Google Maps announces motorcycle mode for Vietnam

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Google Maps has announced a new motorbike mode in ASEAN countries, including Viet Nam this week – Vietnamnet reports.

The new feature was designed to better serve markets in which motorbikes are a popular means of transport.

Accordingly, the users in Viet Nam will be able to customise their maps for motorcycles, including shortcuts and narrow roads unavailable to cars. Travel time is accurately calculated based on a machine-learning model of motor speed simulation.

Users will also be able to avoid high-speed toll stations and roads on which motorbikes are banned.

Google Maps version 9.79 is available for devices with Android 4.4 (KitKat) and above since Wednesday.

Google Maps currently has more than 1 billion monthly users and is considered a popular choice for drivers with data on 400 million km of road. The number of Google Maps users in Viet Nam is currently 40 per cent higher than last year.

The maps for motorbikes are produced using a combination of different sources, including third-party providers, public sources, and user-supplied data. Google relies on images collected from Street View to determine road limits for motorbikes.

Ozil, citing ‘racism’, quits Germany side after World Cup debacle

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File photo taken on May 13, 2018 shows Turkish President Recep Tayyip Erdogan (right) posing with German footballer of Turkish origin Mesut Ozil (left) in London. (KAYHAN OZER/TURKISH PRESIDENTIAL PRESS SERVICE/AFP)

BERLIN: Mesut Ozil said on Sunday (Jul 22) he was quitting the German national football team, citing “racism” in the criticism of him in the side’s World Cup debacle.

Ozil, who has Turkish roots, had earlier defended his decision to pose for a photograph with Turkish President Recep Tayyip Erdogan in May which sparked questions about his loyalty to Germany’s squad ahead of the World Cup in Russia.

In a four-page statement sent out in three images on Twitter and Instagram, an angry Ozil saved his bombshell for the final salvo.

“It is with a heavy heart and after much consideration that because of recent events, I will no longer be playing for Germany at international level whilst I have this feeling of racism and disrespect,” he said.

The Arsenal midfielder blamed the German Football Federation (DFB) for failing to defend him against his most strident critics – reported in an article from Channelnewsasia

“Arguably the issue that has frustrated me the most over the past couple of months has been the mistreatment from the DFB, and in particular the DFB President Richard Grindel,” he said.

He said that Grindel and Germany coach Joachim Loew had asked him to give a “joint statement to end all the talk and set the record straight” over the picture with Erdogan.

“Whilst I attempted to explain to Grindel my heritage, ancestry and therefore reasoning behind the photo, he was far more interested in speaking about his own political views and belittling my opinion.”

Ozil, 29, said he had been unfairly blamed in Germany for the side’s shock first-round defeat at the World Cup.

“I will no longer stand for being a scapegoat for his (Grindel’s) incompetence and inability to do his job properly,” he said.

“In the eyes of Grindel and his supporters, I am German when we win, but I am an immigrant when we lose.”

Ozil had said earlier that he was true to both his Turkish and German origins and insisted he did not intend to make a political statement by appearing with Erdogan.

‘I HAVE TWO HEARTS’

“Like many people, my ancestry traces back to more than one country. Whilst I grew up in Germany, my family background has its roots firmly based in Turkey,” he said.

“I have two hearts, one German and one Turkish.”

Ozil said that despite the timing of the picture with teammate Ilkay Gundogan and Erdogan – shortly before the president won re-election in a poll endowing him with sweeping new powers – “it wasn’t about politics or elections, it was about me respecting the highest office of my family’s country”.

“My job is a football player and not a politician, and our meeting was not an endorsement of any policies,” Ozil added.

Germany is home to more than three million people of Turkish origin.

Manchester City midfielder Gundogan presented Erdogan with a signed club shirt on which he had written “to my president”.

The two players were booed by German fans in pre-World Cup friendlies over their appearance with the Turkish strongman, and Ozil said Sunday that he and his family had received threats.

After the tournament, Ozil came in for stinging criticism by DFB officials and German politicians across the spectrum.

‘RIGHT-WING PROPAGANDA’

Ozil said he could abide criticism of his performance on the pitch but not when it was linked to his ethnic background.

“If a newspaper or pundit finds fault in a game I play in, then I can accept this,” he said.

“But what I can’t accept are German media outlets repeatedly blaming my dual-heritage and a simple picture for a bad World Cup on behalf of an entire squad,” he added, calling it “right-wing propaganda”.

“This crosses a personal line that should never be crossed, as newspapers try to turn the nation of Germany against me.”

He also furiously denounced disparaging remarks by former captain Lothar Matthaeus, who he noted “met with another world leader a few days back and received almost no media criticism” in an apparent reference to an appearance with Russian President Vladimir Putin.

And Ozil railed against an unnamed sponsor, which, he said, removed him from promotional videos for the World Cup after the pictures with Erdogan emerged.

“For them, it was no longer good to be seen with me and (they) called the situation ‘crisis management’,” he said.

Source: AFP/Channelnewsasia

Homedy: Raising funds from Genesia Ventures for Vietnam’s reality portal

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Vietnam’s real estate connection platform Homedy.com has raised its second round of funding from Japanese early stage investor Genesia Ventures, impact investment firm Access Ventures and Mynavi Corporation – DealStreetAsia reported.

Financial terms were undisclosed but Mynavi Corporation is said to have led the round.

Return backer Genesia Ventures, which injected funds in Homedy.com in June last year along with Pix Vine Capital, is the biggest investor in the startup.

Homedy was launched in 2015 by Duc Nguyen and Hieu Vu. The duo hold extensive expertise in the digital marketing and media industries in Vietnam, having run music streaming pioneer NgheNhac.info which was founded in 2003, and digital advertising company Moore.vn which was acquired by Japan’s Irep Co in 2014.

Following the fundraise, Homedy will focus on big data and mobile app, develop its real estate portal platform, hire key personnel, and expand to foreign markets. The company will also launch its interior design project, My Homedy, which will help users design their own home.

By the end of the year, Homedy.com will have branches in Da Nang, Nha Trang and targets to expand the market to Southeast Asia such as Indonesia, Philippines by 2020, it said in an announcement.

“Homedy.com has grown rapidly following the fund’s investment last year,” said Yuto, Principal of Genesia Ventures, adding that he expects Homedy to be the one-stop real estate platform with an extensive database of business as well as interior design.

Genesia Ventures was set up in August 2016 and is led by Soichi Tajima, the former CEO of Cyberagent Ventures. The firm focuses on the seed and pre-series A stages across various sectors, including new economy, digital media, AI and robotics.

The Japanese early stage investor plans to raise its second fund with a target corpus of $80-100 million next year that will focus on investments in both Japan and Southeast Asia, the VC firm’s CEO told DEALSTREETASIA in a recent interaction.

Mynavi is one of the leading Japanese companies providing human resources services and B2C information channels, including a website for renting real estate information. Access Venture is focused on supporting startups in Vietnam, Indonesia and South Korea. The VC firm is led by two management partners – Charles Rim and John Chang. Rim led the M&A deal of Yahoo and Google in Asia with extensive experience in technology investment and VC while Chang is the co-chair of APAC for Barclays and CEO of Deutsche Securities Korea.

Flash floods hit Vietnam at least 20 people dead, 16 missing

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Heavy rain brought about by tropical storms have claimed more than 20 lives in Vietnam and the Philippines, while India and Myanmar are bracing for more rain in the coming days – Reporting by The Straits Times

Flash floods in Vietnam have now claimed at least 19 lives, the government said yesterday, as residents in affected areas sought safety in higher ground. An additional 13 people were unaccounted for.

Boasting a long coastline, tropical Vietnam is battered by floods and storms every year, with hundreds of lives lost from the annual monsoon barrage.

The remnants of Typhoon Son Tinh, now a tropical depression, made landfall last Wednesday night, the third tropical storm to hit Vietnam since the start of the year.

Floods and landslide from heavy rain have ranged far and wide and impacted rural and urban areas, including the capital Hanoi.

State-controlled VNExpress news site reported last Saturday that residents in Chuong My district on the outskirts of Hanoi were asked to leave their homes and get to higher ground for fear of heavy floods.

“We must be active in moving our furniture out of homes. From last year’s experience, we did not have time to run,” a local resident was quoted as saying.

Published photos showed homeowners in plastic raincoats moving bags of goods and livestock.

“My house is in a very low location so I have to move all the rice to higher places,” resident Nguyen Duy Dong told VNExpress.

“Since the afternoon, we have moved more than one tonne of rice.”

The amount of land under siege has also spiked, with over 15,000 houses damaged or destroyed and more than 110,000ha of crops inundated. Several roads have also disappeared under the water.

Many countries in the region experience their rainy season between June and November.

In the Philippines, tropical depression Josie is on its way out of the country but will continue to induce heavy rain over the western sections of Luzon and Visayas today.

The Philippine Atmospheric, Geophysical and Astronomical Services Administration urged the public, especially those living near river channels and in low-lying and mountainous areas, to be on alert for possible flash flood or landslide.

At least five people have died and more than 700,000 were affected by days of heavy rain, which caused flooding and landslides, the Philippine authorities said yesterday.

At least three tropical cyclones battered the Philippines in recent weeks. Josie is the Philippines’ 10th tropical cyclone for 2018. The country usually gets an average of 20 tropical cyclones per year.

The monsoon season is also under way across South Asia, with India bearing the brunt.

With a low-pressure area developing into a depression over the Bay of Bengal, the rain intensity may pick up in the next two days after a period of light rain in the past few days.

Since the start of the monsoon rains, hundreds have lost their lives in floods and landslides across India, which accounts for one-fifth of global deaths due to floods.

Myanmar’s coastal areas could also be hit by heavy rain as rain clouds from the storm are forecast to pass middle areas of Myanmar and reach Bangladesh, where more than half a million Rohingya are in refugee camps in low-lying areas.

Meanwhile, rescue activities are ongoing in western Japan two weeks after floods and landslides triggered by torrential rain killed more than 200 people.

There are still about 4,500 people living in emergency shelters and the authorities are considering housing the displaced people on a cruise ship, reported the Japan Times.

World Poker Tour looks to expand into Vietnam

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The World Poker Tour (WPT) is looking to drum up business around Asia and Vietnam. The poker organization is planning a new tournament in Vietnam in September. The event is expected to provide huge payouts to both poker players and tournament organizers.

The WPT will take a 20-day trip through Asia with the help of a newly announced tournament in Vietnam. The event, WPT Vietnam, will be hosted by Ho Chi Minh’s Pro Poker Club and is scheduled to kick off on September 26. It will include a number of tournaments, including a $500 WPT Pro Poker Club Superstack Classic and a $1,000 Main Event. Erik Gibbs reported on CalvinAyre

Danny McDonagh, WPT Live Events Specialist, describes the event as a massive opportunity to satisfy the area’s “tremendous appetite for poker.” The WPT Vietnam will be preceded by a trip to Japan September 15 – 17 and another to South Korea from September 18 – 21. That trip will see the WPT Korea held at the country’s Paradise City Casino September 19 – 21 and will offer a normal lineup with an additional $5,000 team event thrown into the mix.

The team event features a maximum of 16 teams, each with four players. Players will battle it out in six NLHE and Omaha tournaments, with the winning team being awarded four seats at the WPT Korea Main Event. Several teams, including ones from the host country, Singapore, the UK, Australia and the US, have already announced their participation.

Following its Asia visit, the WPT will return to India for the second time. It will hold its second WPT India at the Deltin Royale Casino in Goa beginning November 13 and running through November 19. The WPT expects the event to further develop its presence in the country, one of the fastest growing poker markets in the world. Last year, 527 players participated in the inaugural WPT India leading to the eventual winner, Vijash Mantri, pocketing $92,000.

Poker laws in India are a current source of much controversy. Each state has its own laws, with only some authorizing the game. This could change, though, as there is a push now by the Indian Law Commission to create country-wide standards. Legalizing sports betting, according to the commission, is the only way to control the industry. The ILC recently published a report on the subject, which will now be put to review by legislators.

WPT500 Los Angeles Final Table Results

The final table of the first-ever WPT500 Los Angeles played out in May, 2017, with Dong Le – a Vietnamese oversea emerging victorious to take home the $224,500 top prize in his first WPT event.

1st: Dong Le – $224,500
2nd: Owen Crowe – $130,000
3rd: Peter Hengsakul – $100,000
4th: Richard Tae Kim – $81,000
5th: Ilya Shpiner – $65,000
6th: Deepinder Singh – $49,000
7th: Mike Eskandari – $36,000
8th: Alex Fayneshteyn – $28,000
9th: Greg Roberts – $21,000

Dong Le, a real estate broker for 20 years from Boston, Massachusetts, entered the WPT500 Los Angeles final table third in chips and making the biggest live tournament score of his career. He quickly asserted himself as the table captain, even despite not entering with the chip lead. Le’s aggression was paramount, and it was the key factor in what allowed him to come out on top. WPT reported.

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On July 28th: A longest lunar eclipse of 21st century is able to see in Vietnam

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People in Asia, Europe and Africa can observe the entire phenomenon while other regions can only watch a part of it.

The eclipse will last five hours, from 0:14 a.m. to 6:28 a.m., with the total eclipse extending from 2:30 a.m. to 4:13 a.m in Vietnam.

“This is the longest total eclipse of the 21st century since it lasts 103 minutes,” said Dang Vu Tuan Son, head of Vietnam Astronomy and Cosmology Association.

It is recommended that people arrange to watch the eclipse with binoculars, telescopes or cameras.

This is the second lunar total eclipse of the year. The first happened on January 31, when the Earth witnessed the first blue moon total lunar eclipse in over a century.

After July 28, Vietnamese will have to wait until May 2021 to see another lunar eclipse.

By Pham Huong

Wild weather is battering Vietnam and South-East Asia countries – Here is why

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As heat waves, typhoons and floods devastate nations across South-East Asia, let’s see at why the region has been hit with wild weather

Extreme weather has hammered parts of Asia with deadly flash-flooding and landslides hitting Vietnam, a powerful monsoon battering the Philippines and Japan braving a sweltering heat wave. Riley Morgan reported on SBS.

Tropical storm devastates Vietnam

Storm Son Tinh kills 20, leaves 16 missing in Vietnam @AFP

Tropical storm Son Tinh has killed 20 people, left 16 missing and injured 14 in Vietnam, the country’s rescue committee says.

Floods triggered by heavy rains hit northern Vietnam after Son Tinh made landfall in northern coastal areas on Thursday, while the capital Hanoi was flooded and lashed by torrential rains.

More than 5000 houses were damaged, swept away, submerged or collapsed, around 82,000 hectares of crops were damaged and nearly 17,000 animals were killed nationwide, the Vietnam National Committee for Search and Rescue said in a report on Saturday.

Typhoon winds hit Shanghai

Typhoon Ampil has hit Chinese financial hub Shanghai, bringing heavy rain and disrupting transport and shipping.

More than 600 flights from the city’s two airports were cancelled and high-speed rail services also impacted, state broadcaster CCTV said early Sunday afternoon.

Rains in Shaoxing city. @ AAP

The typhoon first hit the island of Chongming, 45 km east of the city, with winds up to 28 metres per second near its eye, said the National Meteorological Centre.

The city had already relocated 190,000 people from coastal areas by early Sunday morning, according to a report by state news agency Xinhua.

Six killed in Philippine rains

Manila At least six people have been killed in landslides and other accidents in the Philippines following a week of heavy rains brought about by three tropical cyclones.

More than 12,000 people have also been forced to flee homes due to floods, according to the country’s disaster risk management council.

A Filipino navigates through flooded streets in Las Pinas city, south of Manila, Philippines, 18 July 2018. @AAP

Two children, aged three and six, were killed on Sunday when a landslide buried their house while they were sleeping in the town of Barbaza, about 400 kilometres south of Manila, police said.

The victims’ mother was injured in the landslide. On Friday, two brothers, 11 and 12, were killed when a portion of their house was buried in thick mountain soil after a landslide in the town of Agoo in the northern province of La Union, police said.

In the town of Bontoc in Mountain Province, a 54-year-old woman died when a passing van was hit by a boulder during a landslide on Wednesday. A 43-year-old man was swept away by a strong current as he crossed a river in the central province of Negros Oriental on July 15.

Japan heatwave

A continuing heat wave in Japan has led to temperatures as high as 40C, with the casualties climbing up as more deaths were reported.

Public broadcaster NHK reported that until Friday a number of people had been taken to hospital due to heat stroke related symptoms.

The death toll had climbed to 30, after 10 more deaths were reported on Thursday.

Some areas in central Japan registered record high temperatures of 40C, said the Japan Meteorological Agency.

On Friday, temperatures had reached a little above 35C, with the heatwave set to continue over the next few days.

The Tokyo Fire Department reported that rescue teams Thursday responded to more than 3000 emergency calls as the temperatures soared to 40C and 317 people were taken to hospital.

Why is the weather extreme?

University of Melbourne Associate Professor Todd Lane told SBS News the severity of the weather was down to the Madden-Julian Oscillation (MJO).

“This is a mass of cloudy air that essentially forms in the Indian Ocean and moves eastward through the Island regions of Indonesia, Malaysia and the Philippines and then moves into the Pacific Ocean,” Dr Lane told SBS News.

“At the moment it is particularly active so there is a big mass of cloud linked to this Madden-Julian Oscillation event over the Philippines and over the Western Pacific region. So that’s what is causing a lot of the storms in this region and even the tropical cyclones and storms that are moving off to the north to impact China and Japan.”

The MJO is a regularly occurring process and repeats itself every 30 to 60 days. The current MJO event looks likely to decay as it moves towards the Pacific Ocean, according to Dr Lane.

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Vietnam’s state owned enterprises divestment, IPO proceeds to triple in 2018-2020

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As a new wave of public sector reform gets underway, large-caps are seen as attractive ‘buys,’ in the current market correction, says Saigon Securities Inc (SSI).

As the Vietnamese government continues its aggressive public-sector reforms, the total funds raised from IPOs and the divestment of state-owned enterprises (SOEs) may triple in 2018-2020 compared to levels seen in the 2011-2017 period, according to SSI. Finance Asia reports.

The total proceeds from IPOs and the share sale of SOEs in the next two years are expected to reach $26.3 billion, 2.75 times higher than the funds raised for the whole period between 2011 and 2017. Specifically, the value of IPOs will reach $9.7 billion, while the total amount of divestment could hit $16.6 billion. “Vietnam could end up being the only country in the world that embarks on a new wave of SOE reform in 2018-2020, placing large and profitable SOEs on public offer,” says SSI.

Vietnam plans to make the country’s state-run enterprises more compliant with market principles and practices after following the establishment of the State Capital Management Committee in February this year, says SSI. As many as 30 enterprises and economic groups will be transferred to the committee, which will manage the restructuring and sale of any public companies.

Infrastructure Strategy

Proceeds from the divestment of SOE stakes, as well as corporate dividends, are vital funding sources for the government’s infrastructure spending. Vietnam is boosting spending on transport and logistics facilities amid rapid urban growth and domestic consumption. With a projected 2018 GDP growth of 6.7%, it boasts one of the world’s fastest-growing economies. The country’s two stock exchanges — the Hanoi Stock Exchange and the Ho Chi Minh Stock Exchange – have climbed approximately 31% and 48% respectively in the last year.

“We don’t see the stock market valuation to be particularly demanding (2018 PE at 15x), given current high growth prospects,” says SSI. The company says it is generally positive about large-cap stocks across the financial, construction, tourism and retail sectors, adding the manufacturing industry is growing at “torrential” pace. It expects up to 10 banks to comply with the Basel II requirements in 2020, a deadline set by the government’s banking reform 2016-2020 roadmap.

“We expect these banks to start preparing for capital raising,” says SSI. These include Joint Stock Commercial Bank for Foreign Trade of Vietnam, Bank for Investment and Development of Vietnam HD Bank, VP Bank and many more. SSI is keeping watch on the IPOs of Mobifone, retailer SATRA and Saigon Tourist among others.

Foreign investors needed

Foreign participation in public equities is rising steadily in both relative and absolute terms, and currently accounts for about 21% of market capitalisation. In fixed income, foreign investors hold just about 5% of the total outstanding volume of government bonds, says SSI.

The company estimates net earnings growth of 68 companies under its coverage to average 28.7% in 2018, driven by the consumer discretionary and financial sectors.

Supported by Vietnam’s robust economic growth and equity market performance, SSI, which is the country’s biggest securities firm by market value, is targeting VND3,410 billion ($149 million) in revenues and VND1,615 billion in profit for 2018. The company recently won Vietnam’s ‘Best Investment Bank in Vietnam’ and ‘Best Equity Capital Markets House’ in FinanceAsia’s 2018 Country Awards. Going forward, SSI plans to focus on capital growth and diversification.

Expanded Product Base

Notably, the company aims to develop products that suit different risk and reward profiles and expand its activities in corporate bonds, derivatives and structured products. With numerous SOEs expected to sell shares as well as an attractive pipeline of IPO activities this year, SSI has been focusing on “expanding its customer base to include large-scale private enterprises with potential growth prospects in key sectors,” says SSI.

Looking beyond 2020, SSI expects the country’s sovereign rating to be upgraded to Investment grade. “We are positive that the reforms will show good results.”

Death toll in Vietnam flooding rises to 20

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Flash floods after Typhoon Son Tinh in Vietnam have now claimed at least 20 lives, the government said on Sunday (Jul 22), as residents in affected areas sought safety in higher ground.

Boasting a long coastline, tropical Vietnam is battered by floods and storms every year, with hundreds of lives lost from the annual monsoon barrage.

The remnants of Typhoon Son Tinh, now a tropical depression, made landfall Wednesday night, the third tropical storm to hit Vietnam since the start of the year.

The latest report from the country’s disaster office said 19 people have been killed so far, with an additional 13 people unaccounted for.

Floods and landslide from heavy rains have ranged far and wide and impacted rural and urban areas, including the capital Hanoi.

They are expected to continue in the coming days.

State-controlled VNExpress news site reported Saturday that residents in Chuong My district on the outskirts of Hanoi were asked to leave their homes and get to higher ground for fear of heavy floods.

“We must be active in moving our furniture out of homes. From last year’s experience, we did not have time to run,” a local resident was quoted as saying.

Published photos showed homeowners in plastic raincosts moving bags of goods and livestock.

“My house is in a very low location so I have to move all the rice to higher places,” resident Nguyen Duy Dong told VNExpress. “Since the afternoon, we have moved more than one tonne of rice.”

The amount of land under seige has also spiked, with more than 15,000 houses damaged or destroyed and more than 110,000 hectares of crops inundated. Several roads have also disappeared under the water.

Vietnam’s rainy season, like other countries in the region, is between June and November, but the death toll from stormy weather has often exceeded its neighbors.

Last year, 389 lives were claimed by natural disasters, with material damages reportedly reaching US$2.6 billion, according to the government.

5 million Vietnamese will lose jobs in the 4.0 industrial revolution?

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The risk of losing jobs has increased in the 4.0 industry revolution era.

Tran Anh Tuan, deputy director of the HCMC Center for Human Resources Forecasting and Labor Market Information said.

Vietnam has been warned that 5 million jobs may be lost by 2020 as it has a 3.79/10 score for the quality of the labor force, ranked 11th out of 12 countries in Asia, and a 4.3/10 score in human resources competitiveness index. Chi Mai reported on Vietnamnet.

Other indicators for Vietnamese workers are also low. Only 20.3 percent of Vietnamese workers had training or degrees/certificates in 2015. Vietnamese are weak at soft skills, such as foreign language, IT, teamwork, communication, and professional ethics.

It is expected that 56 percent of workers in five South East Asian countries, including Vietnam, may lose their jobs because of robots.

Other indicators for Vietnamese workers are also low. Only 20.3 percent of Vietnamese workers had training or degrees/certificates in 2015. Vietnamese are weak at soft skills, such as foreign language, IT, teamwork, communication, and professional ethics.

The ILO report also pointed out that 86 percent of workers in the textile & garment industry in Vietnam, 64 percent in Indonesia and 88 percent in Cambodia will face the risk of losing jobs in the context of growing automation.

The early warnings about the appearance of robots which would replace people in production lines were ignored by Vietnamese. They thought that robots could exist only in foreign factories, not in Vietnam, where manufacturers are not rich enough to buy robots.

But more robots have appeared at Vietnam’s manufacturing workshops.

Pham Van Viet, general director of VitaJean, said modern machines are expected to replace 60-80 percent of workers. The modernization has allowed the company to cut staff from 1,800 to 1,250 and then to 800.

“In the future, we will retain 450 high-quality workers only,” Viet said, adding that the installation of the automatic production line is scheduled to be completed by 2019.

It would allow VitaJean to cut production costs by 20 percent. The company plans to take back investment capital after five years.

Namilux, a gas cooker manufacturer, has been automating its production line for the last six to seven years. With the new production line, two workers can handle the workload of eight workers.

Namilux’s general director Nguyen Manh Dung said enterprises can cut the labor cost by three to four times, while the figure could be 10 times in some industries.

Vu Quang Tho from the Vietnam Labor Federation said Vietnam needs to begin applying measures to support workers now. He suggested that enterprises, especially foreign invested ones, make commitments about the number of workers they will use.

Vietnam PM visits Formosa Ha Tinh Steel in central Vietnam, commends Taiwanese company for environmental reforms

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Formosa Ha Tinh Steel resolves 52 of 53 faults after environmental calamity in 2016

According to a report by Scott Morgan on Taiwan News, Vietnam Prime Minister Nguyen Xuan Phuc visited Taiwanese-owned steel plant, Formosa Ha Tinh Steel (台塑河靜鋼鐵公司) in Ha Tinh province, Central Vietnam on July 20, commending the company for its environmental reforms after the company was reprimanded poor environmental processes in 2016, reported Vietnam Plus.

Phuc inspected wastewater treatment and manufacturing process at the steel plant and re-affirmed Vietnam’s commitment for local and foreign investment.

Toxic discharges from the steel plant were responsible for an estimated 70 tons of dead fish, damaging tourism and fishing in four provinces, leading to protests.

Formosa Ha Tinh Steel admitted it was responsible for the environmental calamity and pledged US$500 million to clean up the environment and compensate those affected.

Phuc last visited the steel plant’s wastewater management systems, steel refining units and reviewed data about the surrounding environmental health, according to Vietnam Plus.

The Prime Minister commended the company for fixing 52 of 53 found faults, and its efforts to improve organizational transparency, as well as their social programs like housing for workers and scholarships. Phuc also commended the company for the success of its steel plant, one of the largest foreign investments in Vietnam.

Phuc also praised local governments and the people for overcoming the stress and ill-health caused by the toxic discharge.

Formosa Ha Tinh Steel was also asked to continue to learn from the incident and to keep the impact of their actions front of mind. Phuc added that the company would be strictly dealt with if it broke the law again.

Eight-month baby dies after Tibetan Mastiff attack in Hanoi

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HÀ NỘI — An eight-month old baby girl has died two hours after being bitten by a 40-kg Tibetan Mastiff dog on Thursday afternoon at a home on Hanoi’s Doi Can Street.

According to Vietnamnews, the dog was raised as a family pet. The incident occurred when the baby’s mother was cleaning and the baby was playing nearby. Without warning, the dog attacked the infant. The mother tried to stop the dog but failed.

The baby was taken to the Vietnam – Germany Hospital in critical condition, the Voice of Vietnam (VoV) online newspaper reported.

Lê Việt Khánh, deputy head of the hospital’s Gastrointestinal Emergencies Department said the child was pale and suffering severe blood loss when she was hospitalised. She also had multiple head injuries.

“At that time, we already recorded her blood pressure at zero without feeling her blood vessels,” he said.

After trying for two hours, doctors failed to save the child.

Khánh added that families should not allow their children near dangerous dogs to avoid heart-breaking accidents.

According to doctors, if children are bitten by dogs, they need first aid and to stop the bleeding. They should then be taken to the nearest health clinic for treatment.

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Positive Outlook for European Business in Vietnam

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According to the recent EuroCham’s Business Climate Index (BCI), European companies continue to remain optimistic about Vietnam’s business environment as well as the EU-Vietnam Free Trade Agreement (EVFTA) which will come into effect in 2019.

The BCI for the first quarter of 2018 rose by one point compared to the last quarter of 2017, to 78 points. The BCI measures the business sentiments among European firms having a presence in Vietnam through surveys.

Business situation

European firms operating in Vietnam have historically been fairly positive about the business environment in Vietnam. Respondents who rated the current business environment as “excellent” reduced by 10 percent in Q1 of 2018 compared to Q4 of 2017. However, the percentage who rated the business environment as “good” grew by seven percent. Negative responses stayed at almost the same levels as Q4 of 2017.

Business outlook

With respect to Q2 of 2018, business sentiments remain positive. Respondents who replied “excellent” dropped 11 percent, while ones who rated it as “very poor” increased by one percent. Overall, 69 percent of the respondents rated the business outlook as positive.

Macroeconomic outlook

The macroeconomic outlook among European firms continue to remain positive, with 55 percent of the respondents confident in the macroeconomic situation, nine percent higher compared to the previous quarter.

The percentage of respondents who believe that the macromonomeric situation could deteriorate stayed at the same level, while ones who do not expect any changes decreased by 10 percent.

Impact of inflation

For European firms, inflation did not seem to be a major issue, with 65 percent of the respondents stating that inflation will only have a “minor impact”, while 19 percent believed that it will have “no impact” on their operations.

Around 17 percent of the respondents believed that it may have “significant impact” on their operations.

Hiring

Around 40 percent of the European firms expect to retain their workforce, same as Q4 of 2017, while 12 percent expect to “significantly increase” their workforce and 41 percent will hire reasonably.

Companies looking to reduce workforce dropped from 10 percent in Q4 of 2017 to only five percent in Q1 of 2018, while ones who are planning to significantly reduce workforce accounted for two percent of the respondents.

Investment

EuroCham members who plan to maintain their investments accounted for 45 percent of the responses, a nine percent growth compared to the previous quarter. There was a drop of seven percent in the percentage of respondents planning on “significantly increasing” their investments and an 11 percent growth in respondents thinking of increasing their investments moderately.

Regulatory environment

The survey also included a question about the development of the regulatory situation in Vietnam in 2017. Around 37 percent of the respondents believed that there was no change compared to previous years, while 16 percent said that it has become “slightly complicated”. Almost a fifth (18 percent) of the respondents stated that the previous year’s regulations made their operations “significantly more complicated”.

A quarter of the respondents agreed that the situation has slightly improved while two percent believed that there has been a significant improvement compared to previous years.

EU Vietnam relations

As of 2017, 24 of the 28 EU nations have invested in Vietnam in 2,000 projects with total registered capital reaching US$21.5 billion. Industry, construction, and services were the major sectors that attracted EU capital.

Bilateral trade has increased from US$4.1 billion in 2000 to US$50.4 billion in 2017. Vietnamese exports increased from US$2.8 billion to US$38.3 billion, while imports increased from US$1.3 billion to US$12.3 billion during the same period.

Machinery, footwear, textiles, and agricultural products are the major Vietnamese exports, while machinery, transport equipment, chemicals, and animal products account for the majority of Vietnamese imports from EU.

EU Vietnam FTA

The EU Vietnam FTA, expected to be ratified this year will have a significant impact on Vietnam’s economy. By 2020, Vietnam’s GDP is forecast to grow by US$3.2 billion, and by US$6.7 billion by 2025 due to the FTA. Sectors such as garments, footwear, textiles, agricultural products, machinery, and automobiles will benefit the most compared to other sectors.

The FTA is expected to attract higher investments not only from EU but also from European firms pursuing the China+1 strategy to diversify their operations in Southeast Asia. Vietnam will act as a gateway for European goods in Southeast Asia and may motivate EU to sign a trade agreement with ASEAN in the future. Going forward, Vietnam should continue to focus on reforming its legal framework in accordance with the FTA commitments to fully realize the benefits of the agreement.

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Typhoon Son-Tinh has killed 10 and 21 still missing in Vietnam

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Although now downgraded to a tropical depression, Typhoon Son-Tinh has killed at least 10 people in Vietnam, with at least 21 still missing.

Typhoon Son-Tinh has killed 10 and left 21 missing after hitting north-central Vietnam, authorities say.

The dead included six in Yen Bai province and four in Thanh Hoa, the National Committee for Search and Rescue said in a report, adding that 18 people remained missing in Yen Bai, two in Thanh Hoa and one in Son La province.

Among the dead and missing is a family of four who were swept away by flooding in Thanh Hoa province, with two reported dead and two missing.

Son-Tinh made landfall in Ha Tinh and Nghe An province on Wednesday night. Wind speeds have been recorded at 75-90km/h, the National Centre for Hydro-Meteorological Forecasting reported.
North-central Vietnam has already experienced rainfall of up to 464 millimetres for the past three days.

Nearly 1000 houses were partly damaged or destroyed, while another 1000 were submerged, the Steering Committee for Natural Disaster Prevention said.

The typhoon was downgraded to a tropical depression Thursday morning as it headed toward Laos.
Authorities have warned of flash floods and landslides following the typhoon as heavy rain is forecasted for the entire north and central region through Friday night.

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The State Bank of Vietnam to suspend import of crypto mining hardware

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The Vietnamese central bank, the State Bank of Vietnam (SBV) announced it will suspend the import of cryptocurrency mining hardware, according to local news agency Viet Nam News July 19.

The move followed an official request from the Ministry of Industry and Trade (MoIT), which suggested a temporary ban of imports of crypto mining machines, the volume of which reportedly amounted to 15,600 units from 2017 to April 2018. Most of the units were imported through Hanoi, Ho Chi Minh City, and Da Nang. Helen Partz reported on CoinTelegraph

Deputy Prime Minister Trinh Dinh Dung had previously directed the MoIT, the SBV, and the Ministry of Finance (MoF), to study the import of cryptocurrency miners based on current regulations, and provide guidance on their management.

According to Viet Nam News, the suspension is supposed to improve the management of currency flows in Vietnam, since the use of crypto mining equipment in the country makes it more complicated. The temporary ban also intends to prevent the use of cryptocurrency as an alternative means of payment outside of the official currency, which was declared illegal in late 2017.

Vietnam’s Ministry of Finance (MoF) proposed a temporary temporary ban on crypto mining hardware imports in early June, citing the “very difficult” process of regulating newly mined digital currencies. By proposing so, the MoF aims to protect citizens from crypto scams, following an alleged $660 million scam in April. The scam involved two Initial Coin Offering (ICO) projects headed by a Vietnam-based outfit.

In May, the Hanoi Department of Industry and Trade prohibited institutions and retail entrepreneurs in the e-commerce field from using Bitcoin (BTC) and other cryptocurrencies to carry out online transactions.

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