Facebook said on Tuesday (Aug 21) it is cutting more than 5,000 ad-targeting options to prevent advertisers from discriminating based on traits such as religion or race.
The shift eliminates the ability to direct Facebook ads at people based on ethnicity, beliefs, political affinity or other data that could be considered sensitive or personal.
“While these options have been used in legitimate ways to reach people interested in a certain product or service, we think minimizing the risk of abuse is more important,” the leading online social network said in an online post.
The announcement came less than a week after the US Department of Housing and Urban Development accused Facebook of breaking the law by letting landlords and home sellers use its ad-targeting system to discriminate against potential buyers or tenants.
A formal complaint filed by HUD contended that Facebook advertisers were able to target offers of homes available for rent or sale based on factors such as race, religion, gender, nationality, or disabilities.
“We’re committed to protecting people from discriminatory advertising on our platforms,” Facebook said.
Some media reports this year noted that advertisers could choose to target ads at African Americans, Hispanics or other demographic groups – or exclude them, to effectively market products or services to whites.
Most of the terms removed were in a category that let advertisers designate who they wanted excluded from seeing marketing messages.
For example, Facebook advertisers can no longer opt to prevent ads from being shown to user who have expressed interest in topics such as Passover, Islam, Buddhism or Native American culture.
Facebook added that all US advertisers will need to certify that they accept the social network’s non-discrimination policy. Previously, the compliance certification was required only of those posting housing, employment or credit ads.
The certification is intended to educate advertisers regarding “the difference between acceptable ad targeting and ad discrimination,” according to the social network.
Facebook planned to eventually expand the measure to more countries, but provided no timeline and insisted the move was not a reaction to the HUD complaint.
“No, we’ve been building these tools for a long time and collecting input from different outside groups,” a Facebook spokesman said of the notion.
The HUD complaint filed on Friday came after an investigation confirmed that advertisers on Facebook could exclude categories such as people who expressed interest in assistance dogs, parenting, China, or the Bible, according to the agency.
Facebook prohibits discrimination and has strengthened its systems during the past year to protect against advertisers misusing targeting capabilities, a spokesman told AFP.
The current challenges set by changes in the business environment and increasing requirements of risk management regulations have promoted banks to synchronize particular products. That is why the core-banking system is considered the center and nuclear of a bank’s information system as well as other financial systems. The more effective the core-banking system is, the more costs that banks can save.
Banks and financial institutions in Vietnam are in the process of upgrading or replacing their “core” system. Among which, g Vietnam Export-Import Commercial Joint-Stock Bank (Eximbank) has chosen Infosys Finacle core-banking solution as the substitution for its existing one.
Mitsuaki Shiogo – Core-banking System Implementation Project Director
According to Mitsuaki Shiogo – Core-banking System Implementation Project Director of Eximbank, “Within the context of robust development of information technology and growing demands for high-tech banking products and services from customers, Eximbank is required to select an appropriate technological solution for its own. That is why Infosys’s Finacle core-banking software solution has been chosen thanks to its multi-functionalities and capabilities of providing various banking operations of wholesaling, retailing, capital and trade management, and online transaction support. We do believe that the deployment of the new core-banking system will enable Eximbank to create a breakthrough in exploiting existing products and services, developing more products and services, as well as managing risks and internal processes in a stricter and more effective way”.
Each software solution will have their own strengths. Infosys Finacle is known for its advantages of enabling banks to easily master the system operation process, develop products and services bank-wide to save time and labor, process online transactions, and accommodate multi-language and multi-currency trading requests, from which banks can improve centralized operations, etc.
Sajit Vijayakumar, Chief Operating Officer, Infosys Finacle, said: “The economy in Vietnam is on a robust growth trajectory supported by favorable demographics, proximity to major global supply chains and a stable political climate. For banks to take advantage of this favorable tailwind, a modern technology platform is crucial to drive expansion and growth. With the new-generation Finacle platform, Exim Bank will be able to effortlessly develop and launch new offerings, create new lines of revenue, and enable greater operational efficiencies. With this implementation, Exim Bank will join a growing list of banks in Vietnam and financial institutions across the world, enabled with the industry’s leading digital banking solution suite.”
Mitsuaki Shiogo also shared that Finacle is developed by Infosys, a large and prestigious company in India, and has been used by many major banks in the South East Asia namely as DBS in Singapore, RCBC and China Bank in the Philippines, TMB and GHB in Thailand, and some others in the world. Eximbank is now at the last stage of Simulation before Go-live.
Notice to customers from Eximbank
From 01/09/2018 to 03/09/2018: All branches and transaction offices will close for the National Day on 02/09 and resume normal operations on 04/09/2018.
From 01/09/2018 to 02/09/2018: Due to core-banking system upgrade, the Internet Banking, Mobile Banking, ATM/POS systems and some online transactions may be restrictedly accessed from 05:00 a.m. to 07:00 a.m. on 01/09/2018 and from 15:00 p.m. to 20:00 p.m. on 02/09/2018 (such tentative time may be shorter or longer depending on practical situation). After these periods, all transactions will become normal.
For further information, customers may contact 24/7 Customer Service Center at (84) 1800 1199 or the nearest branch or transaction office of Eximbank.
All three airlines, Vietnam Airlines, Vietjet Air and Jetstar Pacific, have asked for permission to raise airfares, citing fuel price increases.
Tran Thanh Hien, chief accountant of Vietnam Airlines, said at the 2018 shareholders’ meeting of the corporation that fuel alone amounts to 30-38 percent of total expenses.
With Vietnam Airlines’ operation scale, when the oil price goes up by one dollar, its total expenses will increase by VND230 billion a year.
The attempt by airlines to raise airfares has faced criticism from the public.
Nguyen Phuong Thao, an office worker in Hanoi, said the airlines should improve the quality of services if they raise airfares. She cited a report of the Civil Aviation Authority of Vietnam (CAAV) as showing that of 177,510 flights scheduled by the three air carriers in the first seven months of the year, 26,578 were delayed or canceled.
Dang Dinh Dao from the Hanoi Economics University noted that the proposals raising airfares have been made in the context of three airlines reporting high profits.
The private Vietjet Air had VND8.637 trillion in revenue in the second quarter, an increase of VND3.1 trillion, or 52 percent, compared with the same period last year. In the first half of the year, Vietjet had revenue of VND21 trillion and made a profit of VND2 trillion.
Meanwhile, Zing quoted a source from Jetstar Pacific as reporting that in the first seven months of the year, the air carrier made an impressive profit, which was six times higher than planned after many years of taking losses.
Despite the fuel price increase and the greenback appreciation, the total expenses of Jetstar Pacific were one percent lower than planned.
Vietnam Airlines, the national flag air carrier, also experienced a prosperous H1. Its post tax profit in the second quarter was VND309 billion, or four times higher than that of the same period last year.
The fact that airlines make fat profit but still attempt to raise the airfares, as Dao commented, shows bad management of state agencies.
Nguyen Thien Tong from the HCMC University of Science & Technology commented that air carriers always complain and insist on raising airfares when the oil price increases, but they keep airfares unchanged when the price decreases.
Tong said he does not see firm arguments and convincing evidence for the airfare adjustment.
“Once three airlines want to raise airfares, this will generate a monopoly and violate the competition principle,” he said.
CAAV thinks it would be better not to raise airfares this year as the government is making every effort to curb inflation.
Remittances to Vietnam have increased despite the rise in USD price against other currencies and the zero interest rate for foreign currency savings, factors experts said would impact remittance flow.
Nguyen Hoang Minh, deputy director of the State Bank of Vietnam’s HCM City branch, said in the past few years remittances to the city have been increasing steadily by 10 percent each year.
Since the beginning of this year, the amount has risen month-on-month, he added.
The country’s macro economic and exchange rate stability means remitttances are converted into VND instead of retained in dollars. Banks pay zero interest on the greenback.
Minh said in the last three years, 21 percent of remittances, which have been around 5 billion USD a year, have been invested in real estate, which is fostering property businesses and economic development.
Dr Bui Quang Tin from the HCM City University of Banking said remittances could continue to increase this year though the US Federal Reserve has been increasing interest rates – which affects remittances by attracting flows back to the US – since the increases are only by 0.25 – 0.5 percent.
Meanwhile, a savings interest rate of 7-8 percent in Vietnam means converting remittances into VND and depositing them is still highly profitable, he added.
Vietnam has said the Japanese insistence that its official development assistance (ODA) consultants should be paid $30,000 a month is unreasonably high.
“This is 20-25 percent higher than the average foreign consultant’s salary for projects funded by ODA loans and government preferential loans,” the Ministry of Finance (MOF) said in a recent report to the government.
“This is twice as much as the average income declared by taxpayers with Japanese nationality working in Vietnam in 2016.”
According to a report on Vnexpress, consultancy accounts for 5-8 percent of the total cost of projects funded by Japanese loans compared to 4.5-6.5 percent in other cases, it said.
There are no regulations related to international salary scales for projects funded by foreign loans, it added.
Japan is the largest provider of ODA loans to Vietnam. According to MOF figures, the country had provided $23.76 billion as of June 30, or 26.5 percent of the total funds borrowed by the Vietnamese government.
In the last few years Vietnam has been borrowing $1.5-1.7 billion a year from Japan, accounting for 37 percent of the total foreign borrowing.
The ministry acknowledged that Japanese ODA has provided Vietnam with large, long-term funds for infrastructure development.
But Japan also imposes conditions that heavily benefits Japan companies, it said. They include tax policies to benefit Japanese contractors and consultants.
MOF said these practices are not in “accordance with the provisions of Vietnamese law.”
In the report, the ministry also raised the issue of lack of equitability in the appraisal and negotiations for loans, saying Japan frequently changes the borrowing conditions — once a year — and only announces the change at the time of signing a loans agreement. Meanwhile, Vietnam has to assess and agree to all the conditions right from the loan proposal stage, it said.
MOF also sought assistance from other ministries of construction, and labor, invalids and social affairs to resolve the problems.
In a report to the government last Thursday the Ministry of Planning and Investment said Vietnam’s public debt is likely to reach 63.92 percent of GDP, or VND3,530 trillion ($151 billion) by the end of this year.
It increased by 6.8 percentage points between 2013 and 2017.
Experts say the legal framework for consumer financing is still not open enough, creating difficulties in attracting foreign capital.
Deputy CEO of Ernst & Young Nguyen Thuy Duong said the high consumer credit growth rate in recent years has attracted many regional investors.
More M&A deals have occurred in the last two years. Shinhan Bank, for example, took over the retail banking division of ANZ, while Lotte and Shinhan bought TechcomFinance and Prudential Finance.
The market also welcomed Japanese firms, including Credit Saison, which acquired 49 percent of HD Finance’s shares, and Shinsei Bank, which teamed up with the Military Bank to set up a joint venture.
FE Credit is known as a pioneer in calling for capital from large financial institutions. Since 2016, it has borrowed $350 million from institutions, including Credit Suisse, Deutsche Bank and Lion Asia, and 15 banks in Asia Pacific.
The loan to FE Credit is the most valuable loan that Deutsche Bank and Credit Suisse have provided to a Vietnamese consumer finance company.
It is estimated that by 2019, Vietnam’s consumer lending market would be valued at $44 billion, or VND1,000 trillion. The CAGR (Compound annual growth rate) of the market was 44 percent in 2013-2016, and the ratio of finance companies was 91 percent.
Analysts say if finance companies can mobilize huge capital from foreign prestigious investors, they will have stronger resources to build attractive business strategies and offer better lending interest rates. If so, attracting foreign capital will also bring benefits to consumers.
However, the legal framework is believed to be the major obstacle that makes finance companies find it difficult to lure foreign investors.
Can Van Luc, a finance expert, has urged the government to instruct ministries to set up a national strategy on finance development in order to increase official finance sources.
Statistics show that the consumer lending scale in Vietnam remains modest compared with Southeast Asian countries and the US, valued at $43 billion as of late 2017.
After the restructuring of the credit institution system in 2011-2015, many finance companies were reshuffled through M&As, which drove the consumer finance sector to healthy development.
According to the Credit Information Center (CIC), consumer credit has grown by 36 percent compared with early 2017.
Deputy head of the Banking Strategy Institute Pham Xuan Hoe said lending has increased, but the proportion remains low in comparison with other countries.
Vietnam is a foodie paradise, with restaurants and street vendors serving up fresh and locally sourced cuisine. With each area of Vietnam so distinct in its culture and climate, this list reviewed by Rosie Perper on The Culture Trip will guide you to the best local specialities in each part of country.
Southern Vietnam
Ho Chi Minh City: Phở
Ho Chi Minh City, formerly known as Saigon, has many local specialties which feature unique twists on Vietnamese cuisine. What sets Southern pho, a beef or chicken broth served with rice noodles, apart from pho throughout the rest of the country is its special and intricate blend of fresh herbs and spices, including star anise, cinnamon, ginger and coriander to name a few. Southern pho is typically spicier than its northern counterpart, and is usually served with chili peppers and lime which is to be added directly to the broth. For breakfast lunch or dinner, pho is a savory, spicy, and hearty treat. Try Pho 24, which has chains internationally, or take a seat at any street vendor for a more authentic experience.
Located in the Mekong Delta region, My Tho has adopted hu tieu, a Cambodian-Chinese staple which was adapted and made its own by those in this region. It is a dish consisting of a slightly sweet broth, usually pork, mixed with a variety of spices and seafood. It’s basically Vietnam’s answer to ‘surf-and-turf’. While recipes and flavors for this dish vary by location, My Tho is famous for its own version, which uses tapioca or wonton noodles and is often overflowing with meat and seafood. Hủ Tiếu Mì Hoành Thánh 44 is tasty and offers the best bang for your buck.
Hoi An is known as the culinary capital of Vietnam, with dozens of cooking classes around the city offering visitors the opportunity to cook and taste their own custom creations. Hoi An cuisine is unique in its range of flavors, offering everything from sautéed squid to broiled snails. While it is difficult to choose just one dish from Hoi An, banh bao vac, or white rose, is a dish unique to Hoi An and its original recipe remains a tightly guarded secret. These small and delicate dumplings are shaped like a rose, filled with shrimp and topped with crispy onions. Although you can get them almost anywhere in Hoi An, try The Market for a hands-on marketplace experience.
Huế, the former capital of Vietnam during the Nguyen dynasty, is a historic and scenic city in the heart of Vietnam. Because of its royal history, Huế’s culture is sophisticated and flavorful, borrowing ingredients and flavors from around Vietnam, as well as culinary influences from its past imperial rulers, including the Chinese and the French. Bánh bèo are small, thin rice paper crêpes, often eaten as an appetizer. They are served individually, and are usually topped with dried shrimp and served with tangy fish sauce and scallions. The presentation and simplicity of this dish is what sets it apart from other specialties in hue, although bánh it ram is another local treat which shouldn’t be missed.
Mì quảng, or quang noodles, is a noodle and broth dish unique to the Quang Nam province of Central Vietnam. What sets quang noodles apart from other noodle dishes throughout the rest of the country are their yellow-tinted noodles, modest broth and seasonings. Quang noodles feature only a small amount of a rich pork broth which is quickly soaked into the noodles, and features a garnish of peanuts or crispy rice crackers on top. If you’re someone with a more adventurous palate, Da Nang also offers oc hut, or sucking snail, which is sold at most food stalls throughout the country. It’s sautéed in oil and served with papaya and mango.
The modern capital city of Hanoi is as rich in flavors as it is in culture. Hanoi is a foodie haven, with shops throughout the city offering cuisine from around the world. Today, Hanoi food is an eclectic mix of Vietnamese street food, French colonial influence, and Western comfort food. Bun cha is Vietnamese comfort food, consisting of juicy grilled pork served with a side of rice noodles and herbs. It’s filling and flavorful and makes you feel like you’re eating a home-cooked meal with family, even if you’re sitting on a small blue bench next to a food cart. Check out Hanoi’s Top 10 Restaurants and take your mouth on a culinary journey.
Every country needs to have a signature sandwich, and bánh mi is Vietnam’s. Bánh mi is a general term for Vietnamese bread, however it more commonly refers to a crunchy French baguette filled with meat pâté, sliced pork, cilantro, and pickled vegetables. Variations on this delicious street food exist everywhere, but they are ubiquitous in Hanoi and available in many variations. Banh Mi 25 is a modest street cart, boasting cheap and delicious sandwiches loaded with meat. It’s a true carnivore’s paradise.
Bánh bao
Bánh bao is a perfect snack to satisfy late-night cravings. Although their origins are likely Chinese, these soft, pillowy steamed buns have been adopted to fit the more eccentric and adventurous Vietnamese audience. You can find bánh bao filled with various types of meats and quail eggs, although if you can get your hands on the BBQ pulled-pork variety you have officially won the street food lottery.
The Việt Nam Television Corporation (VTC), a member of Voice of Việt Nam (VOV), has announced it has bought the rights to show the ongoing Asian Games (ASIAD) 2018, Vietnamnews reported.
“The VOV bought the rights to ASIAD because of the entertainment demands of the Vietnamese people. As a leading press agency in the country, VOV wants to best serve viewers within the conditions and capacities of VOV,” said general director of VOV, Nguyễn Thế Kỷ.
Kỷ didn’t reveal the price paid for the copyright offered by its partner, KJSMWORLD Corp, which is based in South Korea. But according to a source, it was valued at US$1.3 million.
From August 22, sports fans will have a chance to see Việt Nam compete in Indonesia via radio channels including VOV1, VOV2 and VOV3 as well as TV channels including VTC1, VTC3, VTC9.
Earlier, Việt Nam Television (VTV) announced its failure to purchase the copyright to broadcast ASIAD due to the high price.
Le Hong Thao Quyen, CEO of ViralWorks. Quyen, 26, is one of the rare start-up entrepreneurs in the “Shark Tank” show (in its second season now) to receive investment offers from all five investors-judges, the eponymous “sharks”. She managed to raise six times the amount she had hoped for.
Quyen impressed with her smarts and confidence. Thu Ngan asked her about the show and more.
How do you feel after managing to raise US$300,000, six times the amount you had wanted?
Completely surprised! I thought only one or two sharks would make an offer, but the outcome was so much better than expected. More importantly, when looking into the eyes of the sharks and seeing their excitement, I felt really happy.
For me, Shark Dung’s generous offer, which is the biggest motivator for ViralWorks, indicates his confidence in the project. In addition to capital, [he] will also invest a lot of effort and time and deploy his business network to monitor and develop the project.
Why do you think your project was so attractive to the judges? What makes your company very attractive?
It was a great honour for my company to get the attention of the investors right from the concept stage. But just good luck is not enough. ViralWorks is an attractive project for three main factors.
The first one is market potential. Vietnam is among the countries with the largest number of social network users. With more than 55 million users and the rapid growth in numbers, Vietnam enjoys a pool of young, dynamic, open, and educated internet users. Internet users in the country spend about seven hours a day using the internet, including three hours for social media like Facebook, YouTube, Zalo … With such figures, Vietnam is a highly promising market for digital advertising, especially for brands targeting young generation.
Secondly, the use of economy-sharing technology to quickly resolve daily matters that are traditionally difficult, such as Grab, Uber, Airbnb, is a successful model world-wide. Our company will also work towards rapid development, applying technologies that make the working process between influencers and brands more transparent, convenient and effective.
The third factor is certainly the ViralWorks team, whose members bring potential to this project. I can see, following their experience of working for four years with influencers, the development of their creativity in content as well as their professionalism. This challenges the prejudice against influencers, which is that their way of working depends on their emotions and not reason. With the influencer network built over four years and insights into social media, I believe that influencer marketing is not just promising but will become a new area of digital marketing.
Le Hong Thao Quyen, CEO of ViralWorks
Why and when did you start your own business and how did the idea of ViralWorks come to you?
The biggest motivation for me to start the company was seeing the trend of influencer marketing, especially when the market was witnessing the rapid growth of social media, the internet explosion, and investment in digital marketing in Vietnam. Not two years ago and not two years from now, but right now, 2018, is the right time to start a company in the field of influencer marketing.
In addition, after having developed YouTube’s largest MCN in Vietnam, METUB Network, over four years, my personal and professional development, industry relationships and maturity in the industry have been recognised. It is time to challenge myself with a fresh area, but the opportunity to develop myself is certainly there.
You plan to achieve a market share of 60 per cent in the next two years and then enter foreign markets. How confident are you of achieving this goal and what do you plan to do for it?
Currently the company is developing and finalising the product, but has acquired contracts from and the interest of some large brands. In our point of view, the project’s attraction lies in its ability to rapidly grow and scale up. Once the platform operates and proves to be efficient, I am confident this number is possible.
How will the sharks’ investments be used?
After the show, the company received two investments, one of which is US$300,000 for product development and long-term co-operation with top influencers in various fields; the second investment, from Dung Nguyen, is in business relationships. We will work together to catch the opportunity to attract more investors and expand business relationships.
Watching you on TV, it was easy to see you were a very confident person, and this confidence possibly helped you raise funds from the sharks. How did you develop this confidence and how do you suggest other Vietnamese youngsters can?
Preparation is my greatest secret in remaining confident under all circumstances. For Shark Tank, it is not just about making presentations or dressing up and making up. The most important preparation is the long-term process of accumulating experience and knowledge and, especially, finding out who I will meet and in what situation. It took more than a week to watch and record every single question sharks asked start-ups last season, categorise them and answer them until I felt completely confident.
As for advice, understanding my self-worth and the respect of others are what drive my actions. Regardless of who you are facing and what your strengths are, just show it. On the other hand, if there is something you do not know, frankly admit it and learn from others.
What do you think Vietnamese start-ups should do to achieve success?
That is what our team is considering every day. What should be done for ViralWorks to be successful soon and benefit everyone.
I feel Vietnamese start-ups have great chance to succeed, and it is easy to see that the start-up community has the opportunity to meet up and support each other. The interest shown by many professional investors in and outside Vietnam brings not only investment, but also, more importantly, knowledge, experience and opportunities to take the start-up beyond Vietnam’s borders.
After a series of exam cheating scandals in northern provinces were discovered, some university lecturers suggested using blockchain technology to prevent cheating.
The typical characteristic of the technology is that the data in any given block cannot be altered retroactively without alteration of all subsequent blocks, which means that it’s impossible for wrongdoers to change exam papers and exam scores.
However, according to Nguyen Ngoc Thanh, an IT lecturer of RMIT Vietnam University, there are existing technological, managerial and legal challenges in using blockchain. In other words, blockchain can fight against data modification, but not everything that needs to prevent modification will require blockchain.
If utilizing blockchain as suggested, each exam paper, after digitalized, must be saved in one block in blockchain.
One transaction on bitcoin now has to pay a fee of $0.2. This means that with 1 million examinees, the number of transactions that need to be updated on the system would be huge, up to millions of dollars.
Regarding legal challenges, Dang Pham Thien Duy, an IT expert, said Vietnam’s Cyber Security Law stipulates that all the data of Vietnamese users must be stored in servers located in Vietnam.
Meanwhile, the fundamental principle of blockchain is data dissemination. Blockchain storage network is established on a voluntary basis and every computer can join or leave the network anytime.
“The network operates based on rules that are automatically established by software and no organization or country can control it. If using data blockchain of Vietnamese citizens, the data will be compulsory in other countries in the blockchain network. This is strictly prohibited by the Cyber Security Law,” he explained.
To settle the problem, some people think of building up blockchain network of Vietnam on its own. But Duy said it is impossible, because the cost to build up a network will be huge.
However, the biggest problem doesn’t lie in the high cost, but in efficiency. Such a separate blockchain network will be just like the concentrated database that the Ministry of Education, commercial banks and other agencies in Vietnam are using. If so, this will accidentally turn blockchain into central database.
Thanh affirmed that using blockchain to prevent exam cheating is not feasible at this moment. In theory, if blockchain is utilized, Vietnam would need some 1 million computers to serve exam campaigns at the same time. Besides, there are a lot of problems to be dealt with.
Mobile network operators have geared up with their experiments to implement the conversion of 11-digit mobile phone numbers to 10-digit numbers in August instead of September as initially planned.
The decision on converting 11-digit phone numbers to 10-digit ones was released by the Ministry of Information & Communication (MIC) in May. The subscribers with the prefixes of 012x, 016x, 018x and 019x and 11 digits will convert into 03x, 05x, 07x and 08x with 10 digits.
MIC decided that the conversion will officially begin on September 15, 2018.
The representative of Viettel told VietNamNet that its 43 million subscribers with the prefixes from 0162 to 0169 will be converted in this campaign. Viettel has completed the preparation in infrastructure, technology and labor force to get ready for the conversion.
It is expected that 60 million 11-digit mobile phone subscribers and 700 VSAT (satellite) subscribers will bear the impacts from the conversion.
As for MobiFone, the current numbers with the prefixes of 120, 121, 122, 126 and 128 will convert into 70, 79, 77, 76 and 78, respectively. VinaPhone’s current numbers with the prefixes of 123, 124, 125, 127 and 129 will convert into 83, 84, 85, 81 and 82, and Viettel’s 162, 163, 164, 165, 166, 167, 168 and 169 will turn into 32, 33, 34, 35, 36, 37, 38 and 39.
The prefixes 56 and 58 have been reserved for Vietnamobile subscribers with prefixes 186 and 188 and Gmobile subscribers will use the prefix 59 instead of 199.
Subscribers have complained about inconvenience. Bui Kim Hang in district 5, HCMC, said she has been using an 11-digit phone number for the last two years, and it would take her much time to give her new phone number to hundreds of relatives, friends and partners.
Businesses complain that they will have to re-print leaflets, brochures and re-make billboards because of the changes in phone numbers.
However, deputy general director of a HCMC-based bank said this won’t have a big impact as initially thought.
“Network operators have informed they will have technical solution to support the conversion and new phone numbers with new prefixes will be automatically updated,” he said.
Tran Thi Bao Thu from Fiditour also said there are many channels of communication between the travel firms and clients, so the conversion won’t have considerable effects.
A senior executive of VNPT VinaPhone said the network operator will carry out the trial conversion in mid-August to be sure that after September 15, subscribers can make calls and send SMS with the new prefixes. It is expected that VinaPhone’s conversion process would go in five phases, from September 15 to September 25.
Meanwhile, MobiFone has announced it has successfully converted 1,000 subscribers on a trial basis.
Vietnam ranks as the 14th-most-populated country in the world with a population of ~93 million as of 2017. It is also the 8th-most-populated country in the Asian region.
The fast-growing country is strategically located – bordered by China to the north, Laos to the northwest, Cambodia to the southwest and Malaysia across the South China Sea to the southeast.
Since the reunification of North and South Vietnam in 1975, Hanoi has established and remains as Vietnam’s Capital City till this day.
New Vietnam Foreign Property Ownership Guide
Since the newly reformed Vietnamese Law on Residential Housing (LRH) Officially kicked-off in 1st July 2015, several major past restrictions on property ownership have been removed for foreigners.
Here are the LATEST UPDATES on Vietnam Property Foreign Ownership Law Investors Need to Know:
Individuals: Foreign individuals are eligible to buy residential properties in Vietnam, as long as they can enter the country legally.
Entities: All legal entities like foreign investment funds, banks, Vietnamese branches and representative offices of overseas companies that are established in Vietnam; are eligible to buy Vietnam properties.
Types: The new Residential Housing Law allows eligible foreign entity and individuals to buy and own all residential sectors including apartments and landed properties such as villas and townhouses (previously only applicable to apartments).
Foreigner Quota Restrictions:
(i) Foreigners can own not exceeding 30% of the total units within one condominium complex;
(ii) and not exceeding 10% for the total number of the separate houses for each project.
Purpose of Purchase: The properties owned by foreigners can be sold, sub-leased, inherited and collateralize (previously only for owner occupying purpose).
Land Tenure
(i) Foreign Individuals: up to 50 years leasehold from the date of issuance of ownership certificate + possible renewal (subjected to approval by authorities.)
(ii) Foreign Individuals + Vietnamese spouse: Freehold
(iii) Foreign organizations: up to the duration (inclusive of extended duration) indicated in the investment certificate.
What are the Taxes Involved in the New Vietnam Foreign Property Ownership?
The following taxes are applicable to property sales transactions:
Value Added Tax (VAT): 10% VAT is taxed on any sale of property by local or foreigners.
Registration Tax for Ownership: 0.5% registration tax for obtaining the house ownership certificate on the apartment value.
Personal Income Tax (For Resale): If personal income is earned through the assignment or resale of apartments or houses, a 2% personal income tax has to be paid on the transacted value.
Personal Income Tax (for Rental Income): If personal income is earned through rental of house/apartment, 5% VAT and 5% PIT has to be paid on revenue.
For rental income exceeding VND 1,500,000 per month, a business license tax of VND 1,000,000 (approx US$45) per year applies.
Administration Fee: A minimal administration fee is to be granted an ownership certificate at the current regulation.
With 55 million internet and smartphone users, ebooks are becoming more common in Vietnam’s publishing industry. However, as the commercial infrastructure for e-publication trade is still limited, there are more challenges than opportunities.
In Vietnam, where printed books are still dominant, ebooks are getting more popular thanks to new ways of approaching readers.
After five years of development, the e-book market is still at a moderate level with just a few well-known names such as Ybook and Alezza. The problem lies in distribution. In general, e-book developers only sell their own ebooks and rarely sell books developed by others.
Even independent ebook distributors such as Waka, Alezza and Komo have limited numbers of famous books which can attract special attention from readers. This is because publishers retain e-books for themselves.
A director of a book development company said to trade ebooks, businesses need to set up specific systems different from the model for printed books.
Publishers and distributors need to provide readers with compatible electronic platforms. It will take a lot of time, money and workforce to build up and operate such platforms.
In principle, publishers and distributors can use profits from printed books to develop the platforms. However, the profit margin businesses earn from printed books is also modest, just 3-5 percent for the first edition, after paying 50 percent for distributors, 10-15 percent to authors, 7 percent for licensing and 20-25 percent for printing.
Publishers are making every effort to solve the problem.
Dong Phuoc Vinh, director of Ybook, said the business is assisting localities in the southern region to build up local ebook libraries based on the books of the Youth Publication House. The first library of this kind has been set up in Vinh Long province.
Waka, one of the biggest ebook sale websites in Vietnam, is following another way. Not established as a publication house or printed book publisher, in its first operation period, Waka did not own books.
During that time, Waka focused on distributing electronic versions of books published by publication houses throughout the country.
In 2017, Waka began content production by cooperating with groups of translators to translate foreign books and build up a group of authors. With this method, Waka can diversify the sources of book supplies and take the initiative in publishing ebooks.
By the end of the first quarter of 2018, Waka had attracted 3 million users.
Kienlong Commercial Joint Stock Bank (Kienlongbank) and JCB International Co. Ltd. (JCBI), the international operations subsidiary of JCB Co., Ltd, announced Kienlongbank – JCB Credit Card just launched in Vietnam.
The holders of Kienlongbank-JCB Card can access the JCB acceptance network with about 30 million merchants in the world, and enjoy a lot of benefits provided by Kienlongbank, special privileges at selected merchants, and customer service at JCB Plaza, an overseas service counter around the world.
Moreover, Kienlongbank-JCB Platinum Credit Cardholders are entitled to a number of other privileges such as the access to over 73 airport lounges in Japan, China, Hong Kong, Singapore, Korea, Thailand and Vietnam; and 24/7 global support through a free hotline when booking car rental, hotel, restaurant, and golf in Japan.
The new cardholder will be waived issuing fee and annual fee of the first year, also for next years if reach the required minimum spending volume. Besides, from September 1st 2018 to December 31st 2018, Kienlongbank will offer gifts to customer who apply for new Kienlongbank – JCB card, and cardholder of Kienlongbank – JCB Card with spending from VND 2 million in the first 30 days after activating.
About Kienlongbank
Kienlongbank was established and has been in operation from October 1995 in Kien Giang province, Vietnam. After 23 years of operation, Kienlongbank has become a strongly developed, stable and reliable bank.
Kienlongbank set up, constantly strengthening and developing its business network; diversifying products and services, investing in the development of e-banking services; strengthening training and improving personnel policies, attracting talents; assuring the operation of an effective risk management system; improving financial capacity; performing social responsibility through social security activities.
The bank’s strategy is to consistently expand its transaction network and bring Kienlongbank’s brand, products and services closer to nationwide customers. Kienlongbank continued expanding its nationwide network and accelerated e-banking service development as approved by the State Bank of Vietnam. By the end of 2018, Kienlongbank possessed 134 transaction outlets, including 30 branches and 104 transaction offices located at 28 provinces and cities, striving to develop Kienlongbank into one of the 15 leading retail banks in Vietnam in the near future. For more information, please visit: https://kienlongbank.com
About JCB
JCB is a major global payment brand and a leading payment card issuer and acquirer in Japan. JCB launched its card business in Japan in 1961 and began expanding worldwide in 1981. As part of its international growth strategy, JCB has formed alliances with hundreds of leading banks and financial institutions globally to increase merchant coverage and card member base. As a comprehensive payment solution provider, JCB commits to provide responsive and high-quality service and products to all customers worldwide. For more information, please visit: www.global.jcb/en/
Vietnamese online travel agency Vntrip.vn has raised funding from Switzerland’s IHAG Holding in a round that sees its valuation go up to $45 million, Vntrip founder and CEO Le Dac Lam confirmed to this portal.
Financial terms were not disclosed.
This is the third funding round of Vntrip which raised $3 million in a series A funding from a small consortium of overseas investors led by former Alibaba veteran John Wu in 2016. The online travel agency also secured an undisclosed investment from Hendale Capital, a Hong Kong-based late-stage investment firm in 2017.
IHAG Holding Corp operates in the real estate sector in Switzerland. It invests in office buildings, commercial properties and hotels, resorts, vineyards, and integrated agricultural activities.
According to Vntrip, the third round would help the company to increase its resources and grab greater share in the online air ticket sector.
Vntrip.vn is one of the largest website booking system and hotel online in Vietnam. Vntrip.vn originally built the company in partnership with Booking.com.
After that, Vntrip.vn partnered with Expedia, Booking.com’s competitor, to increase its room availability. However, the travel agency has built its own network of more than 10,000 hotels across the country now.
Prior to Vntrip.vn, several booking and tourism startups from Vietnam or having operations in the country have raised venture capital funding within the year.
Vietnam’s Triip in April announced that it raised an undisclosed sum of funding from Japanese strategic investor Gaiax and individual investor Nguyen Duy.
This is the second funding round raised by the company after it bagged $500,000 in a round led by venture capital firm Gobi Partners in 2016. In a statement, Triip said that the latest financing sees its valuation jump to $10 million from $2 million in 2016.
