s largest dog meat market was raided. According to Vietnamese state media, many vendors were fined and a large amount of raw dog meat was confiscated because it came from unknown sources. In Vietnam dogs are often stolen from pet lovers and then sold to restaurants.

Mr. Chien, who didn’t want to give his full name, has been selling dog meat for 10 years in Ho Chi Minh City. He said that pressure on him and his colleagues has grown in the past five years. He needs to be very transparent about where his dog meat comes from.

Read more: The Ugly Truth Behind The Dog Meat Trade

“All the meat I’m selling comes from a qualified supplier,” he told DW. “I have all the papers and licenses that are necessary. Society has been looking down on us, so I need to have my business as clean as possible,” he added.

His restaurant is a popular establishment in the city. Each month he attracts about 1,000 customers, whom altogether eat about 100 dogs per month. “It’s a business. If there’s demand, then there is supply,” Chien said.

An estimated 5 million dogs are consumed every year in Vietnam. Only China, where roughly 20 million dogs are consumed every year, eats more of “man’s best friend.”

Animal rights activists support a ban on dog meat. They have been campaigning for years to get the controversial dish removed from menus, pointing out that the slaughter of dogs and cats is brutal and that Vietnamese people often fear for the safety of their pets.

Mr. Chien is aware of the resistance to dog meat. He said he will stop selling it if the government issues a ban – but he doubts it will go that far. “I think it’s a tradition that’s been here too long to ban it entirely.”

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Written by Ate Hoekstra, this article was posted on DW.

Vietnam moves closer to hosting Formula One race

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Plans for a new Formula One circuit in Vietnam are currently on target ahead of a potential grand prix in 2020, said FIA race director Charlie Whiting,

Although a deal has not been announced by Formula One, Vietnam has been talked about as a potential venue for some time. In August, the Vietnamese government said it would support a race on the streets of Hanoi, and the capital city is in line with Formula One’s vision of racing in “destination cities.”

Last week, Whiting visited a proposed site 12 kilometers west of Hanoi’s centre and said he believes the plans laid out by the local organizers are feasible for a race in two years’ time.

“There’s no actual progress on building the track, but the site’s been identified,” he said. “It’s in the advanced stages of design.

“I think, as far as I’m aware, they’re aiming for a 2020 Grand Prix, which shouldn’t be a problem based on previous experience.”

Whiting said the track would be part street circuit, part purpose-built.

“It’s mainly on the streets, and there’s a section which is not yet built. So, it’s an open site where the pit building’s going to be built. Part of the track will be built there, which doesn’t exist at the moment. But it will become a road, I understand, after that.”

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Laurence Edmondson, F1 Editor reports on ESPN.

Kiwi flies to Vietnam in desperate bid to bring dad home after severe brain haemorrhage

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A Kiwi who took three flights from Kazakhstan to be at his father’s bedside in Vietnam is desperate to bring him home to New Zealand after the semi-retired teacher was found unconscious in his hotel room following a severe brain injury.

Donald Gordon Wills was found unconscious on the floor by hotel staff following a severe brain haemorrhage on September 10, and was admitted to Ba Ria hospital.

According to a report by By Chelsea Boyle on NZ Herald, the 74-year-old teacher has lived in Vietnam for more than a decade, enjoying a semi-retired life where the weather was warmer.

Donald Wills with Yuliya and Maurice Wills at their wedding. Photo / Supplied

His son Maurice Wills, a computer geography specialist, was working on a construction site in Kazakhstan when he got the call.

The 33-year-old lives in Rolleston and grew up under his father’s care in Christchurch.

Maurice Wills completed 42.1km trek across Vung Tau Back Beach in a bid to raise funds to help his father. Photo / Supplied

It took three flights to be by his father’s side in Ho Chi Minh, where he had been transferred to the neurosurgery ICU department of Cho Ray Hospital, where he was in a coma for three weeks.

While he had since woken up, all indications pointed to his father not regaining movement on his left side or his speech, Wills said.

“He has opened his eyes, but he was quite weak. He can nod and he can shake his head.

“I would just like to be close to him in the time he has left and it might lift his spirits to be around his two-and-a-half year-old granddaughter.”

The long-term prognosis for someone of his age with that kind of severe brain injury was not good, Maurice Wills told the Herald.

Maurice Wills with his father Donald in Kaikōura in the 90s. Photo / Supplied

The 74-year-old was “always positive” and “never felt too sorry for himself” even if he was between jobs.

He was not employed or insured when he suffered the brain haemorrhage.

Wills said the quote he had been given to use a charter plane to move his father back to New Zealand was US$270,000 – a sum that was simply out of reach.

“I am just waiting for him to recover enough to try and get him on a commercial flight.”

Preferably one that goes directly from Ho Chi Minh to Auckland, he said.

He said the local Family Medical Centre had told him it would cost US$14,000 for a doctor and nurse to escort him on a commercial flight.

It would cost at least another US$40,000 to modify the plane to accommodate a stretcher and machines, he said.

Wills said he “will do anything for his dad” and recently completed a 42.1km trek in a bid to raise funds for his father’s return.

The distance was in parts a run – in others a walk – across the Vung Tau Back Beach and took a total of eight hours to complete.

He is raising funds through a Givealittle page.

A Ministry of Foreign Affairs and Trade spokeswoman said the New Zealand Embassy in Ha Noi and Consulate in Ho Chi Minh City was providing consular assistance to Wills and his family.

“For privacy reasons, we will not be providing any further information.”

 

Read original article on NZ Herald

Vietnam fastest growing ASEAN economy: SCB

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Standard Chartered Bank continues to expect Vietnam’s robust GDP growth of 7 per cent in 2018, driven by strong FDI-supported electronics manufacturing and rising consumption.

Manufacturing and agriculture are likely to remain the primary growth drivers in the second half of the year.

The forecast is highlighted in the bank’s recently published Global Research report on Vietnam entitled “Vietnam – Fast, not furious, growth”.

Chidu Narayanan, Economist, Asia, Standard Chartered Bank, said: “Vietnam expanded 7.1 per cent in first half of the year, moderating mildly in the second quarter after a record 7.4 per cent growth year-on-year in the first quarter, in line with our forecast. This is the first year since the global financial crisis that the second quarter growth has been slower than the first one; we believe this is a sign of a focus on sustainable growth over the medium term. We expect the second half of the year growth to remain robust, albeit mildly slower than in the first six months of the year.”

“Vietnam is likely to remain the fastest-growing ASEAN economy in 2018 and 2019, as in 2017. We remain positive on Virtnam’s medium term growth on strong manufacturing activity, as FDI inflows to electronics manufacturing remain strong.”

According to the latest macro-economic research report, manufacturing is projected to record another year of double-digit growth and agriculture growth will continue its recovery in the second half of the year, even as construction slows down on more modest growth in the real-estate sector. At the same time, electronics export growth is likely to stay robust, albeit lower than in 2017, leading to a trade surplus and supporting overall growth. The Bank maintains its views that FDI inflows will stay strong in 2018 and 2019-20, with registered capital of close to US$17 billion each year, and FDI inflows to the manufacturing sector, particularly electronics manufacturing, will remain high in the medium term.

The study also expects steady growth in services to support overall growth in 2018, led by strong domestic trading activity. The services sector, which makes up close to 40 per cent of the economy, is likely to remain robust in the second half of the year after rising by a steady 7 per cent year-on-year in the first six months of the year. The rise of the business process outsourcing (BPO) sector, aided by a young, well-educated, low-cost labour force, should support services sector growth in the medium term.

On the foreign exchange outlook, Standard Chartered economists raise their USD-VND forecasts to 23,400 by end-2018 and expect a small đồng depreciation in early 2019, before ending 2019 mildly stronger against the US dollar as positive domestic and external factors support the currency.

Source: VNS

National forum seeks to promote girls’ rights, end child marriage

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Girls’ safety in public areas and child marriage problems were the main topics at a dialogue on October 7 between girl representatives and leaders of a number of National Assembly (NA) committees, ministries, sectors and central organisations.

The dialogue was part of the national forum of girls 2018 which is being held in Hanoi by the NA Committee for Culture, Education, Youth, Adolescents and Children, the Ministry of Labour, Invalids and Social Affairs, the Central Council of the Ho Chi Minh Young Pioneer Organisation, and Plan International Vietnam.

Through presentations and plays, participants delivered a message to call for efforts to protect girls in public places and end child marriage.

They gave proposals on how to ensure safety for girls, including the building of entertainment spaces and works designed exclusively for girls, the installation of security camera and lighting systems in entertainment areas, as well as the printing of addresses and phone numbers of support channels on the cover of notebooks, and the organisations of more forums for children to raise their voice.

During the dialogue, officials from NA committees, ministries, sectors and organisations listened and answered to questions raised by the girls regarding the building of safe entertainment areas for children, especially girls, measures to protect children from sexual abuse, along with issues related to nutrition and legal status for children of child marriage, and life skill training for children.

Chairman of the Central Council of Ho Chi Minh Young Pioneer Organisation Nguyen Ngoc Luong said that the council has set a goal to build an entertainment area for children in each commune, ward and town.

Head of the Vietnam Women Union’s Department for Family and Society Nguyen Thi Tuyet Mai pointed to high numbers of child marriage in mountainous areas across the country.

She said that the union has coordinated with relevant parties to implement communication programmes and models to raise public awareness, especially among ethnic minority groups, of problems from school dropout and child marriage.

Participants held that it is necessary to improve knowledge and self-protection skills of children, while parents must pay more attention to their kids.

Chairman of the NA Committee for Culture, Education, Youth, Adolescents and Children Phan Thanh Binh asserted that the most important thing is getting children to understand how to react in particular situations, who to contact when they need support, and what are their legal rights.

Binh held that along with backward customs, children’s poor awareness is also a reason behind child marriage; therefore, he stressed the need to help children improve their knowledge on the health consequences of early marriage and child bearing for both young mothers and their children.

At the forum, officials from NA committees, ministries, sectors and organisations and girls signed a commitment to act for the rights of girls.

Source: VNA

Lalamove officially enters Hanoi

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After more than one year of operations in Ho Chi Minh City, Hong Kong delivery firm Lalamove officially expanded its business to Hanoi, challenging Grab and Go-Viet.

October 3 officially saw the launch of Lalamove in Hanoi, after one year of operations in Ho Chi Minh City. Focusing on clients in urban areas and committing to deliver goods within 55 minutes, Lalamove is forecast to be a redoubtable opponent to Grab and Go-Viet, another newcomer.

Lalamove was established in late 2013 under the name EasyVan. The Hong Kong delivery service has been known for delivering goods within an hour, and was named as the “Asian Uber.”

Lalamove set the goal of reaching 10,000 drivers in Hanoi by the end of the first quarter of 2019. The firm stated that it takes 20 per cent commission from drivers, including tax and other fees. This rate is lower than other firms’ rates of 25-30 per cent.

As Go-Viet has been running for a month now, with the two services of Go-Bike (ride-hailing) and Go-Send (delivery). Grab is also boosting its GrabExpress and food delivery service Grab Food, preparing for Lalamove’s entry that promises heavier competition in the market.

Van Anh report on VIR

Bordier Partners in Vietnam

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Swiss private bank Bordier in Singapore will develop a new private banking service for the Vietnamese market with a partner in Hanoi.

Hanoi-based Military Commercial Joint Stock Bank (MB) and Swiss private bank Bordier Singapore (Bordier) have signed an agreement for a collaboration in wealth management, the two firms said in a media release on Monday.

The move is the latest by a private bank to push beyond wealth hubs Singapore and Hong Kong, mainly by partnering with local players. Julius Baer buddied up in Thailand recently, and Lombard Odier partnered in Indonesia.

Under the agreement, Bordier will share with MB best practices, processes and specialist training in both their Singapore office and Geneva headquarters. The collaboration will help MB to set up wealth management units in various offices within Vietnam.

Shaping the Value Proposition

MB will provide tailored services for a holistic private banking experience across different touch points including family office products and services, with the support of Bordier’s expertise.

This will enhance the overall infrastructure of MB’s private banking division, as Bordier will help to identify key areas needed to shape the value proposition for MB Private.

Source: Finewsasia

Foreign investors snap up prime office space in downtown Saigon

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Foreign investors currently own majority stakes in about 50 percent of high-end office buildings in downtown Saigon.
A newly-released Savills Vietnam report said investors from Singapore, Hong Kong, Japan, South Korea, Germany and Slovakia own stakes in nine Grade A office complexes in prime Saigon locations. Asian investors hold a bigger market share than that of European companies.

Given the scarce supply of Grade A office space in the nation’s commercial hub, current occupancy rates in this segment are above 95 percent, and monthly rents have reached their highest in nearly half a decade at $50-70 per square meter.

This has spawned many M&A deals in this property segment. Notable among these is the purchase of a 24 percent stake in Sun Wah Tower by Japan’s Nomura Real Estate Company earlier this year. The tower is located on the Nguyen Hue walking street in District 1.

With demand remaining high, many new real estate companies have entered the market.

Alpha King, a Hong Kong based real estate company, announced its plan to construct a 35 storied Grade A office building on Tran Hung Dao Street in District 1, close to the Ben Thanh Market. Work on this building is expected to completed by 2020.

Slovakian investors plan to build the Friendship Tower on Le Duan Street, also in District 1. Construction of the 21-story building began this May and is expected to finish by 2020.

When complete, both Alpha King and Friendship Tower will respectively contribute 72,000 and 19,000 square meters of Grade A office space.

Su Ngoc Khuong, investment director at Savills Vietnam, said there are many foreign investors in Group A projects because they are cash-rich while such projects require big investment capital.

The limited amount land available in prime Saigon locations has also led to great interest among foreign investors looking to make profits from renting space to both foreign and local companies.

Explaining why international corporations are boldly investing in grade A office buildings in Saigon in recent years and are likely to do so in the years to come, Khuong said that global economic integration will continue to increase demand for office space in the city, thus creating a sustainable and profitable cash flow for Group A office leasing projects.

Vu Le report on Vnexpress

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