Southeast Asia’s ride-hailing company Grab is looking to forge tie-ups with Vietnamese conglomerates to deepen its footprint in the country, Grab Vietnam head Jerry Lim said on Tuesday.
He was speaking at the launch of GrabFood in Hanoi on Tuesday.
This portal had recently reported that Grab is negotiating to sell a minority stake in its Thai unit to Central Group, seeking to tap the retail conglomerate’s extensive presence in the country.
Reuters first reported on Grab’s interest in doing business with JD Central, the $500-million joint venture between Central and Chinese e-commerce giant JD.com.
Partnerships and alliances appear to be de rigueur these days.
GrabExpress, the ride-hailing firm’s delivery arm, has announced a partnership with Sendo.vn, an e-commerce portal backed by Japan’s SBI Holdings, for a three-hour express delivery service in Ho Chi Minh City.
Grab has previously announced a strategic partnership with Vietnamese payments firm Moca to promote cashless payments. This portal has previously reported that the partnership with Moca is likely to have involved Grab picking up a stake in the payments firm, much like its grocery delivery partnership with HappyFresh.
“Starting this month, our customers can look forward to new modes of payments using a new e-wallet to pay for both online and offline transactions,” Lim said.
Competition in Vietnam heating up
Grab’s archrival Go-Jek launched its local affiliate, Go-Viet, in August, marking its first overseas expansion outside home market Indonesia. The unicorn has set aside $500 million for its regional expansion.
Similarly, Vietnamese ride-sharing startup FastGo has said it plans to raise $50 million to fund its expansion in the country and is hoping its knowledge of the local market will serve it well against Grab’s ballooning war chest.
“Competition keeps us relevant,” said Lim.
Grab set up an R&D centre in Ho Chi Minh City last year and plans to hire more local engineers and scientists this year.
In May 2018, Grab kicked off its on-demand food delivery service GrabFood in Ho Chi Minh City and officially brought it to Hanoi on Tuesday. Its biggest competitor in Vietnam is Foody, which was acquired by Singapore’s Sea Limited in a $64 million deal last year.
“Vietnam is the biggest growth opportunity in the region where we are seeing an impressive growth,” said Demi Yu, GrabFood director for Thailand, Philippines, Malaysia and Vietnam.
She also revealed that GrabFood targets to be in more than 100 cities across Southeast Asia by the end of this year from 33 cities currently.
Last year, Facebook chief executive Mark Zuckerberg said: “Our job at Facebook is to help people make the greatest positive impact while mitigating areas where technology and social media can contribute to divisiveness and isolation.”
As a Vietnamese musical artist who grew up in a totalitarian society, I can attest to the positive impact Facebook can make. In the past, there was nowhere the Vietnamese people could go to express ourselves freely. Government control extended to every aspect of our social life. The advent of social media changed that. It provided a space where we could speak our minds, access uncensored information and organize peaceful protests. This meant that public discourse was no longer restricted to the state-run media, people could openly debate policy, and, at times, government could even be held accountable.
In 2016, I nominated myself as an independent candidate in the National Assembly elections. Prevented by law from campaigning in public, I used Facebook to spark a nationwide debate about democracy. When police raided my concerts and I was banned from singing, Facebook allowed me to circumvent the censorship system and release my new album online. And when I met with President Barack Obama after being unfairly rejected from running in the elections, Facebook was the only platform where people could access news about the meeting. But I have also seen how Facebook can be used to silence dissent. When I started a campaign calling for 1 million people to nominate themselves to run in the National Assembly elections, my account was locked immediately.
Today in Vietnam, Facebook is allowing its platform to be abused to divide and isolate people. Troll farms and cyber-army brigades roam the platform, manipulating public opinion and drowning out dissent. Paid government supporters abuse Facebook’s community standards to have critical posts deleted. In the past month alone, many of Vietnam’s leading independent journalists and human rights defenders have had their accounts frozen. The stakes are high as we risk losing the only space where we can speak freely.
But this is not just a Vietnamese problem. Similar things are happening in the Philippines, where Facebook is being used to silence dissent. Despite petitions from Vietnamese civil-society groups and members of Congress, the company has yet to take any measures to correct this.
Facebook chief operating officer Sheryl Sandberg testified under oath before a Senate committee. She said Facebook “would only operate in a country when we could do so in keeping with our values.”
I welcome her promise. However, if what she says is true, then Facebook has some questionable values. In Vietnam, where the company does operate, I could go to jail for writing this article. In September, two Facebook users were imprisoned for “abusing democratic freedom.” Earlier this year a peaceful democracy activist was sentenced to 14 years in prison for livestreaming a protest on Facebook. More recently, nationwide protests against the law on cybersecurity were brutally crushed; 40 activists have since been imprisoned. The law requires Facebook to set up offices in Vietnam (where operations can be controlled), hand over personal information to the government and remove content within 24 hours of government requests. In a context where no basic rights are guaranteed, Facebook needs to clarify its values and report on how it respects human rights.
A Facebook statement says: “There are also times when we may have to remove or restrict access to content because it violates a law in a particular country, even though it doesn’t violate our community standards.”
But what happens when removing content to comply with local laws violates international human rights law that protects freedom of expression? Free speech is criminalized in Vietnam. People are regularly jailed for “abusing democratic freedoms” or “spreading propaganda against the state.” The cybersecurity law bans content “opposing the State of the Socialist Republic of Vietnam” and content that “offends the nation, the national flag, the national anthem, great people, leaders, notable people and national heroes.” Will Facebook comply with these restrictions? One case in which Facebook removed content critical of the royal family in the United Arab Emirates at the UAE government’s request suggests that it will.
Facebook, with more than 52 million subscribers in Vietnam (more than half the population), is an essential public utility in Vietnam. It is, however, not accountable to Vietnamese citizens. Unlike in the United States where civil society can freely organize and Zuckerberg can be subjected to congressional review, there is no independent oversight of Facebook’s operations here. Decisions about policy are made without public consultation (although a dedicated communication channel has been established with the government), and company executives meet with our unelected leaders while ignoring civil society. Given the influence Facebook exercises over social life in Vietnam, there is a dire need to deepen its public accountability.
To start, Facebook should stop government trolls from abusing its platform, report on how it is respecting human rights following the U.N.’s guiding principles framework and make a policy statement refusing to comply with local laws used to silence dissent and violate privacy. Further meetings the company holds in Vietnam should also involve civil-society representatives.
Facebook has been a huge force for freedom in Vietnam, but this positive effect is now being reversed as the social media platform is delivered to authoritarianism. I hold Mark Zuckerberg accountable for this.
Pottery to the Vietnamese is not just an art form, but also an important means of livelihood. The Thanh Ha Pottery Village in Hoi An is by far the best example of this.
Thanh Ha Pottery Village has been making beautiful artwork for over 400 years. But it was put on the map during the time of the Nguyen Dynasty, when craftsmen were invited to fashion some decorative articles for the palace. This one-off event granted them sufficient renown to last them a lifetime.
The village is located in the Thanh Ha ward of Quang Nam province, just off one of the tributaries of the Thu Bon River. It is a mere mile (three kilometres) from the Hoi An Ancient Town. The scent of wood burning in the kiln will hit your olfactory senses as you walk through the narrow pathways that form a maze through the villager’s simple riverside homes. You will see all sorts of pottery in various stages of production, stacked sometimes five feet high by the entrances. The craftsmen and women here create all sorts of decorative work and pottery such as cups, jars, bowls, pots and the like.
The first stop is at Mrs. Han’s. When we arrive, she welcomes us to her shop with a pleasant smile and begins chatting as she continues to smooth out the inside of a bowl before it is set to dry. She is wearing a white hoodie and a large hat to protect her skin from the midday sun — it’s scorching hot, and most days in Hoi An are like this. Mrs. Han had inherited the business from her 85-year-old mother-in-law but she is not around. The business is over 60 years old now, and she is the only one in the family creating pottery work. Her children are in the city, doing modern jobs.
Today Mrs. Han is joined by a friend, who is a contracted worker for the shop. Even though it is her nap time, she sits down with us and gives us a demonstration of their work. Old, fragile hands create the perfect curve of the ceramic item with precision, care, and love, while Mrs. Han helps spin the wheel in a rhythmic motion with deft kicks. It’s awe-inspiring.
Mrs. Thoi welcomed us over to her shop next. Her pottery shop is similar to others in the village, inviting curious tourists and ambitious photographers with the stacks of pots and vases at the entrance.
Mrs. Thoi, like the rest of the craftsmen here, is extremely skilled, and has been making pottery for over 40 years. Right now, she is making incense burners as we chat. She is dressed in a floral ao ba ba, the Vietnamese pyjama you see women wearing often on the streets, and her hair neatly tied in a bun. Once she sits down at the wheel, decades of experience take over, and her hands are firm and steady, moulding the moist clay at will. Mrs. Thoi tells us that she can make around 300 to 400 burners a day. Within a minute, a burner is done.
Nothing is mechanised in the village. All pottery are made manually, using traditional clay mixing, moulding, burning and baking techniques. The clay used to come from the river beds and the rice paddy fields. Farmers would take away the clay in order to level their fields, making them easier to irrigate. Now, the clay comes from Quang Nam, which is about eight miles (12 kilometres) from Hoi An. The items created here are beautiful, durable and are exported around the world. Now, the village is sustained primarily through exports and by tourism.
At our final stop, Mr. Xe greets us with another humble smile. He has been running his shop and creating beautiful pottery products for over 38 years now. While Mr. Xe is mainly cooking and storing products, his son is creating little figurines called to he. These are pottery figures of the 12 animals of the Chinese zodiac calendar. Every day, hundreds of these figurines are made at Mr. Xe’s shop, along with other products like jars, cooking and storing containers, incense burners, and piggy banks.
While his hands are at work, Mr. Xe talks about life in the village. The work here is hard, the income is not high, and the working conditions are rough – during flooding season especially. It can put a shop out of business for a while, leaving owners to survive on any savings they had made before.
Despite the hardships though, they are happy and enjoy what they are doing. They cannot help but smile at the look of awe and surprise on tourists’ faces that visit the village every day. It’s what keeps them going. The craftsmen also love inviting curious tourists over and letting them have a go at making some pots.
Getting to the village is easy. There are many tours offered in Hoi An that plan everything for you. If you wish to go yourself, just follow the main road past the fishing dock of Hoi An Ancient village and you’ll be there in a matter of minutes. The tourists boats will also take you to Thanh Ha Pottery Village.
Spending some time at the village and getting to know the locals are great ways to spend a few hours in Hoi An. Buy some pottery work to take home with you – it will not only add a Vietnamese flare to your home, but will also do these craftsmen a big favour.
Mekong Capital announced that it was awarded the 2018 Private Equity International (PEI) Award for Operational Excellence for a Lower Mid-Market/Small Cap investment in Asia Pacific, based on the performance of Traphaco.
This is the sixth year in a row of Mekong Capital winning an award by Private Equity International, after having won the Operational Improvement Firm of the year for the Asian Small Cap category in 2013, 2015 & 2017, and Frontier Market Firm of the year for 2014 & 2016.
Mekong Capital is well-known for its Vision Driven Investing framework – the secret sauce for its series of consistently successful investments. Traphaco has applied certain elements of the framework and was one of the best performers in Mekong Capital’s Vietnam Azalea Fund.
Mekong Capital worked closely with Traphaco on projects covering areas such as establishing a clear vision and organizing around achieving the vision; optimizing working capital; aggressively expanding the nationwide distribution network; bonus system; consolidation of subsidiaries by acquiring minority interests; improving corporate governance; etc.
Traphaco – Board meeting | Image Source: Mekong Capital
As a result, during the 10-year lifecycle of Vietnam Azalea Fund’s investment in Traphaco, Traphaco developed from the 5th largest into the 2nd largest pharmaceutical company in Vietnam. The company possesses one of the largest direct-to-pharmacy distribution networks in Vietnam and is #1 in traditional medicine. In 2017, Traphaco delivered $82.6 million net revenue and $11.4 million net profit.
In November 2017, the Vietnam Azalea Fund successfully divested the entire 24.99% holding in Traphaco for $64.5 million, realizing a gross IRR of 27.7% and a gross return multiple of 6.3 times.
Mekong Capital is a Vietnam-focused private equity firm, specializing in consumer driven businesses and looking to invest in fast-growing companies, with ambitious expansion plans, and a commitment to building management teams that will successfully execute on those expansion plans. Mekong Capital’s funds have completed 33 private equity investments in Vietnam, of which 26 have been fully exited. Its latest investment vehicle, the Mekong Enterprise Fund III (MEF III), has to date announced investments in 7 companies, including lending firm F88, logistics companies Nhat Tin and ABA, restaurant operator Red Wok, Ben Thanh Jewelry, Yola Education, and mattress retailer Vua Nem. All investee firms in MEF III are implementing the Vision Driven Investing framework.
If you’re an entrepreneur nurturing your own business or startup into a full-blown success, you are always looking for advice, but you probably don’t have extra time to figure out where you should be looking for that advice. Following startup marketing experts on social media is the fastest, easiest way to get the information you need, but it’s not always easy to determine who to follow or where the most value is.
Karla Lant said, when she sat down to create a list of the best startup marketing influencers, she didn’t just check to see who has the most social media followers. she looked at how engaged their followers are, how reliable and useful their posts are, what kind of materials (from books to blog posts) they’ve written, what advanced knowledge they have in the realm of online marketing, and any special distinctions or awards they’ve received.
Here’s what she came up with: the 12 top startup marketing experts to follow on social media.
Neil Patel
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Who is he?
Patel is an entrepreneur in his own right; he co-founded KISSMetrics, HelloBar, Quick Sprout, and Crazy Egg, which have each grown into serious winners. He has also consulted for some of the world’s biggest companies, including Amazon, eBay, General Motors, Google, HP, NBC, and Viacom.
What does he post about?
Patel has serious skill with conversion and web analytics, growth hacking, social media marketing, and content marketing strategy.
Why should you follow him?
Even though he focuses on technical subjects, Patel’s posts are very accessible, even in complicated niche areas; this has earned him a huge, loyal fan base.
In case you’re not convinced…
Patel has been called a top influencer on the web by The Wall Street Journal. He was recognized by President Obama as a top 100 entrepreneur under the age of 30, and the United Nations named him among the top 100 entrepreneurs under the age of 35.
Follow Neil Patel on Facebook, Twitter and LinkedIn. If you need to choose one, make it Twitter.
Rand Fishkin
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Who is he?
Rand Fishkin is the founder and former CEO of Moz. Now he simply fulfills the role of “the Wizard of Moz,” with all the duties and privileges the title entails (I’m not totally sure either). He is also the co-founder of Inbound.org.
What does he post about?
Fishkin is one of the preeminent experts in entrepreneurship, marketing and SEO. Fishkin is also a speaker and the author of Sztuka SEO and Inbound Marketing and SEO: Insights from the Moz Blog as well as numerous blog posts and articles.
Why should you follow him?
His Moz “Whiteboard Friday” videos are still one of the best SEO resources around, even for those without deep expertise in the area. Also, Fishkin’s knowledge of UX (User Experience) informs his approach to marketing, which gives his advice a unique edge. A UX-focused approach will help your startup appeal to younger markets in particular.
In case you’re not convinced…
Fishkin was named among the 30 Best Tech Entrepreneurs Under 30 by Business Week and has also been profiled by The New York Times, Newsweek, Seattle Times, and Puget Sound Business Journal.
Liz Strauss is an expert in building customer relationships and has been called “the most influential relational blogger on the Internet” by EatonWeb.
What does she post about?
Strauss merges knowledge of publishing, business, and instructional design to teach businesses about customer relations and how to build a loyal following.
Why should you follow her?
Strauss’ blog will show you that she is a skilled author who offers useful, actionable advice. Her site is also a place where her very engaged, active followers meet and discuss customer relationship issues. The best part? Strauss herself often participates and provides advice in these discussions.
In case you’re not convinced…
Strauss has numerous accolades under her belt. She’s been ranked in The Huffington Post Top 10 Influencers Alive, Forbes Top 10 Social Media Influencers and Top 50 Social Media Power Influencers, Top 100 Social Media and Internet Marketing Bloggers, Top 100 Most Influential Marketers of 2008 and 2009, 50 of the Most Powerful and Influential Women of Social Media, NxE’s Fifty Most Influential Female Bloggers, Alltop Social Media and Alltop Twitterati. How’s that for street cred?
Follow Liz Strauss on her blog, Twitter and LinkedIn, but just her blog if you’re really pressed for time.
Jay Baer
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Who is he?
Jay Baer is the founder and brains behind digital marketing consulting agency Convince & Convert. He is also a digital media entrepreneur, keynote speaker, advisor to more than 700 clients (including the United Nations and Nike), and a New York Times best-selling author.
What does he post about?
Jay Baer publishes some of the best articles on Convince & Convert’s blog, focusing on content marketing and how to use customer service and social media to beat the competition.
Why you should follow him?
Content marketing is essential for startups, and Baer’s advice tells you how to do it well.
In case you’re not convinced…
Beyond the New York Times best-seller list, Baer also holds the title of The world’s most retweeted person by digital marketers and The world’s #2 most retweeted person by B2B marketers, according to Leadtail and PunchTab.
Follow Jay Baer on his own Twitter and Convince & Convert’s Twitter. You can also read his articles on Medium.
Ann Smarty
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Who is she?
Ann Smarty is a marketing veteran and the brand manager of the Internet Marketing Ninjas. She founded Viral Content Buzz, MyBlogU.com, My Blog Guest, and ViralContentBee.com, so she knows what it’s like to strike out on your own.
What does she post about?
Ann Smarty is known for her tutorials and detailed posts on blogging and Internet marketing. She also manages the SEOchat community, a forum for sharing expertise and ideas that SEO experts frequent.
Why should you follow her?
Smarty provides concrete tactics for improving your keyword research, content writing skills, and guest blogging strategy.
In case you’re not convinced…
Smarty has written for Entrepreneur, Epoch Times, Lifehack, Mashable, Moz, SearchEngineLand, and Social Media Examiner about her areas of expertise.
Sujan Patel is the co-founder of Web Profits, a growth marketing agency. He also provides digital marketing expertise to Fortune 500s and other big companies like Expedia, LinkedIn, and Sony to the tune of about 80 hours per week. Patel also founded ContentMarketer.io, Mailshake, Narrow, and Quuu. He leverages his success as an entrepreneur into valuable advice for followers.
What does he post about?
Patel covers growth hacking and branding topics, including which channels work best for startups, the most effective tactics for raising capital, and smarter social media strategies for startups.
Why should I follow him?
Patel moves at a relentless pace and has serious charisma, and is known for being fearless, passionate, and influential as a capital raiser and a growth hacker. He knows the topics he posts about and covers each of them in a uniquely engaging and energetic way that creates excitement for followers.
In case you’re not convinced…
Patel is an engaging writer, both on his blog and for publications like Entrepreneur, Inc., Fast Company, and Forbes. He has also written the books Content Marketing Playbook and 100 Days of Growth. He was a Small Business Influencer of 2015.
Aleyda Solis is truly an international influencer; she speaks three languages and has been a featured speaker at numerous events across 5 countries, including BrightonSEO, MozCon, SMX, and SES. Solis consults on international SEO techniques and marketing and is also the founder of Orainti, an SEO consulting business.
What does she post about?
Solis focuses most on driving organic search engine visibility and SEO audits in her work. She also discusses SEO from an international perspective, which is not always covered in other work.
Why should I follow her?
Organic traffic is the brass ring, and Solis’ advice is rock solid. Especially if your clients are outside your country of origin, Solis’ SEO advice is likely to be invaluable to you.
In case you’re not convinced…
Solis is a noted writer, blogging for Moz and SearchEngineLand, and she also teaches at ISDI Online, KSchool in Madrid, Spain, and Pompeu Fabra University. Forbes named Solis as one of the Top 10 Online Marketers to Follow in 2015.
Follow Aleyda Solis on Twitter, but also look for her videos on YouTubeand Moz.
John Rampton
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Who is he?
John Rampton is a serial entrepreneur and people connector. He is the founder of Due.com, an online payment company, as well as a prolific author known for his relatability and practical advice.
What does he post about?
Rampton posts about marketing tactics and startup advice in particular, having started a string of successful businesses himself.
Why should I follow him?
As one of the few professionals out there who is self-taught, he is very relatable for entrepreneurs and his success shows the power of hustle and great ideas. His motivational blog is chock full of startup advice.
In case you’re not convinced…
You may have seen or read Rampton on Entrepreneur.com, Forbes, Inc., The Huffington Post, Mashable, Time, CNN, and TechCrunch. Entrepreneur put him in the #2 spot on its Top 50 Online Marketing Influencers list, in recognition of Rampton’s extensive knowledge.
Ann Handley is one of the pioneers of digital marketing; she is the author of the Wall Street Journal best-seller, Everybody Writes, as well as the chief content officer of MarketingProfs, one of the most relied-upon marketing resources on the web. Handley is also the co-founder of the online publication ClickZ, a columnist for Entrepreneur.com and a well-known keynote speaker.
What does she post about?
Handley posts about improving your writing, but with a specific focus on improving it for better marketing results.
Why should I follow her?
Everyone can improve their writing, and when it’s for better marketing outcomes, it’s definitely worth the effort. Handley offers actionable tips that everyone can use regardless of what your existing skills are like.
In case you’re not convinced…
Forbes named Handley among the Top 20 Women Bloggers and the Most Influential Woman in Social Media.
As you might expect from the representative prolific writing expert on this list, you can follow Ann Handley on Facebook, Twitter, LinkedIn, Pinterest, Google+, and Instagram, whew! If you’re choosing, look for her on Twitter and LinkedIn first, unless one of the others is better for your startup in particular.
Andrew Chen
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Who is he?
As the head of rider growth at Uber, Andrew Chen knows a thing or two about growing an acorn into a tremendous, market-dominating oak tree. He has also worked with other successful startups, including AngelList, Dropbox, ProductHunt, and Tinder. Chen is a growth marketing pioneer as well as a startup marketing genius.
What does he post about?
Chen writes about growth hacking, user growth, mobile product design, branding, fundraising, and marketing, as well as new developments on the Silicon Valley scene.
Why should I follow him?
Chen’s weekly newsletter is a must for startup marketing, offering longform updates on everything that’s happening in Silicon Valley (some in the news, some not). Whether you’re in Silicon Valley or not, if you’re a startup, it’s information you should know about.
In case you’re not convinced…
His 650+ essays have been featured in and quoted by Fortune, The New York Times, The Wall Street Journal, and Wired.
Angie Schottmuller is director of interactive strategy and optimization at Three Deep Marketing, and is known as a conversion optimist and digital marketing expert. She has advised companies like Nestlé and Home Depot and is a prominent speaker who has presented on growth marketing at OMS, SES, and SMX. She is also an author, who has a column at Search Engine Watch and created the curriculum for the online major in marketing at The Art Institutes.
What does she post about?
Schottmuller typically focuses on inbound marketing, SEO, interactive strategies, growth marketing, and startup SEO strategies.
Why should I follow her?
Schottmuller has a lot of skill in presenting complex marketing topics in a way that even novices can understand (this is why she writes for students). Yet her work for professionals gets into enough detail to make it very useful even for more advanced businesses.
In case you’re not convinced…
She was named one of the Top Online Marketers by both Entrepreneur.com and Forbes.
Gary Vaynerchuk is an entrepreneur and the CEO of VaynerMedia, a social media digital agency. He is also a startup investor, backing Facebook, Tumblr, Twitter, Uber, and other startups. He has written four books, including Crush it!: why NOW is the time to cash in on your passion.
What does he post about?
Vaynerchuk posts about a wide range of topics, but for startups his most useful topics include putting social media trends to work for your business, finding the right investors, and creating unique marketing strategies for your startup.
Why should I follow him?
Vaynerchuk has the unique ability to spot trends on social media, and talk to his followers about how he does that and what the trends mean. He also has the strongest Snapchat skills of any influencer on this list.
In case you’re not convinced…
Vaynerchuk is one of Crain’s 40 under 40, and INC’s 25 Social Media Keynote Speakers You Need to Know.
Follow Gary Vaynerchuk on SnapChat and Twitter, and if you prefer video, check him out on YouTube.
The bottom line
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Startup marketing influencers provide incredible value to their followers. They’ve been in your shoes, and they understand how startups work and what being an entrepreneur is all about. The best part is that each of these startup marketing influencers have active, engaged social media communities where they share expert insight and information you can use every day in your work, free of cost! Take advantage by following these 12 startup marketing experts on your favorite social channel today.
Three-year bonds in denominations of VND1 billion issued on September 27.
The Vietnam International Commercial Joint Stock Bank (VIB) has announced the result of Phase 1 of its bond issuance in 2018.
It issued 2,800 non-convertible bonds on September 27, secured by assets and not accompanied by warrant. The bonds have a term of three years and are in denominations of VND1 billion ($42,875).
The bank collected VND2.8 trillion ($119.9 million) from the issuance.
VIB has been a preferred bank in issuing bonds to increase secondary funds in recent times. It also issued VND1.1 trillion ($47.1 million) in long-term bonds last year.
Issuing bonds to increase capital is a solution chosen by many banks, raising capital to improve their minimum capital adequacy ratio (CAR).
It also helps balance the capital maturity structure, especially when the regulation on short-term capital ratios for medium and long-term loans will be cut to 45 per cent from January 1.
VIB’s total assets reached VND127.29 trillion ($5.4 billion) as at June 30, up 3.4 per cent from the beginning of the year. Loans to customers increased 9.3 per cent and deposits 10.2 per cent. Pre-tax profit in the first half of this year was three-fold higher year-on-year and reached VND1.1 trillion ($47.1 million), fulfilling 57 per cent of the annual plan. After-tax profit was VND921 billion ($39.4 million).
VIB was founded on September 18, 1996, with a head office at 16 Phan Chu Trinh, Hoan Kiem district, Hanoi.
As at December 31, 2017, VIB had become one of the leading commercial joint stock banks in Vietnam, with total assets of VND123.2 trillion ($5.2 billion). Charter capital is now VND5.6 trillion ($240.1 million) while 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 almost 2 million customers.
Recent treasury share sale puts SK’s holding in Masan at 9.5%.
The Masan Group Corporation (HSX: MSN) has announced the completion of the SK Group’s purchase of 109,899,932 treasury shares at VND100,000 ($4.28) each, for a total consideration of approximately $470 million. SK is now the largest foreign shareholder in the Masan Group with a 9.5 per cent holding.
“We will actively work together to identify strategic opportunities to expand into attractive categories in Vietnam, where SK can add significant value through our know-how and technology,” Mr. Woncheol Park, Representative Director of SK South East Asia Investment, said at the signing of the arrangement in mid-September. “We believe this is the first of many investments with Masan and that this partnership will be a win-win for both. We look forward to working alongside Masan immediately to deliver on our transformational game plan.”
The SK Group is one of the largest corporate groups in South Korea, with businesses across the energy, chemicals, telecommunications, semiconductors, logistics, and service sectors. It operates globally in over 40 countries and earned combined revenue of $141 billion in 2017.
The Masan Group Corporation believes in doing well by doing good. The company’s mission is to provide better products and services to the 90 million people of Vietnam, so that they can pay less for their daily basic needs. Masan aims to achieve this by driving productivity with technological innovation, trusted brands, and focusing on fewer but bigger opportunities that impact the most lives.
Its member companies and associates are industry leaders in branded food and beverages, consumer agriculture (meat), value-added chemical processing, and financial services, altogether representing segments of Vietnam’s economy that are experiencing the most transformational growth.
The Ministry of Information and Communications (MoIC) has suggested lifting a controversial requirement for mobile phone users to register their photos in a stunning policy turnaround just six months after the regulation was put into force.
The MoIC, under the leadership of new acting minister Nguyễn Mạnh Hùng, released a draft decree to terminate the regulation which required all mobile phone users to register a portrait photo to their service providers by April 24, 2018.
The idea was meant to help the Government manage mobile users, said the MoIC at the time, despite mounting criticism of personal invasion and concerns of personal information leaks.
However, there seems to have been a u-turn.
It said in the draft decree that in order to guarantee the personal information provided by users, there should be an information cross-check between service providers and a citizen identification database managed by the Government.
The MoIC said that only 16 countries around the world were currently enforcing mobile user management policies that allowed communications companies to approach and connect with government databases. They include China, India, Pakistan and Thailand.
Việt Nam had yet to develop a digital database to let network service providers confirm the accuracy of their users’ information, said the MoIC.
It made the photo registration “meaningless” while stirring a negative response, the ministry explained.
The annulment, if approved, could save up to 38 million mobile users who are yet to update their photos the hassle of doing so, the ministry said.
In April, millions of mobile users had to line up at their providers’ crowded stores and spend hours taking photo portraits for their user profiles, or face the threat of disconnection.
Experts say it will be difficult to implement an age-based ban on selling liquor, better options are needed.
They are also saying that an emphasis on education and raising awareness will have greater impact in dealing with the problem of liquor abuse.
A draft bill on the prevention of dangers of alcohol being compiled by the Ministry of Health proposes a number of prohibitions, including: promotion in any manner of liquor with alcohol content of 15 degrees or above; usage of positive phrases like “medicinal alcohol”, “nutritious alcohol” on product labels; advertising of alcohol during television prime time (6-9 p.m.); sale of alcohol to persons under 18; and sale of alcohol on the internet.
Kieu Anh Vu of law firm KAV Lawyers said it was very necessary to bring legal measures against the dangers of alcohol, because the harm it was causing was indisputable.
Vu said he supported the draft bill’s ban on alcohol consumption by government officials, civil servants, and employees during working hours or between shifts during the working day; by operators of motorized vehicles; and by people under 18.
“These regulations are appropriate to ensure social order, safety and health of the community,” he said.
However, Vu was concerned about how age checks would be carried out. “Will vendors have the right to check people’s age by looking at their identity cards, or just by asking questions?”
Psychologist Nguyen An Chat, on the same page as Vu, also questioned how alcohol sellers could correctly verify the age of each individual.
“Some 15 year olds look very mature while some 20 year olds can look underage. Would everyone wishing to purchase alcohol have to produce identity documents?” he wondered.
An online right?
Lawyer Vu Tien Vinh, director of Bao An Law Firm, said: “Buying alcohol over the Internet is more convenient than going to shops or supermarkets. If online sale is prohibited, people can and will continue to buy alcohol through traditional channels.
Vinh said that in reality, it was too easy for buyers to obtain alcohol via traditional channels such as supermarkets and other dealers. When consumers can buy alcohol anytime, anywhere, the ban on online sales will not have much of an impact on its consumption, he said.
“Detecting online transactions on the sale of alcohol to punish with fines is very difficult. It will not be hard for consumers to get around this regulation,” Vinh added.
Sociologist Trinh Hoa Binh concurred, saying identification of illegal alcohol sales online was very hard to do.
“Internet sales are the current trend. Will the prohibition of selling alcohol online go against this?” asked psychologist researcher Nguyen An Chat.
Given the implementation difficulties, Binh proposed that instead of prohibitive regulations, authorities should instead start with education, build a set of cultural values for the modern Vietnamese society that discourages alcohol abuse.
Chat supported this. He said education should begin at home and continue in schools so that each person was aware of the danger of drinking, so that people would exercise restraint and control their consumption.
Psychologist Khuat Thu Hong said many countries have faced difficulties in implementing regulations prohibiting or restricting the sale/use of alcohol, but over time, strict compliance has become the norm.
“In Vietnam, for these regulations to be implemented well, close monitoring and regular communication on the harms of alcohol will be essential for the people to understand and co-operate,” said Hong.
In Vietnam, about 800 deaths per year are related to the use of alcohol, including beer. Almost 30 percent of social order disruption cases are also related to alcohol consumption.
In 2017, Vietnamese people spent close to $4 billion on alcohol. The cost of dealing with alcohol-related traffic accidents was estimated at about one percent of the GDP the same year.
The alcohol industry contributes about VND50 trillion ($2.17 billion) to the state budget a year and provides about 220,000 jobs directly or indirectly.
Maybe due to poor business, Le Phuoc Vu, chairman of local steel giant Hoa Sen Group, has just announced to dissolve its trillion-VND tourism project in the northern province of Yen Bai.
Vu announced dissolving subsidiary Hoa Sen Van Hoi JSC, the developer of the Van Hoi Lake eco-tourism project in the province’s Tran Yen District due to the firm’s and the Yen Bai Department of Investment and Planning’s decision to halt the project.
According to the plan, Van Hoi eco-tourism project is forecast to be constructed on a 1,346-hectare site, including a 10ha resort, 35ha eco-park, 77ha high-end urban and villa areas, and a VND1.2 trillion ($53 million) shopping mall and Hoa Sen Yen Bai Hotel. This is also the local steel giant’s first trillion-VND real estate, tourism, and service project.
Hoa Sen Van Hoi was established in 2016 with 70 per cent of charter capital from its parent company Hoa Sen Group.
In addition to Van Hoi, the steel king intended to establish three more subsidiaries specialised in resort and tourism property.
Vu previously affirmed that he was confident about entering the real estate segment, but Hoa Sen Van Hoi’s dissolution shows that the corporation hit a snag in the segment.
Previously, Hoa Sen also divested all of its capital from three other real estate projects and the Hoa Sen-Gemadept International Seaport logistics project.
However, Hoa Sen is also facing troubles in its main segment, steel, where it has been reporting concerning growing financial imbalance. At present, the once iconic steel firm has to deal with huge debts, which account for 78 per cent of its chater capital.
According to its financial report in the 2017-2018 fiscal year’s third quarter, Hoa Sen’s debt stand at nearly VND18.4 billion ($814.1 million), including VND15.88 trillion ($702.65 million) from financial lending. The firm needs to pay hundreds of billions of VND for interest payments annually, which signifies a sizeable chunk of its profit.
There is a banh mi stand on almost every corner in Hoi An, an ancient town in central Vietnam, but which are the best of the best?
CNN, a US news-based cable and satellite television channel, has picked the five best banh mi restaurant for visitors who want to discover the beauty in Hoi An cuisine.
According to CNN, one of the best banh mi’s restaurant in Hoi An that you have to try is Phi Banh Mi. The banh mi here is created by Do Van Phi, a former chef at the Nam Hai (now the Four Seasons Nam Hai).
“Prepared in matter of seconds, the banh mi comes topped with an abundance of herbs – Vietnamese mint, spring onions, basil and a spicy helping of homemade chili sauce,” CNN wrote.
CNN also picked Madam Khanh – The Banh Mi Queen as one of the best banh mi’s restaurant in Hoi An. The restaurant has a bigger menu, including vegetarian, beef and fish banh mi – plus a slightly sweet sauce and added an omelet inside.
In addition, La Banh Mi Sai Gon Tai Hoi An is one of the good banh mi in Hoi An. Located in western Hoi An, La Banh Mi Sai Gon Tai Hoi An is a nostalgic stop.
“The most memorable ingredient is the pate. Off to the right, a wood-fired oven opens to reveal flames, licking a batch of fresh pork liver pate,” CNN wrote.
CNN also picked Banh Mi Phuong as one of the best banh mi’s restaurant in Hoi An. The most famous banh mi in the world, Banh Mi Phuong sells roughly 3,000-4,000 sandwiches per day.
The most important thing about banh mi is the bread. It has to be fresh — crispy on the outside, soft on the inside. The restaurant has one of the largest menus with everything from vegetarian banh mi to bacon and beef.
Earlier, the Telegraph, a UK daily newspaper, used data from the Post Office to find out which cities are the cheapest destinations for a long-haul holiday. Hoi An in Vietnam has been ranked 5th among the 10 cheapest destinations for a long-haul holiday with a basket of 10 items costing the equivalent of US$98 on average.
The survey is based on data from the Post Office’s annual Long Haul Holiday Report, which compared average prices for food, drinks and other common purchases in 34 destinations.
In 2017, Hoi An received 3.2 million tourists, a year-on-year increase of 21.66%, according to Quang Nam province’s Department of Culture, Sports and Tourism.
The 3.22 million visitors included 1.78 million foreigners and 1.44 million domestic visitors. As many as 2.38 million tourists visited Hoi An Ancient Town, up 28.16%, and 400,000 ones went to Cu Lao Cham Island.
Germany. Italy. Vietnam. It’s the obvious car-manufacturing trilogy. Well, it could be in years to come, as VinFast – Vietnam’s first volume car manufacturer – debuted its first car models at the Paris Motor Show.
The LUX A2.0 Sedan is “defined by exceptionally balanced and harmonious proportions”. That translates as long flowing lines, chrome accents and minimalist headlights to create a sleek and executive look.
There’s also the LUX SA2.0 SUV, which beefs up the design with a “muscular and robust” appearance, ie a chunky grille, sporty additions and matte black and chrome highlights.
Vinfast Lux A2.0
Both cars get a turbocharged 2.0-litre four-cylinder engine, available in 173bhp and 227bhp variants, with a 0-62mph time of 8.9 seconds and 7.1 seconds respectively. All will be paired with an eight-speed automatic gearbox.
VinFast also plans to introduce a city car, EV and an electric bus, due to export markets from 2020.
But these aren’t just any Asian mass-market machines. VinFast prides itself on the Vietnamese “pride, spirit and tenacity”, so much so that the design direction was influenced by a public vote. Bet there were no Boaty McBoatface suggestions over there. The design was also developed alongside Pininfarina in Italy to embrace European themes and styling, too.
Vinfast Lux SA2.0
Kevin Fisher, Vice President of Engineering at VinFast, said: “Our partnership strategy will enable us to achieve two crucial engineering imperatives – quality and timing. We will meet the world-class engineering and quality benchmarks we set for ourselves to ensure we deliver cars with international standards in safety, reliability, refinement and styling. And we will do so having dramatically shortened the timeframe – to less than two years – to bring our first cars to market.”
Many M&A deals have been reported recently which target fintechs operating in the field of payment services. Big investors are behind the deals.
Two members of Grab Vietnam have joined the board of directors of Moca, one of the fintechs which provide services as a payment intermediary.
The business registration certificate of Moca shows that Nguyen Tuan Anh, president and Lim Yen Hock, CEO of Grab Vietnam, are two of three members of Moca’s board of directors. The third is Tran Thanh Nam, CEO of Moca.
According to DealstreetAsia, Grab Vietnam became a shareholder of Mocal after taking over Moca shares from Access Venture SPV, an investment fund from Hong Kong.
Also according to DealstreetAsia, in late September 2017, SEA, one of unicorn startups in Southeast Asia, has acquired 82 percent of Foody’s shares and become a shareholder of VNPay, a payment intermediary licensed by the State Bank in October 2015.
In late 2016, another deal was made in which South Korean UTC Investment took over VNPT Epay. In the same year, Momo, the payment app, received the investment worth $28 million from Standard Chartered and Goldman Sachs.
When fintech began booming five years ago, experts called them the ‘biggest rival of commercial banks’.
In March 2016, PwC announced the results of a survey, showing that 83 percent of traditional finance service companies thought a part of their operation was likely to fall into the hands of independent fintechs.
In a market with young population like Vietnam, with high usage of smartphones and ecommerce, payment fintechs have good conditions to develop.
However, most fintechs are taking loss. At a workshop held by the State Bank in late 2017, Pham Tien Dung, director of the Payment Department, said of 25 licensed payment service providers, only five could make profits from transactions. The others were described by Dung as ‘unstable’.
Observers said in order to obtain market share, payment intermediaries and e-wallets have to offer new facilities and launch promotion programs.
The service providers, for example, give back all the commissions to customers if they buy telephone cards and gaming cards. MoMo offers a gift of VND200,000 for the first use.
Service providers have to spend big money to lure more customers, and continued promotion programs have been eating into their stockholder equity.
However, investors are continuing to inject money into fintechs. Grab, an ride-hailing app with GrabBike and GrabCar, for example, has launched GrabExpress to join the delivery service field, and GrabFood Delivery to join the food delivery market.
Beach time, kitesurfing, hiking, and plates full of fresh seafood mean you can expect Vung Tau to check all the boxes for a wonderful coastal getaway.
Vung Tau is the closest beach destination from Ho Chi Minh City, easily accessible via a two-hour, air-conditioned bus ride. This makes it a perfect escape from the city’s hustle and bustle. Check out our advice on how to best enjoy this southern coastal town.
Soak up the sun at Vung Tau’s beaches
Vung Tau has four known beaches—Front Beach, Back Beach, Pineapple Beach, and Paradise Beach. Front Beach (Bãi Trước) is the most popular, which for many others is enough reason to stay away. In addition to the crowds, the water is rather polluted and doesn’t offer the best beach setup. However, you can still enjoy some fresh seafood at the many stalls and restaurants that have set up shop—they serve some of the most delicious seafood in the south of Vietnam.
For a better beach experience, head to any of the other three. Back Beach (Bãi Sau)is much less dirty, and perfect for surfing. As the beach gets some wonderful wind swells, kitesurfing shops have appeared over the years, offering rentals and classes for all levels.
Pineapple Beach has calmer waters and fantastic sunset views, while Paradise Beach belongs to a resort park with a rather exclusive crowd. Here you have to pay an entrance fee which grants access to luxuries such as showers, and a fancy strip with high-end dining options.
Giving its best Rio de Janeiro impression, Vung Tau boasts a giant 105-foot-tall statue of Jesus Christ. Standing atop Núi Nhỏ mountain (generally representing Vung Tau in most travel guides), this statue overlooks the city from a clear vantage point—it is especially beautiful at sunrise. It’s not an easy hike to the top—there are exactly 847 steps to conquer, but in the end you will be rewarded with sweeping views of the coast. Head a little higher inside the statue itself and you can take a look at the city from behind Jesus Christ’s shoulder. To get inside however, you need to be dressed appropriately, so make sure to pack a wrap which you can tie around your waist to keep cool during the hike up.
On the other side of Núi Nhỏ mountain is Vung Tau’s lighthouse. Said to be the oldest lighthouse in Vietnam, it was built by the French in 1862 as a lookout point for incoming trade ships. To get there, hike up the opposite side of where you’d climb to Jesus. Luckily, if you plan on visiting after the statue, you can descend and travel back up by car or motorbike if you’re not up for the walk again. The lighthouse is extremely photogenic and worth heading to for the perfect Instagram shot. It is open 24/7, so if you’re looking for a night adventure, this is it!
Local tip: On the slope near the lighthouse is a yogurt spot called Cô Tiên. Make sure you grab a cup, as it’s only VND $7,000 (USD $0.30), and extremely refreshing.
Go wild at Hồ Mây Culture and Ecotourism Park
Thanks to the influx of tourists to Vung Tau, an eco-tourism park has sprung up in recent years. Hồ Mây Culture & Ecotourism Park is a great place for a day of fun. Perched atop a hill (a consistent theme in Vung Tau), you can reach this place by cable car. The entrance fee is approximately VND $400,000 (USD $20.00), which includes the cable car trip and unlimited rides in the park, of which there are plenty! Bumper cars, rollercoasters, go karts, water games, even paintball and archery, this is ideal for a group of friends looking to let their inner child out.
One of the biggest reasons people visit Vung Tau is to indulge in the town’s delicious seafood. Bánh khọt, a little round seaside pancake and one of Vung Tau’s specialties, is known to cause mass pilgrimages over here from Ho Chi Minh City. It can be found in various markets throughout the city, but for those looking for a little more ambience head over to Bánh Khọt Gốc Vú Sữa, known to serve the best version of these little treats.
Vung Tau has many markets to explore, offering a wide range of local delicacies and handicrafts. Chợ Hải Sản is the biggest one, closest to the city center. Here you can find endless varieties of seafood freshly caught that day and cooked up on the spot.Trần Phú fish market is a particularly fantastic experience—a little out of the city, making it more local. The other option is Xóm Lưới market. If it’s hard for you to tolerate the overwhelming smell of seafood, it’s best to wear a mask as you wander through the maze of stalls.
The World Federation of Exchanges (“WFE”), the global industry group for exchanges and CCPs, and Athens Stock Exchange, today rang the opening bell at the exchange to formally launch the WFE’s General Assembly & Annual Meeting (2-4 October, Athens).
Athens Stock Exchange is hosting the event, which will see more than 300 delegates gather for the WFE Annual Meeting, with a public program of 14 speeches and panel sessions, in addition to member-only sessions for the Working Committee & Board and the Federation’s 58th General Assembly. Le Hai Tra, Chairman of the Board of Director represents Vietnam’s Ho Chi Minh City Stock Exchange to participate the event.
Le Hai Tra
Speakers at the two-day public conference will include: Steven Maijoor, Chair, European Securities and Markets Authority (ESMA); Chris Leslie, Member of Parliament, Labour and Cooperative Party, UK Parliament; Tajinder Singh, Deputy Secretary General, International Organization of Securities Commissions (IOSCO); Masamichi Kono, Deputy Secretary-General, Organization for Economic Co-operation and Development (OECD); and Samara Cohen, Managing Director & Head of iShares Global Markets, BlackRock.
The event will also include one Fireside Chat with Arunma Oteh, Treasurer of the World Bank, in conversation with Nandini Sukumar, CEO, WFE, and another with William Coen, Secretary General, Basel Committee on Banking Supervision, Bank for International Settlement (BIS), in conversation with Edward Tilly, Chairman of the Board and Chief Executive Officer, Cboe Global Markets.
Nandini Sukumar, CEO, WFE said: “The WFE would like to thank Athens Stock Exchange for its warm welcome and hospitality as the global leaders of the exchange and CCP industry meet in this historic city for the 58th WFE General Assembly & Annual Meeting. Over the coming days we will debate the great issues impacting not only the market infrastructure industry, but the world more widely, such as Brexit and sustainability. Part of our discussions will also focus on the key role of markets in driving renewal. We are therefore delighted to be in Greece at this moment in time, as we simultaneously look back over the past decade of reform since the great financial crisis, and look ahead to a future of renewal.”
Socrates Lazaridis, CEO, Athens Stock Exchange said: “Athens Stock Exchange is honored to host the 58th WFE General Assembly & Annual Meeting in Athens, and on behalf of the ATHEX team we would like to thank the WFE for choosing Greece to accommodate this event. As sustainable growth is paramount for the future of our country, we are delighted to offer the opportunity to our local ecosystem to hear from the policymakers and our distinguished speakers on the key role of the capital markets in a rapidly challenging and competitive environment. At the same time, it is a great opportunity to exchange and share ideas and experiences with our colleagues on the financing of SMEs through capital markets for the implementation of their business plans, and the preservation and strengthening of their leading role to guarantee transparency, corporate governance and sustainable development.”
The World Federation of Exchanges established in 1961, HQ in London, United Kingdom, formerly the Federation Internationale des Bourses de Valeurs, or International Federation of Stock Exchanges, is the trade association of 63 publicly regulated stock, futures, and options exchanges.
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