Authorities in the capital plan to get tough on slow construction projects.
Hà Nội People’s Committee Chairman Nguyễn Đức Chung recently said 47 construction projects running behind schedule will be discontinued and have their licences revoked.
He was speaking at a hearing on the delayed progress and legal violations plaguing projects implemented with Government capital, held by the city People’s Council yesterday.
Nguyễn Thị Bích Ngọc, chairwoman of Hà Nội People’s Council, said land is one of the most important resources for the development of the city.
The council’s inspection of eight municipal departments and 30 localities found vast tracts of land idle where construction is supposed to be happening, “affecting people’s lives and production activities,” Ngọc said.
From the beginning of the year to August 10, the city authorities have approved and granted land for 1,023 projects using Government’s capital to the tune of VNĐ846.2 trillion (US$36.1 million).
Of these, Hà Nội Department of Environment and Natural Resources reported only 161 projects are behind schedule and possibly violating land law, while the People’s Council inspection showed the number might be as many as 383, mostly in the outlying districts of Hoài Đức, Mê Linh and Nam Từ Liêm.
People’s Council delegations at the hearing pointed out several projects that have been on hold for more than a decade, and asked for immediate measures to address this waste of land resources.
Nguyễn Trọng Đông, director of the municipal environment and resources department, said that in 2013, the new land law was adopted, causing many already approved projects to undergo modifications and experience delays in land clearance.
In 2012-15, a period when the real estate scene was lukewarm, land developers were not “proactive in co-operating with local authorities to resolve their problems, leading to additional delays,” Đông said.
Chairman Chung said while the cause for these issues was mostly to do with the contractors’ limited capabilities, the municipal finance and planning departments are responsible for vetting these contractors before granting them projects.
Nguyễn Mạnh Quyền, director of the municipal planning and investment department, said the department will review each delayed project and help investors overcome bottlenecks.
The department will name and shame investors who failed to follow through their commitments and decline future investment applications.
According to Chung, Hà Nội is building a database and management software, one that will compile all projects under the management of different departments in the city, to exercise better control of projects using Government capital.
An increase in the minimum wage moved a step closer yesterday after the National Wage Council agreed to increase basic salaries.
The committee confirmed they will look at a rise of more than 5 per cent compared to last year.
The raise is equal to an increase of VNĐ160,000-200,000 (US$6.8-8.6) each month per labourer.
It is believed to be the lowest increase of the regional minimum wage so far.
The increase will be submitted to the Government for final approval.
The increase of the regional minimum wage was 7.3 per cent in 2017, equal to an increase of VNĐ180,000-250,000($7.7-10.7) and 6.5 per cent in 2018, equal to an increase of VNĐ180,000-230,000 ($7.7-9.9).
The decision was made after the third meeting of the council held in northern Hải Phòng City yesterday and chaired by Deputy Minister of Labour, Invalids and Social Affairs cum President of the National Wage Council Doãn Mậu Diệp.
Representatives from the Việt Nam Chamber of Commerce and Industry (VCCI), on behalf of employers and the Việt Nam General Confederation of Labour (VGCL), on behalf of employees, were also at the meeting.
They decided the monthly minimum wage for four different regions in Việt Nam to be Region I: VNĐ4.18 million (US$180); Region II: VNĐ3.71 million ($160); Region III: VNĐ3.25 million ($140) and Region IV:VNĐ 2.92 million ($126).
Region I covers urban Hà Nội and HCM City, II covers rural Hà Nội and HCM City along with urban Cần Thơ, Đà Nẵng and Hải Phòng cities, III applies to provincial cities and the districts of Bắc Ninh, Bắc Giang, Hải Dương and Vĩnh Phúc provinces and Regional IV takes care of the remaining localities.
Diệp said the increase was selected at 5.3 per cent after many discussions and was thought to be reasonable.
“It is the level that could cover a price slippage of 4 per cent each year and still ensure a small actual pay rise for labourers,” he said.
Additionally, the level was also affordable for employers to pay, he added.
Mai Đức Chính, vice president of VGCL, also said the increase was acceptable.
Chính said the 2018 regional minimum wage actually met about 92-94 per cent of the minimum living standards.
However, if fully calculated, it was necessary to increase the regional minimum wage by 7 per cent each year to both offset inflation and ensure a steady actual pay rise for the labourers, he said.
The increase for 2019 was only 5.3 per cent, it meant the pressure of adjusting the regional minimum wage for 2020 would not be small, he said.
42 people have been tested positive for HIV virus in a commune in Phu Tho Province as the health ministry are investigating into possible AIDS infections allegedly caused by a local doctor.
The figure was announced in a press meeting held late Monday afternoon by Phu Tho Provincial People’s Committee.
According to the committee’s deputy chairman, Ha Ke San, 42 people have been diagnosed as HIV positive so far in Kim Thuong Commune, Tan Son District. San said that this is a high rate in the area but not the only cases in the country as statistics show that at present 61 communes have the same rate of HIV infections.
“Now our first priority is to make sure that all infected people receive proper treatment,” San said.
Deputy director of Phu Tho Provincial Department of Health, Le Quang Tho, said that 490 local people have come for HIV/AIDS testing and 42 people have been found positive.
Addressing the meeting, a representative from the Ministry of Health said that they are still investigating the cause of the infections.
“There have been complaints from infected people that they got the virus from a local doctor who used the same needles for multiple patients but we need further investigations as the HIV virus can be transmitted through various ways,” the ministry’s representative said.
Nguyen Hoang Long, head of the Ministry of Health’s Department for HIV/AIDS Prevention and Control, said that they would carry out a survey on the infection situation in the whole area first and then look into individual cases.
Around one month ago, a 59-year-old woman in Kim Thuong Commune was diagnosed as HIV positive. She was extremely shocked at the news as she only stayed at home farming, while her husband was tested negative for HIV. So she did not know how she could be infected.
The woman said that she used to get injections at the clinic owned by a doctor who was working at Tan Son District General Hospital.
Kim Thuong is a remote area, so when local residents have health problems, they often come to this clinic, instead of coming to hospitals.
Local people suspected that the doctor might have used the same needles with patients, which could be the cause of the woman’s HIV infection.
A report from Phu Tho Health Department said that five people have died from HIV/AIDS in Kim Thuong Commune over the past three years.
Ninja Van, a leading logistics and last-mile delivery company in Southeast Asia, has announced a new five-day promotion programme providing complimentary in-city delivery services in Ho Chi Minh City, Hanoi, Thu Dau Mot (Binh Duong), and Bien Hoa (Dong Nai).
The initiative supports local businesses and sellers with access to technology-based delivery services. The promotion is valid for new customers from August 14 to October 24, 2018 and applies for an unlimited number of parcels within the promotional period.
“At Ninja Van, we want to make logistics hassle-free to allow our customers to better focus on running their businesses. The promotion is one of our initiatives to encourage local businesses and sellers to experience hi-tech logistics services in the era of digitalisation,” highlighted Phan Xuan Dung, country head of Ninja Van Vietnam.
According to research by eShopWorld, there are currently over 35 million e-commerce users in Vietnam and this number is expected to grow to 42 million by 2021.
“The Vietnamese e-commerce market has a promising outlook. We provide e-commerce retailers and online sellers with fast, time-efficient, and cost-effective logistics solutions, so that they can meet the demands of the growing market,” Dung added.
After two years of intensive research on the local market and demand for goods delivery, Ninja Van has optimised its technology to build up an appropriate delivery system and process for the Vietnamese market.
In March 2018, Ninja Van officially announced its entry into Vietnam. With the aim of “taking the hassle out of the parcel,” Ninja Van is deploying delivery services capable of optimising delivery routes that helps businesses reduce delivery costs, shorten delivery times, and easily track parcel information in real time. Ninja Van also provides various delivery options suitable for both sellers and purchasers such as Same Day Delivery, Next Day Delivery, and Standard Delivery.
Ninja Van currently offers cash on delivery (COD) services in 63 provinces. Apart from delivering small- and medium-sized parcels, Ninja Van also carries bulky items, extending services to returning and exchanging purchases.
Launched in 2014, Ninja Van is Southeast Asia’s fastest growing last-mile logistics company, powering businesses with innovative transport solutions.
In Vietnam, Ninja Van is regarded as a fast-growing logistics company with more than 1,000 riders across the country, handling orders for major trading companies like Lazada, Sendo, Tiki, and Fahasa, among others. Ninja Van is also extending its availability to retail stores and online shops.
Vietnam missed two penalties, yet coasted to a 3-0 win in its first Asiad 2018 match against Pakistan on Tuesday.
The game started at Wibawa Mukti Stadium in West Java, Indonesia, at 4 p.m. with Vietnamese team in red and Pakistan in white. Head coach Park Hang-seo sent two main attackers, Nguyen Van Quyet and Nguyen Anh Duc.
Vietnam scored first in the 21th minute through midfielder Nguyen Quang Hai, thanks to a beautiful assist from Nguyen Cong Phuong. The goal came after several attacks that were foiled by the Pakistani defense.
Pakistan players launched a major attack in the 33rd minute, but failed to find the net.
Attacker Nguyen Van Quyet, wearing jersey number 10, scored the second goal for Vietnam in the 41st minute.
In the 45th minute, Vietnam missed a penalty, with Cong Phuong’s strike bouncing off the crossbar.
Pakistan’s Riaz Muhammad was cautioned by the referee at the 53rd minute.
Vietnam’s Phuong, number 9, missed another penalty, saved by the goalkeeper, at minute 69.
Phuong scored Vietnam’s third goal at the 72nd minute.
In the 79th minute, Ali Mohsin of Pakistan received the second yellow card of the game.
Vietnam will compete in Group D along with Japan, Pakistan and Nepal. Its second match will be against Nepal on August 16. Asian Games is the world’s second biggest multi-sports event, this year drawing 16,000 competitors and officials from 45 nations descending on Jakarta and Palembang.
Park selected the squad team based on performance at an exhibition tournament with guest players from Oman, Palestine and Uzbekistan in Hanoi earlier this month. The team is basically the one that won Vietnam second place at the Asian Football Confederation U23 Championship in China last January.
The latest ‘tiger’ economy in Asia is Vietnam as the country emerges as one of the world’s fastest growing economies, said the Qatar National Bank (QNB) in its weekly ‘economic commentary’ published on thepeninsulaqatar.com.
A range of indicators recorded in the first six months of 2018 demonstrated the booming Vietnamese economy. Its gross domestic product (GDP) grew 7.1% year on year, the fastest since 2011. The output of Vietnam’s manufacturing sector increased 13.1% on year.
According to QNB analysts, the manufacturing boom fueled exports to annually surge 20% in the period compared to the 17% increase posted for the entire 2017.
The bank attributed manufacturing and export success to Vietnam’s ability to attract a large volume of foreign direct investment (FDI) into sectors like garment, footwear and electronics. FDI inflows in the Southeast Asian country also boomed, with total value estimated at US$13 billion in the first half of this year, an annual increase of 11%.
The GDP figure for 2017 was about US$220 billion, according to the latest data from the International Monetary Fund (IMF).
The QNB said Vietnam’s economic success is noteworthy as it comes at a time when many developing economies are struggling to match the success of Asia’s previous ‘tigers’ like Singapore and the Republic of Korea. It said the basis for such achievement is obvious, namely favourable demographics, low wage rates, political stability, and geographical location.
The commentary cited recent research from the Brookings Institute think tank in the US which highlighted that the ability to build on these solid foundations via good policies is what really sets Vietnam apart.
There are three critical factors behind the country’s high growth. First, Vietnam has eagerly pursued trade liberalisation on both multilateral and bilateral basis. Trade agreements have dramatically lowered the external tariffs its exports face, helping integrate Vietnam into the global economy and further accelerating FDI investments.
Second, Vietnam’s investments in human capital i.e. education have helped the country maximise its demographic potential. Vietnam was ranked 8th out of 72 participating countries in the latest Programme for International Student Assessment (PISA), which tests high school students in maths, science, and other subjects. The result surpassed several top economies of the Organisation for Economic Cooperation and Development (OECD), which conducts the PISA.
Third, investments in human capital have been supported by progress in improving the local business climate. Vietnam has steadily moved up in both the World Economic Forum’s competitiveness index and the World Bank’s ease of doing business survey.
The QNB noted the success might come along with vulnerabilities and challenges. FDI in Vietnam mostly concentrates in the textiles and electronics sectors, creating jobs, which tend to be of low skills and low wage with little value added. This leaves Vietnam exposed to the crossfire of a US-China trade war in the short term. In longer term, Vietnam’s competitive advantages might fade, as the country climbs the development ladder, and wage rates and living standards improve.
The bank also pointed to new economic drivers that could help Vietnam sustain its current position in a few years. Vietnam’s high PISA scores suggested that the country should be able to move up the global value chain more easily than most emerging markets.
Prospects for rapid growth in the service sector, particularly tourism, could help drive economic growth over the longer term. In the latest data, tourist arrivals in the country was up nearly 25% in June from 2017.
The Government of Vietnam considers the fourth Industrial Revolution (also known as Industry 4.0), especially aspects concerning artificial intelligence, a huge opportunity for Vietnam to become a modern, industrialised nation in the near future, said Minister of Planning and Investment Nguyen Chi Dung.
“Industry 4.0 is a shortcut to bring the country to modernity and prosperity,” Dung said at a press conference in Hanoi on August 10, providing information on Vietnam’s innovation network programme.
The fourth Industrial Revolution is changing the current world, from business production to services provision, he said, adding that the movement has created a golden opportunity for Vietnam to catch up with the latest technological and economic development trends around the world.
The minister said that the Party and State have always paid due attention to gathering Vietnamese talents in the fields of science and technology to serve the country’s development.
Following the direction of PM Nguyen Xuan Phuc, the Ministry of Planning and Investment (MPI) is building a national strategy for Industry 4.0 which will be reported back to the government leader at the year’s end.
The ministry is also working on establishing a national innovation centre and a network of human resources which can assist with implementing the national Industry 4.0 strategy, Dung said.
It will coordinate with the Ministry of Science and Technology, the Ministry of Foreign Affairs, the Ministry of Education and Training, as well as other agencies and localities to organise the Vietnam innovation network programme, he added.
The programme, initiated by the Ministry of Planning and Investment, aims to mobilise Vietnamese experts in the field, including those working in foreign countries with advanced science-technology development.
Tran Quoc Phuong, Director of the MPI’s National Economic Issues Department, said the programme aims to share strategic visions and viewpoints of Party, State, and Government leaders regarding current opportunities to approach and optimise scientific and technological accomplishments in key areas, serving both the national short-term and sustainable socio-economic development targets.
The programme will take place from August 18-24 with a variety of activities in Hanoi, Ho Chi Minh City, and Quang Ninh, such as meetings with the startup community and intellectuals in science-technology in Vietnam, exchanges amongst major groups and businesses in sci-tech application, and visits to high-tech parks in Hanoi and HCM City.
About 100 Vietnamese youths who have excelled in various fields – such as information technology, biotechnology, automatics, robotics, artificial intelligence, blockchain, cyber security, and Internet of Things – are expected to attend the event.
42 people have been tested positive for HIV virus in a commune in Phu Tho Province as the health ministry are investigating into possible AIDS infections allegedly caused by a local doctor – Vietnamnet reported
The figure was announced in a press meeting held late Monday afternoon by Phu Tho Provincial People’s Committee.
According to the committee’s deputy chairman, Ha Ke San, 42 people have been diagnosed as HIV positive so far in Kim Thuong Commune, Tan Son District. San said that this is a high rate in the area but not the only cases in the country as statistics show that at present 61 communes have the same rate of HIV infections.
“Now our first priority is to make sure that all infected people receive proper treatment,” San said.
Deputy director of Phu Tho Provincial Department of Health, Le Quang Tho, said that 490 local people have come for HIV/AIDS testing and 42 people have been found positive.
Addressing the meeting, a representative from the Ministry of Health said that they are still investigating the cause of the infections.
“There have been complaints from infected people that they got the virus from a local doctor who used the same needles for multiple patients but we need further investigations as the HIV virus can be transmitted through various ways,” the ministry’s representative said.
Nguyen Hoang Long, head of the Ministry of Health’s Department for HIV/AIDS Prevention and Control, said that they would carry out a survey on the infection situation in the whole area first and then look into individual cases.
Around one month ago, a 59-year-old woman in Kim Thuong Commune was diagnosed as HIV positive. She was extremely shocked at the news as she only stayed at home farming, while her husband was tested negative for HIV. So she did not know how she could be infected.
The woman said that she used to get injections at the clinic owned by a doctor who was working at Tan Son District General Hospital.
Kim Thuong is a remote area, so when local residents have health problems, they often come to this clinic, instead of coming to hospitals.
Local people suspected that the doctor might have used the same needles with patients, which could be the cause of the woman’s HIV infection.
A report from Phu Tho Health Department said that five people have died from HIV/AIDS in Kim Thuong Commune over the past three years.
Danang may not be the first place you think of when you think of Vietnam. However, the InterContinental Danang Sun Peninsula Resort is reason enough to go.
According to a report by Bridget Arsenault on Forbes, a destination property, here they have everything – from the most exquisite natural wonders to crashing cerulean waves and biscuit-coloured cliffs to the hotel’s private gondola, a world-class spa, an on-site nightclub, a Michelin-starred restaurant, library, cooking school and so much more.
A view of the ocean from a Son Tra Terrace Suite
The consideration to design is unparalleled. Architect Bill Bensley lived on site for two years while finalising this resort. And his commitment shows. Each room and space is a riotous display of colours, textures and artefacts. Bill travelled the world finding books, cushions, local treasures and so much more, and has placed these authentic items from his world adventures throughout.
The Barefoot Restaurant at InterContinental Danang Sun Peninsula Resort
The property is large, with a total of 200 rooms, including 16 penthouses and villas. And the room sizes are more than generous. The Club Peninsula suites all have ample terraces, making it alluring to practically never leave your enclave, while the fridge and minibar are actually housed outside, alongside your private day-bed, sofa and chairs. It’s fun and pampering.
The hotel’s latest addition, the three bedroom Bai Bac Bay Villa, has to be one of the most opulent rooms in all of Vietnam. Secluded from the majority of other rooms, it features sweeping and unobstructed views of the private bay. Inside, the design feels a little like a Pollock painting, with its vast array of bright, unapologetic colours, and at 500sqm, one could practically never leave. It also features three separate private pools, the central one being large enough to genuinely swim. There’s a well-equipped and very modern kitchen – no expense has been spared – as well as a dining room, making it so the expression ‘there’s really no reason to leave’ rings true.
A bay view from the Bai Bac Bay Villa
Many of the suites come equipped with their own pools – it’s just perfection to wile away an afternoon this way. There’s also a pool near the beach, a favourite for young kids and families. The adults-only infinity pool, the Long Pool, offers peace and respite as well as sweeping views of the resort and surrounding peninsula. This part of Vietnam is lush and verdant, it’s alluring at every corner you look. Of course, there’s also 700-metres of private beach, dotted with sunloungers and attentive staff members. There’s also an on duty lifeguard on the beach, which may comfort some less advanced swimmers, as the water can be a little chalky at time.
Having been to many, the spa is my favourite anywhere in the world. Each of the Harnn Heritage Spa villas are individual treatment spaces that have a square footage rivalling my entire flat in London. Overlooking a private lagoon the views are outrageously beautiful and instil peace and serenity from the moment you enter. Having won practically every spa award in Asia, it is an unparalleled concept. Combining traditional Asian techniques and naturopathy, many of the treatments are infused with local herbs and botanicals. And everything here is designed around a philosophy of rebalancing. They’re also highly personalised and before you begin you participate in a mixology consultation where you complete a detailed questionnaire around scents and your preferences so the therapist can create a bespoke oil for you.
There is also an on-site mani/pedi studio by Bastien Gonzalez. The French podiatrist with an A-list clientele has developed a signature method where none of his nail treatments use water – as he believes that ultimately dries out the skin and the nail-bed, and instead he introduces minuscule drills tipped with diamond dust, followed by a polishing technique he learned from his grandmother that uses a chamois-leather cloth and a pearl buffing cream. To finish, the therapists recommend instead of polish, simply enjoying the nail’s natural shine.
La Maison 1888, the hotel’s Michelin-starred restaurant
There are lots of idiocracies and quirks to this property, much of which takes its lead from Bill Bensley’s eclectic design. There’s a cable car called the Nam Tram that cuts through the resort and is staffed with an attendant 24-hours a day. The resort is divided into levels, a bit like a wedding cake and each section has a name, the highest being Heaven Level. This is also how to navigate the stops on the train. There’s also an eccentric nightclub at the property, a maze of rooms and bars. There’s also a vast conference centre, the APEC Economic Leaders’ Meeting was held here in 2017, as well as a number of private meeting spaces, each named after a different Hollywood icon. And note, as is to be expected of a hotel of this calibre, this is a spot for the well-heeled. Around the pool and restaurants you’ll find an incredibly chic mix of predominately South Korean, Japanese and Singaporean travellers – expect Goyard bags and Chanel shades.
Picture-perfect pool views
As a generalisation, food in Asia is hard to beat – the freshness of the ingredients, the fragrance of the dishes, the blend of unexpected flavours. There’s a magic to it. And that can certainly be said of the four restaurants here at the hotel. Citron is the hotel’s main restaurant, serving breakfast, lunch and dinner from its sunnily designed space. Food is casual, authentic and the portions are generous. They also often host decadent buffet meals where the menu ranges from Western to Italian to Asian. The outside booths at Citron sit at about 100 metres above the beach – try to sit at one of these if you can.
The Long Bar is playful and inviting – with huge day-beds to lounge and eat on and rustic swinging chairs throughout. Like the rest of the hotel, the colourscape is loud and riotous – sunny yellows and jailbird black and white strips lead the aesthetic. The cocktails are fruity and fun, just what you want when in repose. The signature drink is fresh orange juice combined with Southern Comfort and a splash of Champagne.
The Long Bar
The Barefoot Cafe does all-day food and snacks – casual seafood, sandwiches and scrummy desserts. On certain evenings they light welcoming candles and host a barbecue buffet – this is not to be missed. It’s fuss-free and delightful.
The hotel is incredibly proud of La Maison 1888, its fine-dining Michelin-starred restaurant by Pierre Gagnaire. The French chef built his reputation in Paris at his eponymous restaurant, which currently boasts three Michelin stars. The Danang restaurant is beautifully designed, so that each perfectly set white-clothed table feels intimate and has a sense of drama. Gagnaire describes himself as a chef who cooks from his heart and that rings apparent in his menu and the presentation of this world-class cuisine. The menu changes often and you certainly won’t leave hungry.
For those staying within an elevated room category, there is also a club lounge, which flanks Citron restaurant. Here those with access can enjoy complimentary tea and coffee throughout the day, continental breakfast, afternoon tea and a selection of evening cocktails and canapés.
The Harnn Heritage Spa
A hotel in a class of its own, at the InterContinental Danang Sun Peninsula Resort you have sun, sand and endless things to try and occupy yourself with. And everything will be designed and delivered with the care of this truly hospitable hotel staff. As here, the answer to the question jump is, how high?
The government, supported by other government agencies and the country’s central bank, is likely to pass a law banning the import of bitcoin mining rigs into Vietnam.
Moneycontrol News
Owing to the government’s efforts to pass a law banning the import of bitcoin mining rigs into Vietnam, since early July, Vietnamese businesses and individuals have stopped importing bitcoin mining equipment into the country. The Customs Department of Ho Chi Minh City (HCMC) confirmed the same with Bitcoin.com.
Earlier businesses and individuals imported a large number of crypto mining rigs into the country. The customs department of HCMC cleared more than 7,000 bitcoin and litecoin miners last year.
Around 190 bitcoin miners and 350 litecoin miners were imported by the Customs Department of Hanoi. As reported by the HCMC Customs Department 3,664 crypto miners were imported by the businesses and individuals from the beginning of this year to August 6, most of which were Antminers from China.
The few other government agencies and the country’s central bank, the State Bank of Vietnam (SBV) extended support towards the move.
Prime Minister Nguyen Xuan Phuc, in April this year, had signed a directive for stronger measures for cryptocurrencies. “Under the directive, credit institutions in Vietnam are not allowed to carry out cryptocurrency-related transactions and must swiftly report any suspicious activities,” authorities said while imposing the ban on import of bitcoin mining rigs.
A tropical low that has been spinning near the southeast coast of China since last week finally became Tropical Storm Bebinca on Monday and will bring several days of heavy rainfall to parts of China and Vietnam this week.
The storm, which is currently located between Hainan and Hong Kong in the South China Sea, will slowly track north and west just off the coast of southeast China through Tuesday. By Eric Leister, Senior meteorologist reported on AccuWeather.com.
A west to southwest track from Wednesday through Friday will take the storm across the Leizhou Peninsula and into the Gulf of Tonkin before making a final landfall in northern Vietnam.
Interaction with land is expected to keep Bebinca from gaining strength as it meanders near or over land this week; however, the slow movement of the storm will bring a significant risk for flooding.
Bebinca will bring rough seas which will threaten shipping interests in the region.
Bebinca to bring flooding rainfall to Vietnam this week
Wind damage will be localized and largely limited to tree damage and power outages due to wind gusts of 65-80 km/h (40-50 mph).
The heaviest rainfall through Wednesday will be across northern Hainan Island and the Leizhou Peninsula where 100-200 mm (4-8 inches) of rainfall is expected with local amounts exceeding 300 mm (12 inches).
This magnitude of rainfall will likely result in widespread flooding and travel disruptions across the region.
The coastal region of southeast China from Macau westward through Guangxi province will endure daily downpours that will produce localized flooding and travel delays. Total rainfall of 50-100 mm (2-4 inches) is expected in these areas.
Improvement is expected across the Leizhou Peninsula and Hainan late Wednesday into Thursday as Bebinca continues westward and sets its sight on northern Vietnam.
The worst of the storm is forecast to batter northern Vietnam, including Hanoi, on Thursday and Friday.
Widespread rainfall of 100-200 mm (4-8 inches) is expected which will result in a heightened risk for flooding and mudslides and produce significant travel disruption.
Bebinca will dissipate over northern Indochina this weekend; however, additional showers and thunderstorms will occur across northern Vietnam.
The heaviest rainfall on Saturday and Sunday will be from northern Laos into Myanmar where localized flooding and mudslides will be possible.
Moody’s Investors Service has upgraded the Government of Vietnam’s long-term issuer and senior unsecured ratings to Ba3 from B1 and changed the outlook to stable from positive.
“The upgrade to Ba3 is underpinned by strong growth potential, supported by increasingly efficient use of labor and capital in the economy. A long average maturity of government debt and a diminishing reliance on foreign-currency debt point to a stable and gradually moderating government debt burden, particularly if strong growth is sustained over time. The structure of Vietnam’s government debt also limits susceptibility to financial shocks. The upgrade also reflects improvements in the health of the banking sector that Moody’s expects to be maintained, albeit from relatively weak levels,” Moody’s said in a statement released on its website.
According to Moody’s, the stable outlook reflects balanced risks at the Ba3 rating level.
“While downsides may arise from persisting weaknesses in the banking system or if the ongoing trade dispute between the US and China resulted in a sharp slowdown in global trade, there are upside risks from further improvements in debt affordability and better trade performance than we currently project,” it said.
Moody’s has also raised Vietnam’s long-term foreign currency (FC) bond ceiling to Ba1 from Ba2 and its long-term FC deposit ceiling to B1 from B2. The short-term FC bond and deposit ceilings remain unchanged at Not Prime. Vietnam’s local currency bond and deposit ceilings remain unchanged at Baa3.
Moody’s estimates that Vietnam’s growth potential is strong, at around 6.5 per cent, supported by increasingly efficient use of labour and capital in the economy. Globally, strong growth potential tends to be associated with relatively low competitiveness. However, Vietnam’s economic strength combines high growth and high competitiveness as shown in the economy’s ongoing shift towards high value-added sectors.
Vietnam chosen as the most alluring investment destination in Asia | Image source: gbs.com.vn
With an average GDP growth rate of over 6 per cent over the past decade, Vietnam has climbed up the manufacturing value chain within a short span of time, gaining competitiveness in the assembly of higher value-added electronic products – such as smartphones – while continuing to retain its comparative advantage in the export of labor-intensive goods, such as textiles and garments. Rising competitiveness and a further transition towards higher-value-added industrial activity will support growth at high levels in the medium term. Moody’s projects GDP growth of 6.4 per cent in 2018-2022, higher than the median for B1-rated sovereigns at 3.7 per cent, and Ba-rated sovereigns at 3.5 per cent.
Potential growth is supported by strong investment, including Foreign Direct Investment in high-value-added manufacturing. As Vietnam continues to move up the value-chain and the contribution of the private sector to total value-added grows, Moody’s expects productivity growth to drive the economy’s growth potential.
Moreover, according to the World Economic Forum’s Global Competitiveness Index, Vietnam is much more competitive than most other Ba-rated or B-rated sovereigns. Moody’s expects Vietnam to retain relatively high competitiveness as the shift up the value chain gives room for relatively rapid income and wage increases.
One factor weighing on Vietnam’s economic strength is the economy’s reliance on credit. Demographic trends, including a sizeable share of working age population– with relatively higher spending power – in the overall population, and increasing urbanization have contributed to strong consumption and credit growth. Corporate debt is also relatively high and has been rising in recent years. Previous periods of rapid credit growth have weakened bank solvency and raised contingency risks for the sovereign.
While Moody’s estimates that credit allocation has improved somewhat and poses lower risks to the sovereign, rapid credit growth sustained beyond the pace warranted by financial deepening trends raises the risk of a correction that would amplify the negative impact of an economic shock.
The Vietnam stock market started well on Monday with the two main stock indices rising, with improved liquidity and increased net buying by foreign traders among blue-chips.
According to a report on VNS, on the Ho Chi Minh Stock Exchange (HOSE), the VN-Index closed Monday up 0.99 per cent at 978.04 points after gaining 0.92 per cent last week.
On the Hanoi Stock Exchange (HNX), the HNX-Index edged up 1.89 per cent to end Monday at 110.46 points. The northern market index inched up 2.66 per cent last week.
Liquidity improved significantly with a total of 273 million shares worth VNĐ5.9 trillion ($255.2 million) traded in the two markets, up 25 per cent in volume and 20 per cent in value compared to last week’s averages.
Market breadth was positive as gaining stocks outnumbered declining ones by 262 to 191, while 290 stocks were unchanged.
Large caps continued to lift the market. The VN30 basket, which tracks the top 30 shares by market value and liquidity on the HCM City’s exchange, advanced 1.23 per cent to close Monday at 960.02 points.
Financial stocks, especially bank and securities stocks, drove the market with prominent gainers including Asia Commercial Bank (ACB), Military Bank (MBB), Vietinbank (CTG), Saigon Hanoi Commercial Joint Stock Bank (SHB), Vietcombank (VCB), Techcombank (TCB) and TPBank (TPB), increasing between 1 per cent and 6.2 per cent.
A series of large-cap stocks also gained ground, such as Petro Vietnam Gas JSC (GAS), Masan Group (MSN), FLC Faros Construction Joint Stock Company (ROS), steel maker Hoa Sen Group (HSG) and budget airline Vietjet (VJC), supporting the market’s upswing.
Notably, GAS price returned to the 3-digit level when increasing 4.4 per cent to trade at VNĐ103,000 per share.
HSG hit the daily limit rise of 7 per cent after Hoàng Thị Xuân Hương, HSG’s Deputy General Director Hoàng Đức Huy’s sister, announced she would buy five million HSG shares.
Foreign investors were net buyers of VNĐ33 billion on the HOSE after being net sellers for 10 consecutive sessions.
According to Bảo Việt Securities Company (BVSC), the market is forecast to keep increasing amid positive liquidity and the lead of bank stocks.
BIDV Securities Company said in its daily report that the market was in a short-term uptrend and approaching to the 980-1,000 point range.
Investors can still disburse and seek profit in oil and banking stocks which have received large cash inflows.
On the Unlisted Public Company Market (UPCoM) where many State-owned enterprises are listed, the UP-Index closed up 0.51 per cent at 51.62 points.
Bebinca, the tropical storm, originating from the south of China’s Guangdong Province, is expected to carry winds blowing at 75 kilometers per hour, causing heavy rain in affected areas, which could deposit 250-350mm of rainfall on northern Vietnam when it hits the region on Thursday.
The storm is moving towards the Gulf of Tonkin at five kilometers per hour and is expected to hit northern Vietnam’s coastal provinces on Thursday afternoon, Vietnam National Center for Hydro-Meteorological Forecasting reported.
Northern Vietnam should expect heavy rainfall from Wednesday night to Friday, Weather experts said.
Bebinca’s trajectory as forecast by Vietnam National Center for Hydro-Meteorological Forecasting.
Right now, the East Sea is also harboring two other storms, Yagi and Leepi, this is the fourth storm to form this year in the East Sea.
Son Tinh storm hit northern and central Vietnam last month, triggered floods and landslides that killed at least 27 people.
A record-breaking 16 tropical storms hit Vietnam in 2017, leaving 389 people dead or missing and injuring 668 others, mostly in northern and central regions. The General Statistics Office estimated damage at around VND60 trillion ($2.64 billion), 1.5 times the previous year’s figure. VNExpress – a local media reported.
One of the most destructive storms last year was Damrey, the 12th major storm to hit Vietnam in 2017, made landfall with winds of up to 90km/h that damaged more than 40,000 homes, knocked down electricity poles and uprooted trees and killed at least 106 people.
China and South Korea earn much deserved condemnation for their dog meat markets and festivals. Thanks to pressure from activists, the exposure of horrifying conditions the animals face, and the education of the public about the risks associated with eating dog meat, these markets are on the decline. This is especially true among young people who find it cruel to eat companion animals.
While we dog lovers in the United States call this practice barbaric in other countries, some of us may be surprised to find out that, depending on interpretation of the law, it is still legal to eat dog meat in 43 of the states in the U.S., and yes, it happens. Mike Clark reported on Dogtime.com
It Is Still Legal
Puppy asking you to not leave him alone… @ Photo credit: Dogtime.com
California, Georgia, Hawaii, Michigan, New Jersey, New York, and Virginia are the only states that explicitly outlawed dog meat. It is, however, illegal in all states for slaughterhouses to handle dogs, and it’s illegal for stores to sell the meat. This doesn’t prevent an individual from killing and eating a dog or selling meat to another person, so long as it’s not through a store. The laws among the states that have banned the consumption of dog meat vary, and some states allow citizens to kill and eat dogs so long as the killing is done “humanely”. New York law states that it is illegal “to slaughter or butcher domesticated dog (canis familiaris) or domesticated cat (felis catus or domesticus) to create food, meat or meat products for human or animal consumption.”
California bans even owning the carcass, so someone couldn’t use the excuse that they got dog meat from somewhere else instead of butchering it themselves. The law also protects “any animal traditionally or commonly kept as a pet or companion,” though that definition may be vague, as many people keep other animals–pigs, for example–as pets.
Virginia has made it illegal to unnecessarily kill animals not associated with farming activities. Since dogs are not commonly used as livestock on farms, they can’t be slaughtered for their meat as it would be unnecessary to do so. All of these state laws vary and can create confusion, which is why dogs would benefit from a federal ban on the practice of killing dogs for meat that applies to all states.
Yes, It Does Happen
Selling Dog and Cat Meat Is Still Legal in Most of U.S.—but a Federal Ban Could Soon Be in Place @ Photo credit: alternet.org
Consuming dog meat in the U.S. isn’t a common practice. You may wonder why we should bother banning it at all. The problem is that even though it isn’t rampant, killing dogs for their meat does happen in this country, and it would be better to stop the problem before it gets worse.
In 2003, authorities seized 150 Korean Jindo dogs, a breed commonly used in South Korean meat markets, from a man in Pennsylvania who claimed that they were being raised to sell as guard dogs and meat sources. He was licensed to do that, but the animals were taken due to their poor conditions, not because they were going to be eaten. He was charged with animal cruelty, but again, that had nothing to do with the dogs being raised for meat.
In 1994, a man licensed to sell “random source” meat named Ervin Stebane was convicted of “improperly killing animals.” He reportedly took stolen pets from people’s homes, grabbed strays off the street, or took “free to good home” dogs, shot them in the head, and sold the meat. He had over 140 dogs in his barn when he was raided. Since it wasn’t illegal in Wisconsin to sell dog meat, he was convicted of a relatively minor crime and never went to jail. His only punishment was that his license to sell random source meat was revoked.
These stories not only indicate that dogs are sold for meat, but that there is a demand in this country, however small, for dog meat. The practice is mostly kept underground, but making it a federal crime would make it easier to prosecute those who kill dogs for meat when they are discovered.
What Is Being Done About It
Luckily, a bill has been introduced to Congress to “amend the Animal Welfare Act to prohibit the slaughter of dogs and cats for human consumption.” The bill known as H. R. 1406, which is also called the “Dog and Cat Meat Trade Prohibition Act of 2017” would ban the slaughtering of dogs and cats for meat as well as shipping, purchasing, or selling dogs to be killed for meat. Unfortunately, the penalty for violating the act would be relatively small and include “not more than 1 year, or a fine of not more than $2,500, or both.” Still, it is a step in the right direction, and the bill deserves support.
What You Can Do To Help
Call your representatives. Let them know that you support H. R. 1406 and that killing dogs for meat should be illegal in all 50 of the United States. You can find your congressperson in the House of Representatives here, then contact their office to let them know you support this bill. Together we can make a difference and stop this problem before it even has a chance to grow.
