Vietjet and Boeing ink deal for 100 new aircraft

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At Farnborough International Airshow 2018, the new-age carrier Vietjet and Boeing Commercial Airplanes signed an order contract for 100 B737 MAX aircraft worth $12.7 billion.

Vietjet’s new order will focus on developing the airline alliances across the Asia Pacific region and worldwide, and further enhance the airline’s fleet synchronisation, modernisation and fuel efficiency up to 2025. The deal is also expected to increase bilateral trade turnover between Vietnam and the US, the home of Boeing. Tuan Khanh repored in Vietnam Investment Review.

“We are honoured to deepen our strong partnership with Vietjet as they become our newest 737 MAX 10 customer. Today’s agreement for a repeat order from Vietjet validates the best-in-class capabilities of the 737 MAX family of airplanes,” said McAllister. “With this agreement, we take another major step in growing our partnership with Vietjet, one that continues to contribute to the trade relationship between Vietnam and the United States. This agreement also grows Boeing’s presence and partnerships across Asia Pacific, developing win-win partnerships in a region with tremendous development potential.”

As part of this contract, Boeing Commercial Airplanes has committed to deploying a series of strategic partnership programs to develop modern aviation service ecology in Vietnam, inclusive of Maintenance, Repair & Overhaul (MRO), training for pilots, technicians, engineers, and more, as well as special programs for enhancing the management and automation capabilities for airlines in Vietnam and the Vietnam aviation industry as a whole.

Vietjet is Vietnamese first airline running as a new-age airline with low-cost and diversified services to meet customers’ demands. It provides not only transport services but also uses the latest e-commerce technologies to offer various products and services for consumers. Vietjet is a member of the International Air Transport Association (IATA) with the IATA Operational Safety Audit (IOSA) certificate.

The airline was listed as one of the Top 500 Brands in Asia 2016 by global marketing research company Nielsen and the “Best Asian Low Cost Carrier” at the TTG Travel Awards 2015, which compiles votes from travelers, travel agencies and tour operators in throughout Asia and Asia’s Best Employer Brand by the Employer Branding Institute and World HRD Congress for many years.

The airline was also rated as one of the top three fastest growing airline brands on Facebook in the world by Socialbakers.

Currently, Vietjet features a fleet of 60 aircrafts, including A320s and A321s, and operates more than 385 flights each day. It has transported more than 60 million passengers on a network featuring 93 routes in Vietnam and across the region including Thailand, Singapore, South Korea, Taiwan, Hong Kong, Mainland China, Malaysia, Indonesia, Myanmar and Cambodia.

In the long-term plan, the airline will expand its network across the Asia Pacific region.

Featured photo: Vietjet CEO Nguyen Thi Phuong Thao and Boeing Commercial Airplanes CEO Kevin McAllister represented each side for the signing of this landmark contract at one of the world’s premiere aviation events.

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Go-Jek tests Go-Bike, Go-Send in HCM City ahead of official launch

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Indonesia’s ride-hailing giant Go-Jek will conduct a five-day trial of two of its services, Go-Bike and Go-Send, in some districts of Ho Chi Minh City on July 18, local media reported.

In June, Go-Jek launched two locally founded companies in Vietnam (Go-Viet) and Thailand (GET) to mark the first wave of its international expansion. Both companies will be run by local founding management teams with Go-Jek providing expertise as well as technology and investment.

Go-Viet will officially launch in Ho Chi Minh City in early September. After the testing, Go-Viet will be widely deployed in Ho Chi Minh City and quickly expanded to Hanoi as well as other provinces in the country.

“Our strategy is to combine the world-class technology developed by GO-Jek, with the in-depth market knowledge and expertise of the local teams, to create local businesses that really understand consumers. We believe that these in-country teams have the knowledge and experience to make the businesses in Vietnam and Thailand a huge success,” said Go-Jek CEO and founder Nadiem Makarim.

With the aim of becoming the largest multi-service platform in Vietnam, Go-Viet will start with the service of transport and goods delivery first, then food delivery, e-payment and other services, Nguyen Vu Duc, CEO of Go-Viet was quoted as saying by local media Cafe.vn.

In October last year, Go-Jek founder and CEO Nadiem Makarim announced plans for the startup to operate in four other member countries of the Association of the Southeast Asian Nations (ASEAN) but did not specify the targeted countries.

Apart from Indonesia and the Philippines, Southeast Asia comprises Malaysia, Singapore, Laos, Vietnam, Cambodia, Brunei, East Timor and Myanmar.

Vietnam would be the third market overall for Go-Jek as it already holds a stake in Bangladesh’s ride-sharing app Pathao.

Go-Jek’s competitor Grab, meanwhile, is continuing to expand its foothold in the region. By the end of June, it launched GrabPay mobile wallet with GrabPay Credits in Malaysia and is eyeing more partnerships with local service providers.

By Quynh Nguyen

Source: Dealstreetasia

Asian Games venues ‘95% ready’ but potential pitfalls remain

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Asian Games venues will be ready before Indonesia hosts the showpiece event in a month, organisers say, but the threat of terror attacks and endless traffic jams still looms over the regional olympics.

An army of labourers has been toiling around the clock to finish building work, widen roads and plant trees in a breakneck bid to beautify Jakarta, a teeming metropolis that many visitors find tough to love.

Map and factfile on the Asian Games co-hosted by Jakarta and Palembang, Aug 18-Sept 2. AFP/Laurence CHU

The athletes’ village looks ready, but some competitors may need nose pegs – it backs out onto a toxic, foul-smelling river.

Jakarta and Palembang in Sumatra are set to host about 11,000 athletes and 5,000 officials from 45 Asian countries for the 18 Aug to Sep 2 Games, the world’s biggest multi-sport event behind the Olympics.

Apart from a still-unfinished squash complex, most venues appear nearly ready AFP/ADEK BERRY

The Gelora Bung Karno main stadium, used when Indonesia last hosted the Games in 1962, has undergone a major renovation for the 30 trillion rupiah (US$2 billion) event.

“I think all the venues, from what I see … 95 per cent should be finished by end of July,” chief organiser Erick Thohir, a media tycoon who is chairman of football club Inter Milan, said last week.

EPIC TRAFFIC JAMS

Indonesia started with less time than most countries. It agreed to host the Games when Vietnam pulled out, citing concerns over preparations and the heavy financial burden.

And then Jakarta moved the Games forward by a year to 2018 to avoid a clash with national elections.

Jakarta moved the Games forward by a year to 2018 to avoid a clash with national elections AFP/ADEK BERRY

But organisers insist it won’t be a repeat of the 2004 Athens Olympics when the main stadium was completed just weeks before the opening ceremony, or Brazil’s 2014 World Cup which went ahead in unfinished venues.

The worst-case scenario remains New Delhi’s 2010 Commonwealth Games, where problems ranged from filthy conditions at the athletes’ village to collapsing infrastructure.

Indonesia had problems with the 2011 Southeast Asian Games following corruption scandals and a deadly stampede at the football final.

But the biggest headache at the Asian Games may be getting athletes to venues on time.

Jakarta has some of the world’s worst traffic, forcing organisers to come up with drastic solutions.

Athletes and officials will travel on dedicated road lanes while Jakarta has put an odd-even licence plate system in place to limit congestion.

Schools will also be closed to take the daily commute of millions of pupils out of the equation.

SECURITY FEARS

Security is another concern with the Games coming just a few months after terror attacks in Indonesia’s second-biggest city Surabaya killed a dozen people and reignited concerns about Islamist militants.

Some 100,000 security staff will be deployed in Jakarta, Palembang and West Java, where several events are taking place.

“All safety elements are already in place,” said national deputy police chief Syafruddin, who goes by one name.

“We did not only think about security of the athletes, but we are also preparing safety measures for all aspects related to the games … of course the main priority is security.”

Police say they have been rounding up terror suspects and petty street criminals in a pre-Games crackdown – and even fatally shooting some who resisted arrest.

Many Jakartans seem unaware that their city is hosting a major event though, with promotion of the Games noticeably lacking.
“What is it (the Asian Games)? I’m not too sure,” said Jakarta-based entrepreneur Widi Astari.

Some who do know about the Games have complained about ticket prices, which range from about 50,000-300,000 rupiah (US$3.5-US$21) in a country where many live on a few dollars a day.

“I think it will be great if the organiser provides tickets for the middle-lower class spectators because I think everybody wants to watch,” said Ari Fajar.

About one quarter of the 40,000 tickets available for the opening ceremonies – the cheapest are 750,000 rupiah – were snapped up in first week of sale on Jun 30.

While the Games may not be picture perfect, Jakartan Nia is betting that her country won’t embarrass itself.

“At least the outside world will know Indonesia has tried its best,” she said.

Source: AFP

 

​Google Maps debuts maps for motorcycle in Vietnam

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Google Maps rolled out a new feature, developed specifically for motorbike-dominated countries, for users in Vietnam on Wednesday.

With its latest update for Android devices, Google Maps add a motorbike mode to its platform to better meet the needs of the country’s motorcyclists.

Android users are able to access this mode with version 9.79 of the app.

Prior to the update, commuters who depend on the app were limited to car, walk, and public transport options.

The new feature’s machine learning capabilities allow it to analyze the difference in speeds between motorcycles and cars using data collected from countries where ‘motorcycle mode’ has already been launched, while enabling it to provide users with more accurate travel time estimates.

Data from Vietnamese motorcycle mode users will also be taken into account as it becomes available.

Google Maps is now able to mark out shortcuts and narrow roads that only motorcycles can access, or restricted roads that motorbikes are not allowed to travel on.

Google Maps generates a live traffic map by highlighting sections of road as green, orange, red, and dark red to denote the density of traffic.

The safety of motorcyclists is also expected to be improved with the mode’s simpler routes which rely on local landmarks as points of reference, similar to how humans provide directions, so that bikers can easily memorize the routes and do not have to check their phones on-the-go.

For example, the navigation app might instruct you to “turn right after Starbucks,” instead of “turn right into Dong Du Street” when you are on Hai Ba Trung Street in District 1.

Motorcycle mode first debuted in India in December 2017, followed by Singapore, Malaysia, the Philippines, Thailand, Taiwan, Hong Kong, and Myanmar.

As of Thursday morning, the iOS and web versions of Google Maps have yet to be updated with the feature.

A real-time traffic feature for major roads and highways is also available in the app’s latest updates.

By calculating the speed of Google Maps users on a given road, the app can generate a live traffic map by highlighting sections of road as green, orange, red, and dark red to denote the severity of traffic.

The feature is activated in the map system when a certain threshold of users is noted in a particular area.

By Bao Anh

Source: Tuoi Tre News

 

Lack of serviced apartments in Vietnam – Your business opportunities

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With foreign investors and tourists flocking to the country, demand is high.

Serviced apartments in Hanoi and Ho Chi Minh City reported occupancy rates of 88 percent and 80 percent in the second quarter of this year, Do Thi Thu Hang, associate director of research at real estate consultancy Savills Vietnam, said.

Though international property companies have been investing in serviced apartments in Vietnam since 1993, the number of developments in Vietnam has been very low compared to other countries, she said.

In Hanoi, there are 900 units belonging to three major international chains, or a mere 1 percent of their global holdings, she said.

The number is not enough to meet the demand from an increasing number of expats and tourists coming to Vietnam every year, she said.

Foreign firms have been setting up shop in large industrial zones in various provinces while most of the serviced apartments are in Hanoi and Ho Chi Minh City, she said.

With employees of foreign-invested businesses and other foreign companies being the main customers, “there will be even more demand for this type of apartment in future,” she said.

Foreign direct investment in Vietnam has been increasing in recent years, reaching $35.9 billion last year, the highest since 2009, according to official data.

Vietnam has been attracting an increasing number of international tourists, with 7.9 million of them arriving in the first six months, a 27 percent increase year-on-year, according to the Vietnam National Administration of Tourism.

French tourists get joss paper as change from Hanoi cyclo driver

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A taxi driver in Hanoi, who was paid fake money posted on his Facebook page the story of Frenchmen being duped by a cyclo driver.

As they stepped out of the Ho Chi Minh Mausoleum in Hanoi, two unnamed French tourists agreed on an hour’s cyclo ride for VND600,000 ($26).

The normal rate is around VND100,000 per person per hour. Vy An reported on VNexpress.

At the end of the ride, the Frenchmen gave the cyclo driver VND1.5 million ($65). If they used VND500,000 notes, it is not clear why they paid three, instead of two notes.

The cyclo driver returned their VND900,000 ($39) change in one VND500,000 and two VND200,000 notes.

It was only a day later, when they used that money to pay Huu Phuc, the taxi driver, that they realized they’d been cheated and given paper currency that is usually burnt as offerings for deceased relatives.

Phuc decided to go public with the story and attached a photograph with one of the French tourists holding the fake money.

The French tourists accused cyclo rider for giving them fake money. Photo: Huu Phuc
One of two unnamed French tourists who were allegedly given VND900,000 ($39) in joss paper as change by a cyclo driver. Photo by Huu Phuc

The disappointed tourists said they had to cancel their trip to Ha Long Bay and go to the hill station of Sa Pa instead.

Tourism Department officials have said that they will follow up on the story in collaboration with Hoan Kiem District police.

They will also contact the two French tourists directly for more information after the latter get back from their Sa Pa trip, the officials said.

Phuc wrote in his post: “The two Frenchmen are thankful for people’s help but they don’t want to make a fuss over this situation. They just want a peaceful vacation.”

Vietnam sees 2 more H1N1 deaths in Southern regions

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A pregnant woman from Vietnam’s southern Dong Thap province and a man with diabetes from southern Tay Ninh province died on Tuesday after contracting flu virus H1N1, the health departments of these two provinces said on Wednesday.

The 35-year-old woman, who was 32 weeks pregnant, died in the Ho Chi Minh City Hospital of Tropical Diseases, but her baby has not been infected with the virus, and has been discharged from hospital after an emergency operation on the mother, said the Dong Thap Department of Health.

The 48-year-old man died after one week treatment, according to the Tay Ninh Department of Health.

Before the two latest H1N1 deaths, Vietnam’s southern region reported four fatalities of the flu virus.

Vietnam experienced an H1N1 pandemic in 2009, with over 9,000 cases of people contracting the disease and nearly 20 deaths within four months of the year, according to the Health Ministry.

In a tropical country like Vietnam, the bird flu circulates the entire year round, usually reaching several peaks in the rainy season. The H1N1 virus causes pernicious respiratory infection.

Vietnam says no to trash but in danger to become a dumb

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It’s another waste-full day in Minh Khai, Hung Yen Province.

Blocks of plastic bags sprawl on the ground, fill up alleys, besiege houses; machines groan and toss shredded plastic pieces into the air; sewage carrying debris leaks onto the streets; and kids splash themselves in a dark, murky pond.

It is a scene similar to the recycling dead zones in China –exhaustively detailed in documentaries such as Plastic China and books like Adam Minter’s Junkyard Planet.

There’s a big difference, though.

China’s recycling villages are cleaning up their act in haste.

Since January 1, the world’s biggest waste importer and recycler has said no to old mobile phones, paper, textiles and plastics it had always imported from the world for decades. It wants to take back its blue sky.

While a blue sky has not been a frequent sight in industrial Hung Yen or polluted Hanoi, it has been definitively gray in Minh Khai, one of Vietnam’s largest plastic recycling villages.

It’s noon, traditional Vietnamese nap time, but in Nguyen’s 100-square-meter workshop, the machines are still roaring.

The 31-year-old recycler is overseeing five employees as they cut, melt and mold plastic, even as she darts between heaps of translucent bags and her kitchen to cook her family of six a quick lunch.

These days, Nguyen, who declined to give her full name, can’t afford to take a long break. Her pellet-making machine handles about 1.5-2.5 tons of plastic per day, about 50-75 tons a month. Trash is pouring in from all over the world, Nguyen said, but mostly from Germany, Japan and the U.S.

Nguyen has been a recycler for about two decades but only in the past year has she seen such a surge in the volume of foreign waste.

She cannot cite figures; all Nguyen knows is that Chinese brokers hand her cash and tell her they need no contract. “I don’t even know who they are but every month, I buy about three containers from them,” Nguyen said.

Like many recycling households in Minh Khai, Nguyen will sell her pellets back to China, where they are made into cheap plastic tables, stools, containers that find their way back to compete in Vietnamese market.

Minh Khai has 1,000 households, of which more than 90 percent recycle plastic at home. Hanoi lacks an effective official recycling scheme, so for more than three decades, Minh Khai has been one of the major informal recycling hubs that handle plastic for the capital and the Red River Delta.

Until 2017, only 143 households were registered businesses.

“It’s only in the past two years that our village started buying more from Chinese brokers,” a 64-year-old recycler named Hoang remarked. “Truck after truck brings up to a thousand tons of plastic a day.”

“My neighbors are not only working by day but they have started to run the machines at night as well to handle the new waste. I can’t get enough sleep,” Hoang complained.

In May, a national TV channel estimated that around 1,000 tons of plastic waste was arriving in Minh Khai every day, a ten-fold surge since mid-2017.

Hung Yen authorities acknowledge the surge in waste, but are not able to locate its origins. And until they find a way to sort this problem, informal recycling hubs like Minh Khai are not the only destinations that will see foreign waste pile up.

From January to November 2017, Vietnam increased its imports of PE and PET plastic by more than 166 percent and 137 percent year-on-year, respectively. In November 2017, it was also the biggest importer of scrap plastics marked “mixed/other.”

In the first quarter of 2018, Vietnam imported nearly 79 million pounds of recovered plastics, up from 40 million pounds over the same period in 2017. It became one of the U.S.’s largest scrap plastic buyers, Resource Recycling Inc. quoted the U.S. Census Bureau as saying.

International dumping ground

In 2011, China introduced its Green Fence program, an attempt to slowly close its doors to contaminated materials.

China had been importing 45 percent of world’s plastic waste since 1992, and according to a research article published on Science Advances this June, the Chinese ban will displace an estimated 111 million metric tons of plastic waste by 2030.

While major exporters like Europe and the United States are diverting their trash to Southeast Asia, industry insiders say that China’s recycling industry itself could shift to other destinations in the region, such as Vietnam.

According to a report, Chinese recyclers are already moving much of their capacity abroad, as the curbs on imported trash have deprived them about half the materials they normally need to produce plastic pellets.

The report says over 1,000 Chinese recyclers already investing in Southeast Asia, particularly Malaysia and Thailand, hoping to indirectly move processed foreign scrap in higher-grade form to meet their country’s new standard.

However, the new routes have not been smooth since shipments have faced delays, while Thailand and Malaysia were also tightening regulations. One China-invested importer was already forced to close in Thailand, while Malaysia has not been accepting import permit applications since mid-May.

In Vietnam, fears of the country turning into “an international dumping ground” are growing.

Despite a halt in issuing scrap import permits since 2017, Vietnamese seaports have been clogged with thousands of containers of foreign scrap.

As of May 2018, nearly 28,000 containers were stuck in seaports across Vietnam, according to the Vietnam Maritime Administration. The goods range from electric cords, outdated household appliances, secondhand fabric and used cars to plastic and paper scrap, which makes up the majority.

Tan Cang Cat Lai, one of Vietnam’s largest shipping terminals, had more than 8,000 TEUs (1 TEU equals a 39-cubic-meter container) of plastic waste and paper as of May 21.

The Tan Cang Cai Mep International Terminal also said that the large volume of plastic waste containers the port has received has caused troublesome backups and delays. Both terminals, which are operated by the Saigon Newport Corporation, say they are not accepting plastic scrap until October 15.

Customs officials are ramping up inspections after a recent report of the Vietnam Customs described numerous violations in scrap paper and plastic waste imports – including materials not meeting quality standards, mislabeling, forged import permits and even lack of permits.

In a recent National Assembly session in Hanoi, Tran Hong Ha, Minister of Natural Resources and Environment, responding to concerns that the country can become a landfill of industrial and radioactive waste, said Vietnam has to start saying no to scrap import because the country is not able to deal properly with solid waste.

“Waste in Vietnam is different from the world and even the advanced technologies that other developed countries use to treat their waste have turned out to be inappropriate in Vietnam,” he said.

Many domestic waste treatment plants do not operate effectively and if those plants cannot meet technical and environment criteria, they should be shut down, the minister added.

Until developed nations find a concrete solution for the new-found crisis, it appears that the burden will be borne by Vietnam’s seaports and its limited recycling infrastructure.

For informal recyclers like Hoang and Nguyen of Minh Khai, business will remain hectic, but they are not complaining

By Retail News Asia

Amazon’s Prime Day runs into early snags

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Amazon’s website ran into some early snags Monday on its much-hyped Prime Day, an embarrassment for the tech company on the shopping holiday it created.

Shoppers clicking on many Prime Day links after the 3 p.m. ET launch in the U.S. got only images of dogs — some quite abashed-looking — with the words, “Uh-oh. Something went wrong on our end.” People took to social media to complain that they couldn’t order items.

By about 4:30 p.m., many Prime Day links were working, and Amazon said later Monday that it was working to resolve the glitches.

In an email to The Associated Press, it said “many are shopping successfully” and that in the first hour of Prime Day in the U.S., customers ordered more items than in the same time frame last year.

In this Aug. 3, 2017, file photo, Myrtice Harris applies tape to a package before shipment at an Amazon fulfillment center in Baltimore. Amazon’s Prime Day starts July 16, 2018, and will be six hours longer than last year’s and will launch new products. (AP Photo/Patrick Semansky, File)

Still, the hiccups could mute sales and send shoppers elsewhere during one of Amazon’s busiest sales periods that’s also a key time for it to sign up new Prime members. Shoppers have lots of options, as many other chains have offered sales and promotions to try to capitalize on the Prime Day spending.

Analyst Sucharita Mulpuru-Kodali at Forrester Research called the glitch a “huge deal.”

“This is supposed to be one of their biggest days of the year,” she wrote in an email. “I am shocked this caught them off guard. But I guess the lesson is to not have a big unveil during the middle of the day when everyone comes to your site all at once.”

Amazon, which recently announced that Prime membership would be getting more expensive, was hoping to lure in shoppers by focusing on new products and having Whole Foods be part of the process. It was also hoping parents would use the deals event to jump start back-to-school shopping.

Jason Goldberg, senior vice president of commerce at Publicis.Sapient, noted that the problems could turn off shoppers for a while, particularly those who planned to sign up for Prime membership.

“If you were planning to find Prime deals to lower the cost of back-to-school (purchases), you’re almost certainly going back to your traditional venue of choice,” he said.

In this Aug. 3, 2017, file photo, packages pass through a scanner at an Amazon fulfillment center in Baltimore. Amazon’s Prime Day starts July 16, 2018, and will be six hours longer than last year’s and will launch new products. (Photo/Patrick Semansky, File)

Goldberg noted that it’s easy for Amazon to extend deals on its own devices and brands, but trickier for it to extend deals for its third-party sellers because they signed up for different promotional slots.

While Amazon doesn’t disclose sales figures for Prime Day, Deborah Weinswig, CEO of Coresight Research, had estimated that it will generate $3.4 billion in sales worldwide, up from an estimated $2.4 billion last year. Prime Day also lasts six hours longer than last year.

Meanwhile, other retailers like Macy’s, Nordstrom, Best Buy, Walmart and Target have rolled out their own promotions, said Charlie O’Shea, lead retail analyst at Moody’s.

“Brick-and-mortar retailers know that they have little choice but to continue offering their own deep discounts, which is evident in the proliferation of ‘Black Friday in July’ deals that are being launched earlier each year, as well as various ‘price match’ offers,” he said in a note earlier Monday.

Amazon created Prime Day in 2015 to mark its 20th anniversary, and its success has inspired other e-commerce companies to invent shopping holidays. Online furniture seller Wayfair introduced Way Day in April, becoming its biggest revenue day ever.

Prime Day also usually helps boost the number of Prime memberships. Amazon disclosed for the first time this year that it had more than 100 million paid Prime members worldwide. It’s hoping to keep Prime attractive for current and would-be subscribers after raising the U.S. annual membership fee by 20 percent to $119 and to $12.99 for the month-to-month option.

“It has been one of the best vehicles” for signing up members,” said Goldberg.

In this Aug. 3, 2017, file photo, packages ride on a conveyor system at an Amazon fulfillment center in Baltimore. Amazon’s Prime Day starts July 16, 2018, and will be six hours longer than last year’s and will launch new products. (AP Photo/Patrick Semansky, File)

By Anne D’Innocenzio

Source: AP

New York-London in 3 Hours? Supersonic Travel May Be Back by Boeing

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Fifteen years after the Concorde last flew, supersonic air travel is back in the aerospace industry’s sights.

According to a report on WSJ, investors, plane makers and equipment suppliers are pushing to revive superfast airliners and business jets. The big questions: Will regulators go along, and will passengers be willing to pay? The Concorde was an economic failure.

The latest efforts, highlighted by exhibits and discussions at the international air show here, reflect support from major aerospace companies, buttressed by promising research into reducing the sonic boom that occurs when planes exceed the speed of sound.

Backers include Boeing Co. BA, +0.72% , Lockheed Martin Corp. LMT, +0.55% and closely held Colorado startup Boom Technology Inc., which aims to start flying a reduced-size demonstration craft late next year. An initial goal for Boom’s proposed airliner is to slash the time for transcontinental trips by more than half. Round trips between the U.S. West Coast and Asia could be completed within the same day, for business travelers—the plush cabins would offer only premium seats—in a real hurry.

“This was the future we were all promised,” said Steven Isakowitz, president of Aerospace Corp., a nonprofit think tank for the Pentagon. In an interview earlier this month he cited both technical advances and “extremely interesting” NASA research into reducing the shock wave and noise.

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VinFast teases sedan, SUV debuts for 2018 Paris Motor Show

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Some big names might not be in Paris this year, but Vietnam’s VinFast wouldn’t miss it.

In June, Vietnam’s first high-volume automaker broke cover, announcing its intent to debut vehicles at this year’s Paris Motor Show. Now, we have an idea of what they’ll look like. Andrew Krok reports on CNET

VinFast unveiled two teasers ahead of its debuts at the 2018 Paris Motor Show. Neither vehicle has a name yet, but that’s fine, because it’s not hard to tell the two apart — one’s a sedan, and one’s an SUV. The sketches you see are the result of a voting campaign that showed Vietnamese citizens multiple vehicles and asked them to pick their favorites.

Both cars look sharp, like the lovechild of an Alfa Romeo and a Tesla. But their appearances shouldn’t come as a surprise, even from a brand-new automaker — Pininfarina, the legendary design house responsible for multiple Ferrari models and one very cool soft drink dispenser, is helping develop these two vehicles. That name recognition will certainly help VinFast’s aspirations.

There’s still a ways between the debuts and actual production, though. Following the Paris show this October, VinFast believes its vehicles will be ready for sale in its home market in September 2019. The company says other vehicles are already in the pipeline, and it hopes to export its cars to other markets “in the coming years.”

Even though the country relies heavily on two-wheeled implements for travel, VinFast wants its operation to be 100 percent Vietnamese. To that end, the automaker is currently building a 35-million-square-foot facility in Hai Phong, which is in the northern part of the country. Considering how excited the company is to be in Paris later this year, odds are we’ll be hearing more about VinFast before the show even begins.

Vietnam government not permitted to receive direct foreign loans

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A new decree by the Vietnam Government prohibits local governments from directly borrowing from international lenders, or to guarantee the borrowing of organizations and individuals, along with the issuance of bonds.

Under Decree 93/2018/ND-CP on management of debts of local governments, local governments can receive loans to finance their overspending with projects in medium-term public investment plans to pay off original debts, if approved by municipal or provincial People’s Councils. Lan Nhi, from the SaigonTimes reported.

Local governments’ borrowing must follow regulations as set by the laws on State budget and public debt management. Also, governments needs to ensure a five-year borrowing plan, a three-year debt management program and an annual borrowing plan within the upper cap, as informed by the competent authority, and the outstanding loan cap as stipulated by the law on State budget and the Government’s decrees, concerning special financial and budgetary mechanisms of certain localities.

Prevailing special mechanisms for localities, such as Hanoi and HCMC, allow for capital mobilization of over 30% of capital for annual investments to meet local capital needs and accelerate investments.

Government data reported that outstanding loans by local governments, as of early last year, were VND66.105 trillion, with advances on the State budget making up VND7.48 trillion, municipal bonds VND25.234 trillion and loans from commercial banks reaching VND1.356 trillion.

Regarding local government loans from the Vietnam Development Bank, which were primarily from bonds guaranteed by the Government and from the Government’s foreign loans, they were not included in the calculation of outstanding loans of localities, as they were already in Government-guaranteed debts and foreign loans by the Government, to avoid overlaps.

This year’s planned borrowing by localities has reached over VND21.513 trillion, with VND8.769 trillion in domestic loans and VND12.744 trillion from the Government’s on-lending loans, which is still within the permissible level.

On-lending of ODA, concessional capital specified

The Government has issued Decree 97/2018/ND-CP on on-lending of official development assistance (ODA) loans and foreign concessional loans provided by international donors.

On-lending requirements applied to local governments, enterprises and public non-business units are stipulated in Article 36 of the law on public debt management.

Regarding on-lending ratios assigned to local governments, localities with central budget allocations making up 70% or more of total local budget spending, the ratio is 30% of ODA and concessional loans. However, with localities which have central budget allocations accounting for 50-70% and below 50%, the ratio is kept at 40% and 50%, respectively.

Localities which send off a proportion of their incomes to the central budget fund, except for Hanoi and HCMC, receive an on-lending ratio of 70%. Such a ratio for Hanoi and HCMC is 100%.

The Ministry of Finance provides on-lending ratios of localities for every budgeting period by January 1 of the first year in such periods.

As for public non-business units, those which can cover all regular expenditures and investment costs, the on-lending ratio is 100% of ODA and concessional capital used for investment projects. Meanwhile, the ratio is only 50% for units which can cover all regular expenditures and part of investment costs.

Businesses are eligible to borrow ODA and concessional capital used for investment projects, but the loans cannot exceed 70% of the investment amounts approved by competent authorities.

According to the decree, on-lending rates are as prescribed in Clause 5, Article 34 of the law on public debt management, including the law on public debt management and rates of the Government’s foreign loans, related fees in foreign lending agreements and fees of on-lending management and risk provisions.

Lenders must make sure on-lending loans are used for the correct purposes and are applied effectively, according to decisions on investment approval, project documents and signed on-lending contracts.

Also, borrowers have to pay off loans in full amounts and on time, according to on-lending contracts to the Ministry of Finance or authorized on-lending agencies.

Ha Giang province’s exam cheating scandal revealed

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Prime Minister Nguyen Xuan Phuc has ordered the Ministry of Public Security to open an investigation into the recent high school exam scandal in the northern mountainous province of Ha Giang.

So far, Vu Trong Luong, Deputy Chief of the Examination and Quality Management Division under the provincial Department of Education and Training, has been arraigned for his part in the scandal.

The Ministry of Education and Training (MoET) reported the shocking news at a press conference on July 17, while also confirming more than 300 test results of 114 students would be adjusted.

Following the abnormally high test results in the province, on July 14, an inspection team led by Mai Van Trinh, head of the Authority of Examination and Quality Management under MoET, started re-grading all students’ answer sheets.

The inspection revealed that, bar the literature test, all eight others which were taken as multiple-choice test showed signs of cheating.

A total of 102 maths test results were adjusted, as were 85 in physics, 56 in chemistry, 52 in English, eight in biology, eight in history and three in geography and 52 in English.

Several students ended up with results more than 20 marks higher than they should have received. Some even ended up 29.95 marks better off.

Nguyen Cao Khuong from the Ministry of Public Security said Luong was mainly responsible for scanning answer sheets into a computer then sending the database of results to the MoET.

He then took advantage of his position to download the database of tests to his personal computer.

According to the inspection team, from 12pm to 2.38pm on June 27, Luong was in charge of transferring two boxes of multiple choice answer sheets and a computer to the provincial Department of Education and Training. In only two hours, he broke the seal, pulled answer sheets out and altered answers.

Till now, no other individual has been found to be Luong’s accomplice. However, it seems impossible he could have altered all the answer sheets in the period as it took the inspection team of 10 people eight hours to do the same thing. “We are conducting further investigations,” said Khuong.

He added that the database of the 2017 national high school examination results was still on Luong’s computer, which he voluntarily handed to law enforcement.

Tran Duc Quy, Vice Chairman of the provincial Ha Giang People’s Committee, said they were unable to ensure the examination’s security.

“There are things we cannot control despite our efforts to tighten management. Our limited capacity created loopholes for the fraud to happen,” he said.

“However, we tried to re-grade and announce the real test results for examinees. Ha Giang province’s education sector, however, has learnt a salutary lesson,” he added.

Vu Van Su, Director of the provincial Department of Education and Training, said that they would take responsibility for the incident.

“We worked all night to reach the final conclusion and reveal the real result in the effort to regain the belief of Ha Giang’s people,” he said.

The national high school examination has been held for four years. The result is used to determine if a student graduates from high school and gets into their dream university or not.

Since 2017, the multi-choice form has been applied to all tests except for literature. In 2018, MoET tightened the exam’s security by stamping bags of answer sheets with signatures of supervisors and universities’ representatives.

“What happened in Ha Giang province was terrible but it does not mean we need to change the examination which is approved of by a lot of people. In the years to come, the ministry will come up with solutions to improve it,” said Trinh.

The last examination was taken by 5,400 Ha Giang students. In the top 11 students nationwide with highest scores, the province contributed three. Regarding the physics test, 65 students scored nine or higher, accounting for 67 percent. The abnormal result triggered social uproar.

Source: VNN

Shares rise for four consecutive sessions

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Shares rose for the fourth consecutive session on Tuesday with an improvement of liquidity, largely on the strength of a handful of banking and individual blue-chips.

The benchmark VN-Index on the HCM Stock Exchange was up 1.12 per cent to close at 921.27 points. It gained 3.1 per cent during the past four sessions.

The HNX Index on the Hà Nội Stock Exchange added 1.65 per cent to end at 104.83 points. The index had increased a total of 6.4 per cent over the last four sessions.

Market trading liquidity showed improvement with some 189.3 million shares being traded on the two local exchanges, worth VNĐ4 trillion (US$176 million).

Market trading conditions were quite positive on Tuesday, with 170 declining stocks against 266 gainers, while 304 other stocks remained unchanged.

Cash flow drove up 18 of the 20 sectors on the stock market. Key industries that saw share prices increase included banking-financial, securities, retail and real estate, data on vietstock.vn showed.

The VN30 Index, which tracks the 30 largest shares by market capitalisation, was up 1.26 per cent to end at 915.53 points.

VN30 basket’s three new members of VPBank (VPB), Vincom Retail (VRE) and jewelry producer Phú Nhuận (PNJ) were among the best performers, up at least 4 per cent.

Bank stocks were the darlings of the market on Tuesday, with JSC Bank for Investment and Development of Việt Nam (BID), Techcombank (TCB), Vietinbank (CTG), Military Bank (MBB) and VPBank (VPB) rising between 1.6 per cent and 6.7 per cent, driving the whole market up.

Two giants in the securities sector, Ho Chi Minh City Securities Corporation (HCM) and VNDirect Securities Corporation (VND), also saw share prices shooting up by 3.4 per cent and 3.6 per cent, respectively.

Two seafood processors Vĩnh Hoàn Corporation (VHC) and Sao Mai Group Corporation (ASM) unexpectedly closed at the ceiling price, hitting the daily limit rise of 7 per cent.

Two real estate developers, Đất Xanh Group JSC and LDG Investment Joint Stock Company, also hit the daily limit rise of 7 per cent.

The UPCOM Index on the Unlisted Public Company Market (UPCoM) gained 0.25 per cent to finish at 49.42 points. It rose 0.06 per cent on Monday.

According to Bảo Việt Securities Company, bottom fishing demand increased sharply at the end of the session, focusing on large-cap stocks.

However, BIDV Securities Company said in its daily report that the market rally on Tuesday was not a very strong recovery signal due to the waiting sentiment for supporting information from Q2 business results, investors should trade carefully.

Source: Vietnamnews

Central bank intervenes to check currency fall

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The dong showed signs of stability on Wednesday, rising slightly against the dollar as the State Bank of Vietnam intervened to increase foreign currency supply.
Local currency exchangers were selling a U.S. dollar for VND23,300 at 1 p.m. Wednesday, down VND50 from the peak of VND23,350 of last week. Their purchase price was VND23,230.

“Demand for USD has considerably decreased, so we’ve lowered the rate,” said a money changer in Disctrict 1, Ho Chi Minh City.

The VND/USD rate has also stabilized in commercial banks. Vietcombank has been trading U.S. dollars at VND23,010-23,080 for the last three days. The corresponding range was VND23,020-23,090 at Eximbank and other local banks.

This is a good sign for foreign currency liquidity, said the vice chairman of a joint stock bank in the South who asked not be named.

“In the last few days, the central bank has been selling dollars to limit fluctuations in the USD/VND exchange rate,” the banker said.

This intervention was one of the reasons behind the increase in the dong’s value against the U.S. dollar, the source added.

Source: Vnexpress

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