The Vietnamese delegation pocketed a total of 4 gold, 16 silver and 18 bronze medals, finishing 17th in the tally of the 2018 Asian Games (ASIAD) in Indonesia by 9.30pm on September 1.
Vietnam bagged one silver medal in the women’s sepak takraw on September 1, the last official competition day of the continental sporting event.
The same day, Vietnam missed the bronze medal in the men’s football after losing to the United Arab Emirates (UAE).
The game went straight to a penalty shootout after the normal time ended with a 1-1 draw. Vietnam suffered a 3-4 defeat on the penalty round.
The Vietnamese delegation consists of 523 people, including 352 athletes. The four golds of Vietnam were in pencak silat (men’s tanding 70-75 kg and 90-95 kg), women’s long jump and women’s lightweight quadruple sculls categories.
The Asian Games is the world’s second biggest multiple sports event after the Olympics. This year’s edition, held in Jakarta and Palembang of Indonesia, has drawn 16,000 competitors and officials from 45 countries and territories.
At the last ASIAD in 2014, Vietnam won one gold, 10 silver and 25 bronze medals, ranking 21st in the overall medal tally.
Despite the rain, thousands of Vietnamese fans welcomed the Việt Nam sports delegation home from the Asian Games (ASIAD) 2018 in Indonesia, including the Việt Nam Olympic football team. The athletes landed at Nội Bài International Airport in Sóc Sơn District, Hà Nội this afternoon.
This year’s ASIAD saw the successful participation of Việt Nam, bringing home four gold medals, 16 silvers and 18 bronzes, ranking 17th in the medal tally.
Fans head to Nội Bài International Airport to welcome the Việt Nam team. – Photo laodong.vn
The Việt Nam Olympic team were praised for reaching the bronze-medal football match for the first time ever. Although the team lost to the United Arab Emirates (UAE) 3-4 in a penalty shootout, their performance was celebrated by fans and the boys returned to a hero’s welcome.
Việt Nam’s journey to the competition’s top four teams gives hope for the team to advance further at the continental level.
A fan supporting defender Đoàn Văn Hậu. – VNA/VNS Photo
Earlier, at ASIAD 2014, Việt Nam’s football squad were knocked out in the round of 16 after losing to UAE 1-3, while the Việt Nam delegation won just one gold medal, 10 silvers and 25 bronzes to rank 21st in the overall medal tally.
A Việt Nam Airlines flight is showered with water to greet the Việt Nam team.– VNA/VNS Photo
After departing Nội Bài International Airport, the Việt Nam team moved to Hà Nội-based Mỹ Đình National Stadium to take part in a ceremony honouring the athletes for their achievements in Indonesia.
Fans driving to Nội Bài International Airport to welcome the Việt Nam team. – VNA/VNS Photo
The ceremony will take place from 5pm to 7pm today.
A Vietnamese fan with his loudspeakers. – Photo danviet.vn
Vietnamese fans will have the opportunity to see the outstanding athletes and players of the Việt Nam Olympic team and enjoy art and cultural activities.
Fans prepare to celebrate.– VNA/VNS Photo
The celebration aims to encourage athletes and trainers participating in ASIAD and is also a cultural and sports event of great significance to mark the country’s National Day (September 2).
There will be a fireworks show on tonight over the Saigon River in Ho Chi Minh City to mark National Day, September 2.
Fireworks will be organised at the Saigon River area in District 2 and Dam Sen Park in District 11 from 9 pm to 9:15 pm on September 2.
According to Dtinews, the event, subsidised by the private sector, will be televised on HCM City Television.
Fireworks will light up the sky of Saigon
To ensure the safety, the Department of Transport will restrict vehicles on some routes around the Saigon River area.
Motorbikes are not allowed to use part of Vo Van Kiet Street which runs from Ky Con Street to Saigon River Tunnel and the section of Mai Chi Tho Street from Saigon River Tunnel to Nguyen Co Thach from 8 pm on September 2 to 4 am of the following day.
From 8 pm to 9:30 pm on September 2, all means of transport are banned from Nguyen Tat Thanh, Ton Duc Thang, Hai Trieu, Ham Nghi and some other streets which are near Saigon River Tunnel.
Shares declined on Friday on both national stock exchanges before the National Independence Day Holiday, led by heavyweight stocks.
The VN-Index on the Ho Chi Minh Stock Exchange started to slide in the early afternoon session after surpassing the 1,000-point mark in the morning. It closed down 0.85 per cent at 989.54 points.
Ending Friday, the southern benchmark index gained 0.25 per cent for the week
On the Hà Nội Stock Exchange, the HNX-Index gave up 0.7 per cent to end Friday at 112.79 points, but it increased over 1 per cent against the previous week.
Liquidity decreased slightly from Thursday’s levels, with a total of 228.6 million shares worth VNĐ5.45 trillion (US$233 million) traded on the two markets.
Losses of Vinhomes (VHM) and other shares in the VN30 (tracking the top 30 largest shares by market value and liquidity on the Ho Chi Minh Stock Exchange) weighed on the whole market.
Vinhomes rose strongly in the morning trade but unexpectedly lost 3.2 per cent in the afternoon.
Other losers included big companies in the banking-finance, energy and retail sectors, such as Vietcombank (VCB), BIDV (BID), Vietinbank (CTG), Military bank (MBB) Saigon Securities Inc (SSI), PV Gas (GAS), Mobile World Group (MWG), Vincom Retail (VRE) and Phú Nhuận Jewelry JSC (PNJ) with losses of between 1.5 per cent and 2.4 per cent each.
On the other end of the spectrum, gains of some blue chips cushioned the market, especially Bình Minh Plastics (BMP), up 3.7 per cent; Petrovietnam Fertiliser & Chemicals Corporation (DPM), up 2.6 per cent; Vietnam Prosperity Bank (VPB), up 1.6 per cent; and insurer Bảo Việt Holdings (BVH), up 1 per cent.
“After today’s decline, the VN-Index is expected to continue the ebb and flow after the market reopens after the holiday,” said Khiếu Trọng Huy, a stock analyst at Bảo Việt Securities Co.
“Possibility of rising trade tensions between the United States and China after September 6 will pose risks to the Vietnamese market,” Huy wrote in a daily market report yesterday.
Shares in most major markets in Asia underperformed on Friday following a report that US President Donald Trump was planning to step up a trade war with Beijing.
Foreign traders concluded Friday as net buyers with net buy value of VNĐ4 billion. However, their buys focused on the Hà Nội exchange with net value of VNĐ31 billion. They were net sellers in HCM City, responsible for net sell value of VNĐ27 billion.
The stock market will close on Monday and re-open on Tuesday.
Free trade agreements, high economic growth and low labor costs will continuously help Vietnam lure big FDI in the remaining months of the year after reporting a whopping US$22.94 billion in the first seven months of the year.
Many investors from various countries, especially Japan, Korea and Singapore, have so far also expected to increase their investments in Vietnam.
A recent study of Hong Kong and Shanghai Banking Corporation Limited (HSBC) showed that overall investment into ASEAN in the future is expected to rise amongst Singapore-based companies ,with Vietnam to be a key beneficiary.
According to the study, which sought the insights of 1,036 Singapore-based companies into their interest in overseas expansion, Vietnam’s growing consumer market and overall investment climate are driving the expansion plans of Singaporean investors, who were Vietnam’s third largest investor in the first seven months of 2018 with US$2.73 billion.
Asia Briefing, a subsidiary of Dezan Shira & Associates, which provides business intelligence, due diligence, and legal, tax and advisory services throughout Vietnam and the Asian region, also forecast that Vietnam will continue to remain a priority for investors in 2018.
Opportunities not only exist in the traditional sectors such as garments, footwear, and electronics but also in renewable energy projects, high-tech agriculture, and other high-tech industries, according to Asia Briefing.
“Investors will continue to find the traditional export-oriented sectors such as electronics, garments, and footwear to be attractive. In addition to the export-oriented sectors, the domestic market also provides an opportunity for investors. With growing urbanization and rising incomes, industries such as education, real estate, retail, food & beverages, e-commerce, and FMCG will continue to grow in 2018,” said Asia Briefing. “The aforementioned industries will continue to be a priority for the government in the short term.”
High prospects ahead
The signing of the Europe-Vietnam Free Trade Agreement (EVFTA) due this year is one of key factors helping Vietnam attract foreign investors, especially in the textile, garment and footwear industries.
According to Chairman of the Vietnam Textile and Apparel Association (VITAS) Vu Duc Giang, the EVFTA will continue to create great attraction to foreign investors in Vietnam’s garment and textile industry.
The EVFTA is the driving force to help Vietnam emerge as one of the top spots in the world for investors in the garment and textile industry, Giang said, adding the industry lured US$2.8 billion of FDI capital in the first half of this year, bringing the total FDI in the sector to nearly US$17.5 billion.
Foreign investors are flocking to Vietnam’s textile and industry as the EVFTA will offer ample opportunities for Vietnamese textile and garment products to ship to the European market thanks to tariff preferences.
According to EU-MUTRAP team leader Claudio Dordi, only ‘EVFTA originating’ products will benefit from preferential tariffs for a maximum of seven years after entry into force. Investors from other countries thus wish to relocate sufficient stages of textile and garment manufacturing to Vietnam to benefit from market access offered by the EVFTA.
Nguyen Thi Tuyet Mai, VITAS’s secretary general, said that traditionally, China, Taiwan (China) and South Korea lead the way as far as textile and garment projects implemented in Vietnam. However, Mai forecasts, South Korea is likely to pull ahead in the competition as besides the bilateral FTA with Vietnam, the country has also inked a cooperation agreement with the EU. When choosing Vietnam as a destination for investment, Korean investors will further enjoy the benefit.
The same trend will be also forecast for the footwear industry when more foreign investors will set up production bases in Vietnam to capitalize on huge export potentials from the EVFTA.
According to Lee Young Man, president of the Korean Footwear Association in Vietnam, investment flows from Korean footwear enterprises to Vietnam are expected to increase strongly once the EVFTA is signed.
Investment fund VinaCapital launched its $100 million venture capital arm on August 30, aspiring to build billion-dollar startups that can expand outside Vietnam.
The new fund, called VinaCapital Ventures, will invest between $2 million and $10 million per startup—starting with Logivan, a truck-hailing network, and FastGo, a ride-hailing application.
VinaCapital Ventures said it will work with local engineers, scientists, and innovators who have developed technologies that solve industry pain points and problems that are substantial enough to compel customers to adopt new technologies. Disruptive technologies that have the potential to create entirely new markets are another focus.
According to Khanh Tran, partner at VinaCapital Ventures, the fund will help startups develop into strong technology companies in Vietnam and assist them in building a regional presence. Specifically, the venture investor will offer capital, network, and mentorship.
“Thanks to our international network, we are also open to co-invest with other global investors,” said Tran. He cited Logivan as an example: VinaCapital Ventures collaborated with Ethos Partners and Insigna, both from Singapore, to pour $1.75 million into the truck hailing network.
It is noteworthy that investments from VinaCapital Ventures have an unlimited holding time, as the fund operates as a holding company. This is the main difference from VinaCapital’s first ventures fund called DFJ VinaCapital, which is required to exit a company within a certain time frame.
The ten-year-old DFJ VinaCapital previously invested in digital media firms Yeah1 Group, Chicilon Media, and Vietnam Online Network.
According to VinaCapital co-founder and CEO Don Lam, the new fund’s flexibility of divestments and longer investment horizon allow the investor to collaborate with startups more closely.
Earlier in August, VinaCapital announced its partnership with Zone Startups, an international programme run by Ryerson Futures to accelerate the growth of early-stage technology firms. Vietnam is the next destination for Zone Startups, after eight successful programmes in Canada and India.
Other local partners in the Zone Startups Vietnam project include UniBrand, TalentNet, and TTG Holdings.
The Vietnamese men’s football team will be stronger from its Asian Games 2018 performance, says coach Park Hang-seo.
Park said he believed Vietnam’s journey to the competition’s top 4 was a strong foundation for the team to advance further at the continental level.
“The Vietnamese players today tried very hard, played their best and did not disappoint their fans. Unfortunately the result was not as expected,” he said at a press conference following the team’s defeat to UAE on Saturday, dashing its bronze medal hopes.
“I would like to thank the players and the fans. As the team’s head coach, I will do my best at the coming competitions,” he said.
The national team had come into their final match of the tournament on the back of a heart-breaking loss to South Korea in the semifinal on Wednesday.
But they played with determination. Despite conceding a goal following a defensive misplay in the 17th minute, they equalized 10 minutes later via a goal from the team’s captain Nguyen Van Quyet.
In the second half, the team created many chances, several more than their opponents, but were not able to convert them. After the second half ended with scores level at 1-1, the match was decided by a penalty shootout, which saw Vietnam lose 3-4. Nguyen Quang Hai and Tran Minh Vuong missed their shots while UAE successfully converted all their penalties.
“I haven’t talked to Hai and Vuong after the match. However I believe my players are mature and strong enough to overcome this difficult moment,” Park said.
Despite their failure to win a bronze medal, the Vietnamese men’s football team still made history at this year’s Asiad. The national team had never managed to get past the round of 16 in its history of participating in the competition.
“Even though the team lost today, I believe this was a good competition for Vietnamese football and a good lesson for the players,” Park said.
“I do not intend to change Asian football, but I believe Vietnamese football could rise to be among the top in the continent after the success at this Asiad. Together, we will work towards that goal.”
Park also asserted that the players in the current team would not be guaranteed a place when Vietnamese football looks to coming competitions.
“The AFF Cup at the end of this year and the Asian Cup early next year are both completely different competitions, for different age groups. The players attending this Asiad will still need to work as best as they can.
“I will be closely observing their performances at V-League to select players for the coming competitions,” Park said, referring to Vietnam’s top professional football league championship.
Speaking at the post-match press conference, UAE coach Skorza Maciej also said that Vietnam was a strong team on the same level as the competition’s finalists Japan and South Korea.
“Therefore we had to fight hard. Today UAE might have not played beautifully, but the important thing is victory,” Skorza said.
“I reaffirm that Vietnam is a top team in Asia. Today they played better, created more chances than us. I’m very happy that we won.”
Banks are confident in reaching their full-year profit targets albeit the central bank is unlikely to loosen banks’ credit growth limit in the second half.
Apart from several banks that have downwardly revised their full-year profit targets as they are approaching the credit growth limit, many other banks insist on retaining their profit targets for 2018.
In the first half of this year, Ho Chi Minh City-based ACB posted a record pre-tax profit reaching VND3.15 trillion ($139.4 million), a 2.5-fold increase against the corresponding period in 2017.
The bank has set forth the full-year pretax profit target of VND5.69 trillion ($252 million) and bank executives even expect that their pretax profit this year could amount to VND6 trillion ($265.4 million).
ACB increased their profit target during the period in the wake of sharply rising incomes from different sources.
Accordingly, its net interest income rose by 23.8 per cent in the first half to reach VND4.86 trillion ($215 million). Its earnings from service activities soared by 38 per cent to VND746 billion ($33 million), whereas earnings from other activities leaped 73 per cent to VND706 billion (31.2 million).
ACB executives, in a recent meeting with analytics experts, unveiled that they aim at a 28 per cent jump in service fee revenue this year and a 28-30 per cent growth next year.
In light of the Central Bank (SBV)’s recently-released Directive 04, several banks that are supporting underperforming banks in the restructuring process might have their credit growth limits loosened in the latter months of the year.
According to Ho Chi Minh City Securities Corporation (HSC), as the banking sector’s credit growth target for this year is set at 17 per cent, while the credit growth cap of most banks hovers around 14 per cent, there is still room for the SBV to raise the growth cap for certain banks without affecting the general growth target.
Major commercial lender from Ho Chi Minh City HD Bank is an example. The bank is awaiting SBV’s approval for its merger plan with PG Bank. If the merger plan is approved before the fourth quarter of this year, HD Bank might have their credit growth target loosened to 30-40 per cent this year to boost lending.
As HD Bank’s first-half pretax profit surpassed VND2 trillion ($88.4 million), the bank is confident in finalising its full-year profit target of VND3.99 trillion ($176.5 million). Not only that, a source from the bank revealed that they could scale up the full-year pretax profit target toVND4.7 trillion ($208 million) once the merger plan with PG Bank gets the nod.
HSC recently delivered a buoyant full-year profit growth forecast for listed banks.
Accordingly, it anticipates a 32.2 per cent jump in listed banks’ total after-tax profit in 2018 and a 22.5 per cent hike in 2019.
Meanwhile, the latest survey by SBV’s Monetary Forecasting and Statistics Department shows that up to 88 per cent of credit institutions expected a surge in their full-year pretax profit against last year, with an average 19 per cent hike in the whole sector’s profit this year.
Vietnam have lost out on penalties to United Arab Emirates in the bronze medal playoff at Asian Games 2018 after a 1-1 draw between the sides on Saturday.
Despite Vietnam dominating proceedings from the opening whistle, it was the Emirati who took the lead at the Pakansari Stadium courtesy of a fine individual effort by Ahmed Al-Attas in the 17th minute.
Receiving possession just inside the opposition half, Al-Attas embarked on an enterprising run to the edge of the box before firing away a shot that squeezed just past Bui Tien Dung’s despairing dive and into the bottom corner.
But, just ten minutes later, the Vietnamese pulled level courtesy of a brilliant team goal which was initiated by Pham Duc Huy picking out Nguyen Van Toan with a neat pass out on the right.
With a brilliant piece of skill, Van Toan poked the ball through the legs of Ahmed Rashed and then played in Nguyen Anh Duc, who in turn guided the ball into the path of Nguyen Van Quyet for an easy tap-in at the back post.
Vietnam continued to look the likelier of the two sides to score again and created plenty of chances to put the result beyond doubt, but were just unable to find the killer touch in front of goal.
Pham Xuan Manh spurned a golden opportunity in the 88th minute when he got his header all wrong after being picked out unmarked inside the area by Tran Minh Vuong’s corner.
Then, in the fifth minute of injury-time, Minh Vuong, who had scored a peach of a freekick in the semi-final against Korea Republic, looked destined to repeat the feat – this time from 35 yards out.
Nonetheless, UAE goalkeeper Mohamed Al-Shamsi reacted in time just as to ball looked set to creep in under the bar to push it over and force the dreaded penalty shootout.
Having already taken part in two previous shootouts, UAE did have every right to be confident and their experience with the high-pressure situation proved telling indeed.
Fox Sport Asia reports, Al-Attas, Zayed Al-Ameri, Khaled Ibrahim and Shahin Suroor all made no mistake in converting from 12 yards but, while Vu Van Thanh, Ha Duc Chinh and Phan Van Duc did the same for Vietnam, golden boy Nguyen Quang Hai fired their second effort inches wide of the post having sent Al-Shamsi the wrong way.
That left Minh Vuong needing to score their crucial fifth penalty but Al-Shamsi produced a fine save, pushing his shot onto the bar and back out to break Vietnam hearts and seal bronze medal for United Arab Emirates following a 4-3 shootout triumph.
VIETNAM: Bui Tien Dung, Do Duy Manh, Bui Tien Dung, Doan Van Hau, Vu Van Thanh, Pham Duc Huy, Nguyen Quang Hai, Pham Xuan Manh, Nguyen Van Toan (Tran Minh Vuong 66’), Nguyen Van Quyet (Phan Van Duc 73’), Nguyen Anh Duc (Ha Duc Chinh 55’).
UNITED ARAB EMIRATES: Mohamed Al-Shamsi, Abdullah Ghanem, Hamad Al-Jasmi, Ahmed Rashed, Ismael Khaled, Mohammed Al-Attas (Khaled Ibrahim 84’), Shahin Suroor, Rashed Mohammed (Zayed Al-Ameri 43’), Husain Abdalla Omar (Majid Salim 66’), Mohammed Khalfan, Ahmed Al-Attas.
Japanese retailer follows H&M and Zara into Southeast Asia’s fastest-growing economy
According to a report on Nikkei, Japanese casual clothing retailer Uniqlo on Thursday announced that it would open its first store in Vietnam in fall 2019, in a bid to capitalize on the fastest-growing economy in Southeast Asia.
“The Southeast Asia region has been an important driver of growth for us, and we are pleased and optimistic about our opportunity to be a part of such an exciting economy and retail market,” said Tadashi Yanai, Chairman and CEO of Uniqlo’s parent company Fast Retailing, the world’s third-largest apparel company.
Its first store in Vietnam will be in Ho Chi Minh City, the country’s economic hub, and operated through a joint venture between Fast Retailing and Mitsubishi Corporation, who will own 75% and 25% of the company, respectively.
Uniqlo will soon begin recruiting local staff for the launch. “We look forward to introducing Uniqlo and our high quality, affordable LifeWear apparel in Vietnam,” Yanai said.
The Japanese retailer plans to double the number of its stores in Southeast Asia and Oceania to about 400 by 2022. Uniqlo’s global network spans 20 markets in Asia, Europe, North America and Australia, operating roughly 2,000 stores, according to the company.
The company also aims triple the revenue it generates in the region to 300 billion yen ($2.71 billion) in the year ending August 2022. That would mark a faster rate of growth than that of the company as a whole, which expects revenue to double to 3 trillion yen over the same period.
The announcement of the Vietnam expansion comes shortly after the opening of the first Uniqlo store in Sweden, the home market of competitor Hennes & Mauritz on Aug. 24. Uniqlo’s arrival is set to intensify the competition between foreign brands like Zara and H&M in the Southeast Asian country.
Zara entered Vietnam in September 2016, and currently operates two outlets in Ho Chi Minh City and Hanoi. H&M has expanded to six outlets since launching its first in Ho Chi Minh City in September 2017, split evenly between the economic hub and the capital. Both companies tend to operate stores inside trading centers operated by real estate conglomerate Vingroup.
Currently, Vietnamese can only buy Uniqlo goods from independent local retailers or order them from Japan.
“I’ve been wanting to shop at an official Uniqlo store in Vietnam for years,” said Nguyen Van Anh, a fan of the brand. She said she spent about $500 a year on Uniqlo goods. But most of the clothes she buys online are the previous season’s and the number of designs is limited as she buys them during the sales.
International brands have flocked to Vietnam since it opened up its retail market to foreign investment in 2015, having joined the World Trade Organization 2007.
The market is estimated to grow to more than $3.8 billion this year, and increase to over $5 billion by 2021, according to BMI Research
The Vietnamese government has said it supports the idea of staging a Formula One race on the streets of the capital Hanoi.
According to a report on Reuters, Formula One chief executive officer Chase Carey said in June he was excited by the possibility of a race in the Southeast Asian country, adding that Formula One had been discussing the idea of staging a street race in Hanoi with Vietnamese authorities.
“All (government) ministries and agencies support the idea to create a new attraction for Hanoi,” Mai Tien Dung, chief of the government office, said late Thursday in a statement.
Dung did not say when a final deal would be signed with Formula One, or when the first race would be held.
Prime Minister Nguyen Xuan Phuc had told Hanoi not to use state budget for building infrastructure for the race, but to invite investment from businesses, Dung added.
“Hanoi authorities have asked people living in the planned area for their opinions about holding the race and they have all shown their support, to attract tourists,” Dung said in the statement.
Reporting by Khanh Vu; Editing by Peter Rutherford
According to Vietnamnet, the massive arrivals of new domain name extensions have brought great opportunities to both domestic enterprises and domain name registrars.
Six years have elapsed since ICANN (The Internet Corporation for Assigned Names and Numbers) approved the extension of domain names on internet.
The new domain name extensions not only have to compete with old domain name extensions, but with each other to find their positions in the market.
New domain names began appearing in 2012, but only in recent years did they begin entering the Vietnamese market.
With promotion by domestic domain name suppliers, Vietnamese businesses tend to like new domain name extensions, especially when the number of businesses increases, while traditional domain name extensions are insufficient in number.
Domain name registrars are joining forces with domestic suppliers to expand their sphere of influence and improve their competitiveness. The appearance of new domain names such as .ONLINE, .XYZ, .CLUB., and TOP, .SITE, .LTD, .LOAN and .WIN shows their surprisingly strong development.
Huynh Ngoc Duy, CEO of Mat Bao JSC, the official domain name registrar of ICANN and VNNIC (Vietnam Internet Network Information Center), said a lot of foreign partners had contacted Mat Bao to bring new domain names into Vietnam, while others have cooperated with Mat Bao to build co-branding campaigns for e-commerce campaigns.
The massive arrivals of new domain name extensions have brought great opportunities to both domestic enterprises and domain name registrars.
He also said Mat Bao has taken the initiative in contacting registrars to bring unique domain name extensions to Vietnam.
Besides Mat Bao, foreign registrars have also cooperated with many other prestigious suppliers, which, as commented by analysts, shows that Vietnam is one of the markets to catch the attention of international registrars, and that the internet market is in no way inferior to developed countries.
With high interest in Vietnam’s market, foreign registrars will intensify their cooperation with domestic suppliers to reach Vietnamese users.
Working with Vietnamese registrars, they can receive support in Vietnamese. Any problems arising during use such as domain name disputes and illegal domain name transfer will be solved by Vietnamese registrars, while enterprises themselves do not have to contact foreign partners.
The competition will bring great benefits to consumers, including the best service and service fees.
Observers said in an effort to attract more users, new domain names have been launched into the market at very reasonable prices.
Sometimes ‘flash sale’ campaigns are launched, allowing people to own domain names at the prices of nearly zero dong.
Korean firms in Vietnam are riding high on increasingly friendly relations between the two countries, amid the football boom in the Southeast Asian nation led by a Korean coach, according to company officials Thursday.
According to a report by Nam Hyun-woo on KoreaTimes, Vietnam’s U-23 football team, headed by Park Hang-seo, outperformed most analysts’ expectations by reaching the semifinals at the 2018 Asian Games in Indonesia, marking one of the best campaigns in the country’s national team history.
Park has been praised as a national hero in Vietnam, when he led the team to a runner-up finish at the 2018 AFC U-23 Championships in January.
Park’s continued magical spell is providing a huge marketing opportunity for Korean firms in the country whose people are fans of the sport.
“Football is the culture and life of Vietnamese,” said Lee Joo-hyun of Korea Trade-Investment Promotion Agency’s Vietnam office. “Vietnam firms are using football as their marketing tool and Park’s recent popularity provides a huge opportunity for Korean firms in Vietnam.”
After the runner-up finish in the AFC tournament, VPMILK, a Vietnamese dry milk manufacturer, has hired Park as a promoter, while Vietnam Airlines supported the U-23 team members and their families air tickets and accommodation expenses.
Thaco, which manufactures and retails Kia Motors cars in Vietnam, also provided Park an Optima sedan in a show of gratitude to him.
After the semifinals, companies say Park’s popularity is helping their businesses in Vietnam and they are regarding this as a great marketing opportunity they must grab.
“So far, there have been difficulties in starting businesses with new clients, but it became a lot easier,” said Chung Jae-woo at POSCO Vietnam. “Even in the first meeting, clients first say ‘Thank you’ which makes business a lot easier.”
Hyundai Motor is also seeking to maximize the so-called “Park effect.”
“Hyundai Motor already has a solid market status with the joint company of Hyundai Thanh Cong, which manufactures passenger and commercial vehicles,” a Hyundai Motor official said. “To add more momentum, the company is planning to bolster sports marketing, including pitches by sponsoring Park, because this is an opportunity can’t be missed.”
Samsung Electronics, which has a strong foothold in Vietnam, has already hired Park as its model and is airing TV commercials featuring him. The tech giant has also loaned a futsal field in its Indonesia plant to the Asian Games team.
Central plans to transform Ho Chi Minh City’s Thu Thiem marshland into the Wall Street of Southeast Asia have for decades failed to materialize
Look out Singapore, Hong Kong here we come. Vietnam is putting Asia’s top business centers on notice as it bids to establish itself as a financial hub for Southeast Asia.
At least that is how Vietnamese officials tout Thu Thiem, the erstwhile swamp district of Ho Chi Minh City on which they have pinned their skyscraper-filled dreams.
Ho Chi Minh City’s Thu Thiem district has long been slated for development into a major financial hub. Photo: Twitter
According to a report by Ma Nguyen on AsiaTimes, Urban planners have visions of grandeur for Thu Thiem, which they aim to transform into a glistening, steel-laden business hub that bankrolls the wider region’s fast growth.
The catch: the scheme’s official cheerleaders have been touting the transformative central plan for over two decades, so far to no avail. A recent visit to the mega-project’s “New Urban Area” site shows little progress beyond tracts of flattened dirt.
Since the scheme was first conceived, locals have neither complained nor questioned the ruling Communist Party’s ambition to transform Ho Chi Minh City’s marshlands into Southeast Asia’s equivalent of Wall Street.
One marketing brochure rendering of what Thu Thiem will one day become. Photo: Facebook
In the 1990s, Thu Thiem, which juts out from a peninsula just east of Ho Chi Minh City’s downtown, was infested with typhoid and wild animals.
Despite official plans and decades of fast economic growth, little has changed in the area. Just five years ago it was possible to cross the Saigon River to Thu Thiem and go fishing among the tall green reeds while taking in the view of downtown’s skyline from across the water.
It had the feel of a forest in the city, where goats and pigs continued to graze behind the string of neon-green Heineken beer and other advertising billboards. It has since been bulldozed and cleared, but there is still no sign of building cranes.
While there are an estimated 10 million people crammed into Ho Chi Minh City, Thu Thiem remains a vacant space literally a stone’s throw from the bustling city’s center. The unrealized scheme’s architects at least knew where to look for inspiration: the United Kingdom.
Specifically, they found a kindred spirit in Canary Wharf, once a mighty London port that fell into disuse by the 1980s but was given a second lease on life after reinventing itself as a modern financial district.
Ho Chi Minh City started dispatching planners and appartachiks to London for study tours, with at least one of the trips bankrolled by the United Kingdom’s Foreign Office in 2014, to meet the Canary Wharf Group, the reimagined port’s main developer.
“We believe that Thu Thiem … will learn a great deal from the expertise and experience Canary Wharf Group has to offer,” British consul general in Ho Chi Minh City Douglas Barnes said at the time, “whereby they can formulate an action plan to apply what they learn on the development of Thu Thiem.”
He added that the Vietnamese city had been chosen after multiple requests for similar consultations from megacities around the world.
While verdant thickets have given way to steamrollers, Thu Thiem remains nearly devoid of buildings. Locals are no strangers to construction delays, but even by Vietnam’s laggard standards the project has dragged on interminably.
That’s in part due to relocation concerns, an increasingly sensitive issue amid rising complaints of state land-grabbing. Roughly 14,600 households are scheduled to be or have already been forcibly evicted in a “mass dispossession,” according to Yale anthropologist Erik Harms, whose 2016 book “Luxury and Rubble” focuses in part on Thu Thiem.
Many have complained about paltry land compensation. “I once said directly to the people responsible at the city, why demolish the people’s houses like this?” Vo Viet Thanh, a retired vice mayor who helped plan Thu Thiem, said in an interview with news site Zing. “I know that people are protesting…If it were me, I would oppose you, too.”
The saga doesn’t end there, however. Earlier this year local media reported that an early map of Thu Thiem’s master plan had gone missing. Some local officials now say it never existed; others claim the city lost it.
The map is vital because, as plans have changed over the decades, it is needed to determine the rights and payments due to residents based on how the original project lines were drawn and approved.
Aerial view of Thu Thiem district and the Saigon River. Photo: Facebook
More secure are the landed elites who were able to grab up property at early-bird prices, from relatives of former heads of state to well-connected real estate developers. Yet questions have emerged about who was allowed to make land purchases and when.
Public discontent over the lack of transparency grew such that the Ho Chi Minh City government this summer finally announced a public auction of future assets, including nine new plots of land on prime real estate.
With that controversy, Thu Thiem is still mostly unoccupied today, apart from a discarded couch used for makeshift cafe seating on the riverbank or the occasional motorbike cutting through the area for a shorter commute from downtown.
It still seems inevitable that the master plan for the area will ultimately be realized, including designs for the country’s tallest building. Indeed, even the holdouts who have yet to be evicted are not wholly against the project, Harms said in an interview on his university website.
For his research, Harms spoke to dozens of locals there who welcome Thu Thiem’s progress, but they want to be included, not left behind.
“The elite in Vietnamese society [should] recognize that their aspirations for modernization and development, and what they call civility, are often founded on the deep sacrifices of their own countrymen,” Harms wrote.
International Finance Corporation (IFC), a member of the World Bank Group, have recommended eight priority areas for next-generation foreign direct investment (FDI) attraction in the 2020-2030 period to promote qualitative and quantitative growth of the Vietnamese economy.
IFC experts believe economic reforms over the past three decades, including efforts to attract FDI, have been a major driving force of Vietnam’s economic growth and international integration. Except for a short interruption due to the adverse impact of the Asian financial crisis from 2007-2009, FDI flows to Vietnam increased on an annual basis and grew rapidly in the 2014-2017 period, with the registered amount growing from US$21.9 billion in 2014 to US$31.1 billion in 2017. The implemented amount also increased from US$12.5 billion in 2014 to US$17.5 billion in 2017. By the end of June 2018, registered FDI in Vietnam had reached US$331.2 billion, and US$180.7 billion had been disbursed. Viet Duan reported on VEN.
Nguyen Noi, Deputy Director of the Ministry of Planning and Investment’s Foreign Investment Agency, said FDI had helped Vietnam integrate into the global economy, participate in regional production chains, diversify export products, generate more jobs, increase revenue for the state budget and improve the balance of national payments. However, the number of FDI projects using high technologies, especially source technologies, remains limited. FDI projects are concentrated in the exploitation of natural resources, the real estate market, and labor and energy-intensive sectors where many work stages are outsourced by foreign firms.
IFC experts believe it is time for Vietnam to change its FDI attraction policy in accordance with the country’s socioeconomic development strategy for the 2011-2020 period. In their opinion, the Fourth Industrial Revolution requires Vietnam to build a next-generation FDI attraction strategy.
Wim Douw, IFC’s senior private sector specialist, recommended eight priority areas on which Vietnam should focus to create breakthroughs in FDI attraction. In order to improve technical skills for domestic workers to meet the requirements of foreign investors, the state needs to take various measures, beginning with comprehensive surveys of the labor supply in each sector to provide input for human resource training programs.
At the same time, Vietnam should establish specialized agencies to separate state management from investment promotion activities. Furthermore, the IFC is urging Vietnam to modernize investment promotion activities; create a favorable investment and business environment for businesses to take advantage of Industry 4.0; put in place suitable policies to promote overseas direct investment; and open major sectors to attract FDI.
Wim Douw, IFC’s senior private sector specialist: Vietnam needs to establish a network of domestic businesses capable of supplying support industry products for FDI projects to retain foreign investors in Vietnam.
