MICE tourists booms in Da Nang city

Advertisements

Da Nang City has become a favorite destination for MICE (meetings, incentives, conferencing, exhibitions) tourists.

Ben Thanh Tourist and Saigontourist last May organized a conference and entertainment program for nearly 1,300 Oriflame workers at Sun World Da Nang Wonders.

Also in May, Furama Da Nang served two groups of 4,000 guests from World Team Builder. In April, TravelMart served 1,300 MICE tourists who came to Da Nang to attend a workshop, carry out team building activities, and visit famous tourist sites.

These big groups kicked off the 2018 MICE tourism season in Da Nang which will last until September.

Businesses and institutions choose to organize events in Da Nang because of the favorable weather conditions in the central region.

Nguyen Duc Quynh, deputy general director of Furama Resort, said Da Nang has beautiful beaches, landscapes, modern facilities and good transport system.

According to Nguyen Nhu Nam, deputy CEO of TravelMart, Da Nang has quality standard accommodations and conference centers for MICE tourists. The Ariyana Conference Center last year was chosen to organize the APEC 2017 Economic Leaders’ Week (AELW)

Hanoi, HCMC and Da Nang are the three biggest domestic MICE markets for his firms. Every year, TravelMart serves 7,000-8,000 MICE travelers.

Timothy Nicholas Quarm, CEO of Novotel Danang Premier Han River, said that many businesses choose Da Nang as the destination for MICE tourism. Most recently, three international companies decided to organize conferences and annual events at the hotel.

While Da Nang has great potential to attract MICE tourists, its capacity to serve the guests remains limited.

If many groups of tourists come at the same time, the city will lack accommodations. Ariyana is the only international conference center capable of containing over 1,000 guests, while conference rooms at hotels and resorts can contain 200-500 guests only.

Nguyen Thuy Thuan, director of Ben Thanh Tourism, Da Nang Branch, confirmed that a high number of foreign travelers come to Da Nang in summer, so it is difficult to book hotel rooms for MICE travelers.

Meanwhile, Quynh said it is a challenge to provide transport services to 2,000 travelers with 50 buses and 30 electric vehicles.

“We had to cover a lot of work to be sure that travelers could travel easily and come to meetings on time,” he said.

According to the Da Nang Tourism Department, in 2018, the city received 6.6 million travelers, a 19 percent increase over the same period last year.

By Thanh Lich

Source: Vietnamnet

Vietnamese bussinesses concerns about increasing Chinese investment in wood industry.

Advertisements

Việt Nam earned US$4.15 billion from exports of wood and wooden products in the first six months of this year, marking an increase of 8.4 per cent compared with the same period last year.

A report from the Việt Nam Forestry Administration under the Ministry of Agriculture and Rural Development said that the United States, China, Japan and South Korea remained the four largest importers of wood and wooden products from Việt Nam, accounting for 78 per cent of the country’s total export value.

The country also spent nearly $1.1 billion importing wood, up 2 per cent year on year. Imports from the US, German and France rose during the first half of this year, while shipments from Cambodia and Malaysia fell.

According to the Vietnam Timber and Forest Product Association (Vifores), the drop in imports from Cambodia and Malaysia was due to the fact that Chinese businesses had increased purchases from neighbouring countries, including Cambodia and Malaysia. At the same time, Cambodia, Laos and Myanmar had tightened exports of timber due to a ban on shipments of logs and sawn timber from plantation forests.

Vifores said China had increased purchases of raw materials from neighboring countries due to a lack of material in the country. In addition, due to the impacts of trade with the US, several Chinese enterprises planned to invest in Việt Nam’s timber industry to take advantage of cheap labour and preferential policies.

At the end of 2016, Chinese enterprises snapped up materials from timber plantations in the Central Highlands and southeastern region, causing concerns over a lack of raw materials among domestic firms.

Although there are no detailed statistics, in southern Bình Dương Province where 600 enterprises are operating in the wood processing industry, one-third are from China and Taiwan.

This move is understandable as Chinese products are subject to high anti-dumping duties in the US, which spends $30 billion per year on wooden products from China.

Pressure on raw material supplies, changes in US trade policy, and an investment shift in the wood industry from China had affected and would continue to impact Việt Nam, said Vifores.

Nguyen Quoc Tri, general director of the Việt Nam Forestry Administration, said more than 1,500 enterprises had signed commitments to consume raw materials of clear origin and would not violate regulations of importing countries.

Việt Nam plans to focus on investment in large-scale timber plantations, certification and affiliations with local forest growers to supply raw materials for the domestic processing industry.

Source: VNS

4 Tips for Keeping Your Teenage Driver Safe

Advertisements

Teenagers are the most likely to get involved in car accidents. In fact, they are three times more likely to be involved in a fatal crash than older adults. If your teenager just got their license, make sure that they are driving safely.

Here are some tips by Hogan Injury for preventing teenage car accidents.

Encourage Safe Driving

Only let them drive the car if they promise to put on their seat-belt before driving. In addition, prohibit the use of their cell phone while driving. Distracted driving is one of the main causes of vehicle accidents, and many teens will want to text or check social media while driving. One idea is to limit the data and texts on their phone plan, which will cause them to be more careful about using up their data.

Prohibit Alcohol

If your teenager wants to use your car or a car you got them, make it a condition that they don’t drink, ever. Underage drinking is not safe anyways.

Limit Driving With Other Passengers

According to the Insurance Institute for Highway Safety, when a teen is driving, each additional passenger increases the chance of an accident. This is because friends can distract your teenager. In addition, they are more likely to try to act “cool” by driving recklessly if they have friends in the car. Limit your teen’s ability to drive with friends until they can prove that they are a safe driver.

Teach Them Safe Driving Skills

Make sure your teenager has enough practice before they get their license. In addition, let them practice with you in various driving situations, such as at night, in the rain, or in the snow. This will make sure that they know how to drive safely in all weather conditions.

If your teenager gets into an accident, make sure to contact Hogan Injury for legal help right away.

Report launch with Education Development Trust in Vietnam

Advertisements

They are delighted to share the findings of this investigation in their new report: Promising practice: government schools in Vietnam.

Vietnam’s government schools have garnered a great deal of global attention since its strong performance in both the 2012 and 2015 PISA student tests. devdiscourse.com reports

In light of this, Education Development Trust partnered with the Vietnam Institute of Educational Sciences to unearth the factors associated with this success.

They are delighted to share the findings of this investigation in their new report: Promising practice: government schools in Vietnam.

The presentation will cover five features of the Vietnamese school system that have contributed to its strong results.

“Vietnam’s PISA results have shown the world that quality and equity in education can rapidly improve; this report reveals what lies behind this success, not just in terms of the policies and practices that Vietnam has prioritized, but also by showing how these have been sequenced and successfully implemented.” Andreas Schleicher, Director for the Directorate of Education and Skills, OECD.

Education transforms lives and is at the heart of UNESCO’s mission to build peace, eradicate poverty and drive sustainable development.

UNESCO believes that education is a human right for all throughout life and that access must be matched by quality.

The Organization is the only United Nations agency with a mandate to cover all aspects of education.

Millennials at Work

Advertisements

In 2016, millennials composed a third of the workforce in the US, making it the largest generation in the labor force today. With ages ranging from 21 to 36 in 2017, millennials are starting to take on leadership roles, as well.

According to a report by Hogan Injury, so much has been said about this generation, especially by the ones that came before it, in terms of work ethics, values, and belief system. Millennials grew up at a time of 24-hour news, exposing them to events from all over the world, and as they entered the new millennium, they witnessed the 9/11 tragedy; and then later on, were taken to the information age and technological revolutions. All these contribute to this generation’s different worldview and multifaceted set of beliefs.

Indeed, it can pose a great a challenge for organizations, which are still predominantly led by baby boomers, to manage such a complex group of individuals. In dealing with millennial workers, one must understand this generation and how they are different or even similar to the others.

And, If you want tips to empower you mobile workers, check right here

Mentorship

Millennials appreciate regular feedback, and this comes from their need for constant growth and learning. They feel more valued when they get feedback from their superior – whether positive or negative. Since they grew up with high expectations from older generations, millennials also want praise and encouragement for them to have a sense of progress and importance; but above all, millennials prefer managers who are transparent and dependable and whose practices are fair and ethical.

Working with Teams

While millennials have a good sense of their individuality, they work well in groups. Evidence has shown that millennials believe that business decisions are better made when there is a variety of input provided by individuals. However, the study also showed that this belief is not at all unique in millennials as Gen X employees equally believe the same.

Work-Life Balance

Millennials value work-life balance for they know that it is beneficial to their mental health. Across all generations, mental health must be top priority in the workplace. A survey suggests that millennials felt more stressed and under pressure than their baby boomer counterparts, and this is due to factors such as low pay rates and high entry-level workloads.

Being Challenged and Embracing Change

Being the most educated generation to date, millennials are always up for challenges and are ready to take on changes within the organization, provided that they are shown transparency and inclusion in the decision-making.

Integrity and Ethics of the Business

A survey conducted on millennials showed that they put much value on how businesses put their employees first, as well as their solid foundation of trust and integrity. Employee satisfaction and fair treatment ranked number one among values that millennials look for in a business, while ethics, trust, integrity, and honesty came in close second. The Department of Labor implements more than 180 labor laws, covering various workplace activities for millions of employers and workers. These labor laws cover employees’ wages and hours, compensation and benefits, workplace safety, among others. Millennials are particular with the ethical and legal practices of organizations they associate with, so they put prime consideration on this aspect.

Social Responsibility

In valuing an organization, millennials look for authenticity and meaning. They go for companies that hold the same values as they do, and rally around the causes they feel strongly for. A study found that millennials look for reputation-related attributes in businesses when looking for jobs. These attributes include caring about employees, environmental sustainability, community relations, and ethical products and services.

As millennials continue to saturate the workforce, as well as the consumer market, businesses must be more adept in the millennial belief system and workplace behavior. Any organization can benefit from knowing their employees well and creating an environment that best suits their employees’ strengths and potentials. Good employees make good leaders, and millennials will soon take the majority of the business leadership seats. It is then optimal to master the art of dealing with the millennial worker.

If you observe unethical practices at work, contact us at Hogan Injury for expert legal advice.

None of the content on Hoganinjury.com is legal advice nor is it a replacement for advice from a certified lawyer. Please consult a legal professional for further information.

Feature image source: Pexels.com

How Vietnam can profit from US-China trade war threat?

Advertisements

Although US-China trade tension could impair growth in Southeast Asia, the region is siphoning output away from China, where rising wages have driven up costs

Despite economists’ warnings that the escalating trade tensions between the world’s two largest economies could indirectly hurt growth in Southeast Asia, the region is still seen as a destination for foreign companies shifting production away from China, where rising wages have increased manufacturing costs. SCMP reported

US President Donald Trump’s intention to impose 25 per cent tariffs on US$34 billion of Chinese products on July 6, sparking a promise from China to retaliate on the same day with equivalent action on its US imports, has increased the climate of uncertainty and stock market volatility that has driven some foreign businesses away from China to Vietnam.

Newly granted registered capital in Vietnam. First half year 2018 – Source Vietnam’s MPI. Graphic: SCMP

“This is an acceleration of a trend that has been ongoing,” said Adam McCarty, chief economist at Mekong Economics in Hanoi. “The [US-China] trade war has given it a little kick in the last few months, causing people to re-adjust their country risk strategies now that trade actions are ramping up.”

Foreign companies from Japan, South Korea, Hong Kong and mainland China are flocking to Vietnam, largely to diversify their investments, McCarty said. That is especially true in manufactured goods, where Vietnam’s cheaper costs make it more desirable than China.

Vietnam’s economy has been growing at a record pace, driven largely by inflows of foreign direct investment. Growth surged 7.08 per cent in the first half of 2018, the biggest increase since 2011.

First-half FDI rose 8.4 per cent from a year earlier, building on last year’s record 10-year high, according to Vietnam’s Ministry of Planning and Development.

Hong Kong firms are among the big investors in Vietnam who aim to diversify away from China.

Last month, Man Wah Holdings, a Hong Kong furniture maker with factories exclusively in the mainland, bought a Vietnam sofa manufacturing and export company for US$68 million.

Hung Hing Printing Group, another Hong Kong company, had produced products solely in China, but is expanding into Vietnam with a new printing and packaging facility in Hanoi.

Taiwan firms could quit mainland over US-China trade war

That move is part of Hung Hing’s joint venture with Dream International, a leading toy producer that works with big brands such as Hasbro, Mattel and Disney.

More than 70 per cent of Hung Hing’s business comes from exports, primarily to the US and Europe.

A company representative told the South China Morning Post that diversification will help it better serve its large overseas customer base. The representative dismissed the idea that the move was related to avoiding the consequences of US-China trade tensions.

“We would never think of something like that,” the representative said. “We are in no way getting away from China. It is our bread-and-butter business.”

A company statement showed that Hung Hing also bought another manufacturing facility in the mainland in March, and expanded its plant in Heshan in the southern province of Guangdong.

Analysts said that even without the trade war, a developed system of free trade agreements involving Asean, or the Association of Southeast Asian Nations, and its members will make moving to the region even more attractive for companies looking to diversify away from China.

The Asean consumer market is large and growing rapidly. The combined household expenditures of Asean countries came to around US$1.5 trillion in 2017, according to World Bank data. The combined GDP of Indonesia, Malaysia, Philippines, Thailand and Vietnam is expected to increase 5.3 per cent this year.

The threat of trade war tariffs and increasing volatility give companies eager to take advantage of Asean’s growing markets one more reason to move away from China as tensions rise.

“Companies that are moving now may have had plans to move in several years’ time, but are deciding to move in 2018 instead,” said Max Brown, who heads Dezan Shira’s Business Intelligence Unit on Asean.

Vietnam is not immune to the risks posed by escalating trade tensions, analysts warned.

“A trade war that doesn’t include Vietnam could be generally positive for the country, pushing business to Vietnam, some of which is happening already,” McCarty said.

“But the negative is when Vietnam gets lumped in with China, as it has in US anti-dumping actions against Vietnamese steel, and could potentially extend to other goods.”

In May, the US slapped heavy tariffs on steel products from Vietnam that originated in China, ruling the goods circumvented tariffs the US had imposed on Chinese steel in 2015 and 2016.

As the trade war fallout accelerates a broader trend of investment in Southeast Asian countries, the change will have implications for the global supply chain.

Nations such as Malaysia and Indonesia, for example, build heavy machinery parts and goods for items that Chinese exports to the US.

“People are already looking at Asean as a cost centre for lower-end manufacturing that is currently manufactured in China and any additional risk that gets considered along with other issues of rising costs,” Brown said.

While tariffs may not be the only catalyst for relocating production to Vietnam, “wages, the cost of land and the increase in competition are other factors”, the Dezan Shira manager said.

“If tariffs are added to your goods, then that may be the final straw.”

By Keegan Elmer

Over 21,000 People Infected With Dengue Fever since the beginning of 2018

Advertisements

Russia’s Federal Service for Surveillance on Consumer Rights Protection and Human Wellbeing (Rospotrebnadzor) on Wednesday said over 21,000 people have been infected with the Dengue fever since the beginning of 2018.

The Russian health watchdog added that four people have died from the disease.

“Since the beginning of the year, 21,500 cases of the Dengue fever have been registered in Vietnam.

“During the first six months of 2018 four cases of the disease in Vietnam resulted in deaths,’’ the statement said.

The watchdog pointed out that within last several years some cases of the Dengue fever had been registered in Russia among people, who visited Vietnam, Thailand, Indonesia, India as well as Hong Kong and the Maldives.

In 2016, 145 cases of the Dengue fever were registered in Russia, 196 cases in 2017, while in the first six months of 2018 a total of 113 cases were registered in the country.

The Dengue fever is a viral disease transmitted by mosquitoes found in many areas in the world, including in the countries of Southeast Asia.

Symptoms might include headache, vomiting, skin rash and low blood pressure among others.

It is mostly non-fatal; however complications could lead to the death of a patient.

Source: Independent

Key growth drivers in Vietnam are transport and energy infrastructure: Report

Advertisements

Vietnam’s economy grew 7.1 per cent in the first half of 2018, mainly driven by industry, construction and services – particularly wholesale and retail, transport, banking and finance, education and healthcare. Industry and construction expanded 9.07 per cent, while services rose 6.9 per cent.

While growth slowed to 6.8 per cent in 2Q18 owing to high base effects, high transport and energy infrastructure investments will still remain key growth drivers in the second half of 2018, said UOB economist Manop Udomkerdmongkol in a note. Business Times reports.

Industrial production will likely be boosted by continued opening of new multinational enterprises in export-oriented manufacturing and processing industries. In the first four months of 2018, these industries attracted foreign direct investments (FDI) worth US$4.5 billion, accounting for 55.6 per cent of total FDI.

UOB believes that exports and tourism will benefit from a broad-based global recovery, and private consumption should be supported by rising household income and an expansion in private credit.

But the economy is still vulnerable to economic risks amid rising global protectionism and escalating trade tensions between the US and China – Vietnam’s two largest trading partners.

The strong growth eases pressure on the government to add more stimuli to achieve its annual growth target of 6.7 per cent. Hence, another policy rate cut may not be on the cards, even as other Asian central banks have started to pursue monetary policy normalisation by raising policy rates gradually.

Read the full report here.

Taxes in Vietnam at a glance

Advertisements

Vietnam has seen heated debate over taxes recently. With public expenditure rising more quickly than GDP growth, the Ministry of Finance has come under some pressure to raise tax revenues.

But its proposal last year to raise the value added tax (VAT) from 10 per cent to 12 per cent from 2019 met with strong opposition. In January 2018, the government said it would make this hike a little more gradual, raising it to 11 per cent from 2019 and then to 12 per cent by 2020. Asean Business reports

By May however, the Finance Minister said that it would not raise the VAT after all, keeping it at 10 per cent. This was after the government had proposed a property tax in April.

Here are the key tax rates:

Corporate Tax: 20% standard rate

Vietnam imposes a standard corporate tax rate of 20 per cent on a company’s profits, including the profits of its affiliates and branches. Taxable revenue includes income from the sale of goods, provision of services, leasing or sale of assets, joint venture operations and more.

A company is generally considered to be resident if it is incorporated in Vietnam. Residents are taxed on worldwide income, while non-residents are taxed only on Vietnamese-source income.
Enterprises operating in the oil and gas, and natural resources sectors are levied higher tax rates, ranging from 32 per cent to 50 per cent, depending on particular projects.

Incentives for investment

The government offers preferential corporate income tax rates to encourage investment in specific projects or sectors.

A 10 per cent rate for enterprises in sectors including education and training, occupational training, healthcare, culture, sports, environment, social housing, forestry, agriculture, fishing, salt production and publishing. This is subject to conditions.

A 10 per cent rate for a 15-year period may be offered for projects including:

New investment projects in economic zones, high-tech zones and locations with challenging socio-economic conditions

New investment projects engaged in research and technological development, cultivation of high-tech enterprises, investment in key infrastructure projects such as water plants, power plants, bridges, railways, airports, seaports and others

Large scale manufacturing projects, with investment capital of more than 12 trillion Vietnamese dong

A 17 per cent rate for a 10-year period may be offered for projects including:

New investment projects based in areas with difficult socio-economic conditions.

New investment projects engaged in producing high-qualified steel or energy-saving products, manufacturing machinery and equipment for agriculture, forestry, aquaculture, salt production, irrigation equipment and so on.

Other tax exemptions and reductions are offered on certain conditions too, such as a tax holiday of up to four years and a 50 per cent tax reduction for up to nine subsequent years.

Indirect Tax: 10% VAT

Vietnam currently levies a standard value added tax (VAT) of 10 per cent on most common goods and services, and a special sales tax of 5 per cent to 150 per cent on certain types of goods and services.

Reduced rates of 5 per cent and 0 per cent VAT apply to specific categories of goods, such as medical equipment and instruments, fresh foodstuffs and scientific and technical services (5 per cent), and the exports of goods and services (0 per cent).
Withholding Tax

Dividends: No tax is imposed generally on dividends remitted overseas. But if they are paid to an individual, a 5 per cent withholding tax is levied.

Interest: Interest paid to a non-resident is subject to a 5 per cent withholding tax.

Royalties: Royalties paid to a non-resident are subject to a 10 per cent withholding tax.

Personal Tax: 35% top marginal rate

Vietnam’s personal income tax rates follow a progressive schedule that ranges from 5 to 35 per cent, depending on the individual’s yearly income. The top marginal rate of 35 per cent applies to chargeable income above 960 million Vietnamese dong.

Vietnamese residents are taxed on their worldwide income, while non-residents are taxed only on Vietnam-sourced income. An individual is considered resident if he spends 183 days or more within a 12-month period in Vietnam, maintains a residence in Vietnam, or has leased a residence in Vietnam for 183 days or more within a tax year and can prove residence elsewhere.

What’s taxable under the personal income tax regime? All employment income, including employment benefits in both cash and kind. Dividends, interest (except interest on bank deposits, life insurance and government bonds), capital gains from securities trading, and various other types of income such as that from franchising, inheritance and prizes are also taxable.

To get advice on starting a business and taxes in Vietnam, you may contact GBS – a business and legal services firm in Vietnam via email: info@gbs.com.vn. Hotline, Viber, WhatsApp at: +84903189033 or visit the website: https://gbs.com.vn

Survey: Each foreign visitor spends 145 USD daily in Saigon, Vietnam

Advertisements

Average spending of every foreign visitor to Vietnam’s HCMC (Saigon) is US$145 per day.

Vietnam News Agency cited a survey jointly conducted by the municipal Tourism Department and the Statistics Office in 2017 on last few days.

Their accommodation spending was the largest expense (33 percent), followed by food and beverage services (20 percent), shopping (18 percent) and travelling (10 percent),

Overseas visitors who spent 4-7 days in the city accounted for 48 percent of all foreign visitors, while those who stayed 8-14 days made up 40 percent.

Sixty-nine percent of foreign tourists chose more flexible “free and easy” tours, while the remaining 31 percent joined group tours.

Last year, Saigon hosted nearly 6.4 million international arrivals and 24.9 million domestic visitors.

In the first six months of this year, the city welcomed over 3.8 million foreign visitors, up 26.5 percent on-year, according to the department.

Meanwhile, its tourism revenue stood at VND62.6 trillion (US$2.7 billion), up 15.7 percent on-year.

Vietnam plans to receive 16-17 million foreign visitors and 78 million domestic ones, and reap tourism revenues of US$27.5 billion in 2018, according to the Vietnam National Administration of Tourism.

Hanoi cable car proposed to ease cross-river congestion

Advertisements

The cable cars would connect Long Bien Bus Station in Hoan Kiem District with Gia Lam Bus Station in Long Bien across the Red River

The proposal by a French firm to build cable cars over the Red River in Hanoi to ease traffic congestion has been questioned.

The cable cars proposed by the POMA Group, a French ropeway transportation firm, would connect Long Bien Bus Station in Hoan Kiem District with Gia Lam Bus Station in Long Bien across the Red River.

The line which has an investment of VND1.3 trillion (USD59 million), would be five kilometres long, including 1.2 kilometres over the Red River.

Dr. Nguyen Xuan Thuy, former director of the Transport Publishing House under the Ministry of Transport, believed it was unprecedented project.

“Building cable cars in a delta region is a rare case. It is often seen at cities located in high mountainous areas like Switzerland. No country in the world has ever built cable cars between stations”, Thuy said.

The cable cars would have a capacity of 4,000 people per hour, which he claimed was not very effective to deal with traffic jams.

Dr. Pham Sy Liem, vice president of Vietnam Construction Association, said that cable cars take up little space but it is very important to arrange big parking lots at the two sides of the cable cars. How to build such big parking lots to serve a large number of passengers was the question.

Source: Dtinews

 

Hanoi deserted as temperature soars to 64 degrees

Advertisements
Many streets in Hanoi have been left deserted during noon due to the blazing hot temperatures.

The severe heatwave which is ravaging the northern and central regions over the last few days seemed to peak today, July 4 with temperatures reaching 63.9 degrees on Nguyen Hoang Ton Street in Bac Tu Liem District.

Temperatures reach 63.9 degrees on Nguyen Hoang Ton Street in Bac Tu Liem District at 12pm on July 4

Streets saw few vehicles passing quickly to avoid the heat.

Quiet Bach Mai Street at noon


Pham Van Dong Street


Nguyen Khanh Toan Street also saw few vehicles


De La Thanh Street


No vehicle on Thang Long Bridge


Yen Phu Street

According to the National Centre for Hydro-Meteorological Forecasting, the heatwave will last until July 6 when showers and thunderstorms are forecasted in the north
Source: Dtinews

​Vietnam c.bank willing to intervene after dong hits record low

Advertisements

HANOI, July 2 – Vietnam’s central bank is willing to intervene in the foreign exchange market to ensure stability, its governor said on Monday after the dong currency fell to a record low last week.

The dong hit 22,965 to the dollar on Friday, a drop that the central bank attributed to the U.S. currency’s rise on global markets and recent falls on the Vietnamese stock market.

“The State Bank of Vietnam (SBV) … stands ready to intervene in the foreign exchange market,” the central bank quoted governor Le Minh Hung as saying in a statement on its website.

“Currently we have all necessary tools and plans to intervene in the foreign exchange market, ensuring the control of macroeconomic stability,” the statement said.

Vietnam’s foreign reserves have been hitting fresh record highs this year, standing at around $63.5 billion by end-June, up $11 billion from December last year, the statement said.

Foreign direct investment inflows rose 8.4 percent in the first half of 2018, while the Southeast Asian nation posted a trade surplus of $2.7 billion in the six-month period.

The stock market benchmark VN Index fell as low as 932.66 points on Monday, an intra-day level unseen in more than a month. The index has been retreating from a historic high hit in April of 1,211.34, Reuters data showed.

SBV said it will observe the market closely and is ready to sell foreign currency even at lower-than-market levels to ensure market and macroeconomic stability, the bank said in a separate statement on Monday.

The dong recovered slightly on Monday, trading at 22,952 to the dollar, Reuters data showed.

Source: Tuoi Tre News/Reuters

​Foreigners watch World Cup in droves on Bui Vien in Ho Chi Minh City

Advertisements

Many foreigners have gathered at night in restaurants and on the sidewalk of a famous hubbub-filled street in Ho Chi Minh City to share their enjoyment and even disappointment during 2018 FIFA World Cup matches.

After 1:00 am on June 29, over music flaring out from restaurants one was able to hear the sound of excitement from the football spectators in Russia and Vietnamese sports commentators as foreigners were watching World Cup games shown live on several dozen screens along downtown Bui Vien Street, which locals colloquially call ‘Westerners’ Street’ due to the ubiquity of foreign nationals here, although not all of them come from Western countries.

Almost all restaurants on Bui Vien were visited by foreigners, with some even placing chairs on the sidewalk.

In a restaurant at the corner of Bui Vien and De Tham Streets, England fans danced with joy at half-time, only to be saddened by Belgium’s goal five minutes into the second half and Marcus Rashford’s missed chance in the 66th minute.

“It’s fine. England will also enter the next round,” said a 19-year-old British patron named Claudia Ross, giving a strained smile after England lost 0-1 to Belgium in their final group game.

Ross said she loved the atmosphere on Bui Vien, which a hotel staff member recommended to her, and was surprised by the sheer number of screens hung along the road.

Watching football with many others should be more enjoyable than staying alone in a hotel room, she said, adding that she usually joined such gatherings with friends in the U.K.

Billy Smithson, who was in company with two friends wearing jerseys of England’s football squad, said he was strolling along the street when he was attracted by the restaurant’s crowdedness.

“I really like the excitement here. I feel that everyone is football enthusiasts. It’s so great!” he said.

Women watch the England-Belgium match at the 2018 FIFA World Cup in Ho Chi Minh City, Vietnam, June 29, 2018. Photo: Tuoi Tre

An employee at the establishment said it was visited by many customers every World Cup season, and restaurants along Bui Vien installed screens on the façade of their own accord.

The above liveliness was not seen among Japanese nationals watching their home country team play Poland on June 28.

They were seen in small groups drinking glasses of beer while watching the match in restaurants along Le Thanh Ton and Thai Van Lung Streets, where there is a strong Japanese presence, in downtown Ho Chi Minh City.

In an alley that intersects with the latter road and is lined with multiple Japanese-style hotels and restaurants, several Japanese sat on a bench watching the match showed on an outdoor screen.

Foreign patrons watch a 2018 FIFA World Cup match in Ho Chi Minh City, Vietnam, June 29, 2018. Photo: Tuoi Tre
People watch a 2018 FIFA World Cup match in Ho Chi Minh City, Vietnam, June 29, 2018. Photo: Tuoi Tre
People watch a 2018 FIFA World Cup match in Ho Chi Minh City, Vietnam, June 29, 2018. Photo: Tuoi Tre
People watch a 2018 FIFA World Cup match in Ho Chi Minh City, Vietnam, June 29, 2018. Photo: Tuoi Tre
A man (foreground) sprawls in a chair while watching a 2018 FIFA World Cup game in Ho Chi Minh City, Vietnam, June 29, 2018. Photo: Tuoi Tre

By Thai Xuan

Source: Tuoi Tre News

Foreign travellers spend more for longer stays HCM City

Advertisements

HCM City authorities are making efforts to ensure foreign visitors extend their stay in the city, and they seem to be paying off.

Last year the city received 6.36 million foreign visitors, up 22.8 per cent from the previous year. Importantly, the visitors are staying longer and spending more.

A survey of the city’s tourism market found that international visitors spent US$145 a day on average last year, equivalent to the amount they had spent in 2016 in Thailand but well below that of Singapore ($254), Beijing ($242) and Taipei ($208).

The corresponding amount for Vietnamese tourists was $69.4.

The survey was done by the city’s tourism department and Statistics Bureau.

HCM City has plenty to offer travellers, and foreigners stayed for 5.21 days on average last year, while locals stayed for 3.6 days.

Some 48 per cent of foreign tourists surveyed said they spent four to seven days in the city, while 40 per cent stayed for eight days.

Last year, tourism authorities stepped up efforts to get foreign visitors stay on for longer, including by organising tourism events.

Bui Vien Street, at the heart of the back-packer area, was turned into a pedestrians-only zone on weekend nights and entertainment activities have been organised here.

The city’s first river bus began last November, connecting Bach Dang Wharf in District 1 with Linh Dong Station in Thu Duc District, and passing through districts 2 and Binh Thanh.

Source: VNS

Exit mobile version