NZTech chair Mitchell Pham who receives the Kea World Class New Zealand Award tomorrow night, is a leader in New Zealand’s world class tech sector. Make Lemonade reported.
Past winners of these awards include Sir Peter Jackson and Lady Fran Walsh.
Mitchell Pham, director at Augen Software Group in New Zealand and Vietnam, co-founder of the Kiwi Connection Tech Hub, Chair of NZTech and FinTechNZ, will be recognised for his contribution to the New Zealand technology sector and NZ-Asia relations.
NZTech chief executive Graeme Muller says Pham’s passion and contribution has been outstanding in New Zealand’s fastest growing sector.
Pham slipped out of Vietnam during the 1980s, survived several near-death experiences crossing the South China Sea and two perilous years in four refugee camps in Indonesia before settling in New Zealand when only 13. Today is World Refugee Day.
“Our entire country is now starting to build a reputation as being high tech. This is supported by the success of many of our world class New Zealanders including Greg Cross, Sir Ray Avery, Craig Nevil-Manning, Leigh Flounders, Gavin Lennox and Pham.
“The ground-breaking work of NZTech and NZTE with the Upstarters campaign, recently launched by Prime Minister Jacinda Ardern, is a key milestone in supporting tech and innovation companies to promote themselves on the world stage.
“The UpStarters story was created to form a compelling, consistent and coherent way of sharing New Zealand’s tech and innovation capabilities internationally. Over time, this story will help build New Zealand’s reputation as a credible source of world-class innovation and technology solutions.
“UpStarters has been designed to help New Zealand firms explain how they come from a country with a history of innovation, and to stand on the shoulders of those that have come before them – such as splitting the atom, inventing the electric fence and the plastic syringe.
“Our technology industry is now New Zealand’s third largest export sector with overseas earnings reaching $7 billion,” Muller says.
Pham says New Zealand tech businesses are reaching out to seize huge opportunities in Asia to meet rapidly growing consumer, commercial, agricultural, industrial and government needs.
“I feel honoured to win the World Class New Zealand award and would really like to see New Zealand technology promoted to the world as vigorously as we have made a huge effort over the past 20 years to globally feature tourism in this country.
“As a technology entrepreneur who has travelled extensively throughout Asia, the lack of knowledge of Kiwi tech ingenuity is a constant frustration for me. There’s almost no place in the Asian region where I can use the NZ Inc. brand to help position a tech business as being from a well-known high-tech export nation.
“New Zealand has invested heavily in promoting education and tourism for decades, which is why we are so well known in Asia for these industries. It’s time we make an ongoing investment into promoting our fastest growing sector of our economy. The sooner the better, as it will take time to build brand association between NZ and high-tech nation.”
Vietnam boasts one of the world’s fastest-growing economies, optimistic citizens and a stable government. But below the surface of positive data points lies discontent that spilled over during recent protests across the country.
On Sunday, hundreds of anti-riot police blanketed central Ho Chi Minh City, the nation’s thriving commercial centre, to prevent demonstrations after thousands of Vietnamese took to the streets across the nation the previous week. They were marching against proposed special economic zones with 99-year land leases they fear will lead to Chinese encroachment, as well as cybersecurity legislation they believe will curb online freedoms.
“There’s an overall frustration in society,” said Alexander Vuving, a political analyst at the Asia-Pacific Centre for Security Studies in Hawaii. “During the 10 years since Vietnam joined the World Trade Organization, they have seen progress in terms of wealth creation. At the same time, people have seen a lot of corruption scandals. And Vietnamese are very suspicious of Chinese influence.”
Vietnam’s one-party system is governed by a collective leadership involving the Communist Party general secretary and ministers. Activists and bloggers who challenge the legitimacy of the party and government can be jailed – there are currently 169 activists in prison, according to US congressman Chris Smith, a New Jersey Republican who has held hearings on Vietnam.
In the south-central province of Binh Thuan, police are prosecuting eight people on charges of causing public disorder, the government-owned Vietnam News reported on Tuesday. The province experienced demonstrations on June 10-11, when vehicles were set ablaze, government buildings damaged and 45 police officers injured, according to the Ministry of Public Security.
To be sure, citizens have benefited greatly by the communist government’s aggressive moves to open the economy up to the world.
Booming economy
Vietnam has averaged economic growth of 6.3 percent between 2005 and 2017, multiplying its per capita income six-fold to US$2385 (K3.27 million) last year from $396 in 2000, according to data from the General Statistics Office in Hanoi.
The economy grew 7.38pc in the first quarter and the World Bank revised its forecast on Vietnam’s 2018 economic growth to 6.8pc from 6.5pc. The booming economy is being driven by investments from foreign companies such as Samsung Electronics Co., LG Electronics and Nestle SA that have made the country a manufacturing powerhouse.
Still, a level of distrust of the government exists among average citizens, whose concerns are amplified on social media.
One flashpoint is the nation’s fraught relations with its powerful neighbour, China, with which it fought a brief border war in 1979. A Pew opinion poll released last year found just 10pc of Vietnamese view China favourably. Territorial tensions have picked up between Vietnam and China since China dragged an exploration oil rig into contested waters in mid-2014. The move led to deadly anti-China protests in Vietnam and clashes at sea between coast guard boats.
“Anti-China sentiment is toxic in Vietnam,” said Carlyle Thayer, an emeritus professor at the Australian Defence Force Academy in Canberra.
Thousands of protesters, fearing a proposed law on special economic zones would allow Chinese to gain influence over the nation with 99-year leases, demonstrated from Hanoi to Ho Chi Minh City on June 10. In all, about 300 people were detained, including US citizen Will Nguyen, who was accused of causing public disorder, the Ministry of Foreign Affairs spokeswoman Le Thi Thu Hang said at a Hanoi press briefing Thursday.
Cybersecurity law sparks anger
Vietnamese are also inflamed about a cybersecurity law approved by the National Assembly last week that requires companies such as Facebook and Google to store data of local users within the country. The law, which goes into effect January 1, also bans internet users from organising, encouraging or training other people for anti-state purposes, spreading false information, creating difficulties for authorities and damaging socioeconomic activity.
Unlike previous protests such as those in 2016 against an environmental disaster tied to Taiwan’s Formosa Plastics Corp., the recent demonstrations involved more ordinary citizens and fewer well-known activists, Vuving said.
An undercurrent of anger is swelling among average Vietnamese because of “massive corruption and extreme lack of transparency in provincial governments,” said Le Dang Doanh, a Hanoi-based economist and former government adviser. “It’s very important that the government talk more to people to relieve problems before they become big issues among citizens.”
For now, the discontentment won’t deter investors in Vietnam, which depends on foreign direct investment for growth, said Bernard Lapointe, Ho Chi Minh City-based head of research at Viet Dragon Securities. “The biggest risk for Vietnam, in case of an escalation of social discontent, would be a drop in FDI.”
Political leaders are working to tamp down the anger. The National Assembly postponed voting on the special economic zones legislation until later this year and removed the 99-year lease provision.
Communist Party General Secretary Nguyen Phu Trong called on citizens to trust the party’s leaders and remain calm, according to a statement posted on the government’s website Monday. The party, he added, “has no other purpose other than being for the country and for its people.”
All pundits are in agreement: the Vietnamese tourism industry is on the up in a big way. Vietnam has remarkable potential for growth – both in terms of tourist interest and projected revenue.
Last year, the United Nations World Travel Organization (UNWTO) listed Vietnam among the top 10 fastest-growing tourist destinations. Jones Lang LaSalle also cast a vote of confidence, listing Ho Chi Minh City and Hanoi among the 26 most attractive cities for hotel investment worldwide. Top Hotel News reported
But what is the word on the street? It’s easy to say ‘invest in Vietnam’, but the potential for growth is more nuanced than that. To take a closer look at what’s happening in the Vietnam market, and what might transpire within the next few years, QUO spoke with some of the country’s most prominent hospitality insiders.
Here are some of the key thoughts from the discussion.
Vietnam should be ranked higher in terms of potential growth. Vietnam offers fantastic opportunities for hotelier and investors, as hotel numbers are still low compared to other Asian tourism hotspots.
“I believe Ho Chi Minh City and Hanoi should be in the top 20 or 15 most attractive cities in the world for hotel investment,” said Michael Piro, COO of Indochina Land, real estate division of Indochina Capital. “If you look at other Southeast Asia countries like Thailand, Malaysia and Singapore, the number of hotels in Vietnam is still very small.”
Jung Hyun Oh, GM of Novotel Ha Long Bay agreed. “The ‘next big thing’ here should be much more investment right across the country: Phu Quoc, Dalat, Nha Trang, Mui Ne need more luxury resorts, and Hanoi and Ho Chi Minh City need mid-scale brands.”
The luxury market may not be that attractive to investors. There are certain areas where luxury hotels are in short supply, but overall, it’s not the most profitable market in the country.
“In Hanoi, there is still room for luxury products, but in general, this sector is not very attractive to investors in term of profitability,” said Olivier Do Ngoc Dung, Managing Director of Dynasty Investments. He remarked that the most interesting sector was that of international-standard budget hotels, currently only seen in HCMC and Hanoi. He also believes in the potential of coastal town Ho Tram, where Dynasty Investments last year signed a partnership agreement with Club Med.
The mid-scale market is promising, and could put pressure on luxury brands.
“You see local products with lower quality, but you rarely see internationally-managed, affordable luxury products,” said Michael. “I think the ‘affordable luxury’ concept is going to put pressure on 5-star hotels – it will change the market.” The big players will try to create similar brands, he said, or try to buy local brands to fullfil the affordable niche. “Local operators will also change, as you can start to see at Silverland and Liberty.”
Tech will play a role, but not a crucial one. Vietnam has some catching up to do in the tech sphere – will this be a problem in an industry increasingly turning to technology to individualize services?
“I don’t believe that much in the interruption of the artificial intelligence that people are talking about,” said Olivier. “In a country like Vietnam, small or boutique hotels are defined by culture and service. Travellers want human contact, so artificial intelligence will not be a threat. Regarding advances like mobile apps – now that OTAs dominate the market, I’m not sure if mobile applications for checking or planning the whole stay are right for small hotels.”
Michael, whose new project Wink Hotels will embrace technology, explains the millennial attachment to tech. “Today’s travellers want almost everything on their phone. Everyone now has their own Netflix, Apple music, Apple TV, Apple whatever and are now travelling with their own personal content. Everything is being streamlined to automatic devices.” For this reason, Wink will make it possible for guests to easily stream content from their phone to the in-room TV.
On the operations front: “Most hotel experiences that used to be handled by people can now be taken care of by technology,” he said. “There will be greater initial investment in hotels, but lower operating costs over time, because what you used to need 100 people to do, now you can do with 20.”
Design should play a more prominent role. While local brands strive to reach international standards, Western travelers are still looking for something authentically local.
“One thing we’re seeing now is that people are looking for hotels with personality. ‘Can I stay somewhere where I can experience something unique? Can I experience something that would create good memories about this place?’” said Luis Riestra, Cluster Director of Sales & Marketing, AccorHotels.
Olivier also believes there’s room for innovation in design – both from an aesthetic and a practical standpoint. “New builds and renovations can incorporate open floor-plans, co-working spaces, workout facilities, bars and cafés – all of which are especially appealing to the much-sought-after millennial traveller.” There are some brands in Vietnam already doing this, he noted, such as Kafnu by Next Story Group.
Vietnam has changing traveller demographics that will influence the local hospitality scene. New markets such as China and India have for the moment replaced Western visitors as the main source of inbound tourism.
“There should be a re-thinking of the products and service offerings for those customers,” said Olivier. He noted that international guests’ behaviors have changed dramatically in the last few years. South Vietnam used to be seen as a cheap destination – mainly backpackers and recent graduates, but is now attracting higher spenders with more time for leisure and lifestyle experiences.
It should also be noted that Vietnam is hoping to increase the average tourist spend up to US$1,080 by 2020. Vietnam Airlines’ direct flights to Paris, Frankfurt and London and the US (from late 2018) may see traveller numbers from the West increase.
International hoteliers should not underestimate local players. Even though Vietnam is still catching up to the West, this is not necessarily a disadvantage.
“Don’t think ‘Oh, Vietnam will take years for that.’ Every day, people become better and faster and smarter,” said Michael. “There is so much money-chasing in Vietnam real estate right now, especially in the hospitality sector, it’s going to force innovation, because to be competitive to survive in the market, you have to be innovative.”
“So how should hotel owners and operators react? I would say ‘watch what’s going on and keep up, stay curve’.”
Overall, the success of the Vietnamese hotel and travel industry will be a ‘team effort’. Everyone sees the country’s potential, so interest is coming from a range of sectors.
“Local owners and operators are really waking up to the opportunities on offer in their own backyard,” said Catherine Monthienvichienchai, Strategy Director at QUO. “There is huge optimism about the future of hospitality in Vietnam, and everyone wants a piece of it. Business owners who’ve made their money in other industries see it as a point of pride to diversify into hospitality; almost to showcase their success.
“Meanwhile, we’re seeing a wave of second-generation owners taking over with a much bigger and bolder vision – many have lived or travelled extensively overseas and have a clear understanding of the international landscape. Whether they create their own brands or work with international operators, they aim high and move fast.”
ABOUT QUO
Creating and activating the global travel industry’s top brands, QUO guides clients along their branding journey. Our strategic thinking builds brand equity and revenue, with concepts created, fine-tuned and then implemented through a range of products and services. QUO’s integrated offerings include the creation of brand DNA, distinctive design, memorable consumer experience, engrossing content, stunning videos, advanced digital solutions and high-quality production.
For more information about QUO, please contact bek.vanvliet@quo-global.com
Vietnam’s National Assembly passed on Thursday a bill that legalizes the principle of sports betting, albeit under government oversight.
According to a report by GGAsia.com, the details of the terms and conditions – including what sports will be covered – are still to be established, according to the Viet Nam News, an English-language outlet in the country. According to the report, betting will be denominated in local currency, the Vietnamese dong.
The fledgling legal industry “must ensure transparency, objectivity and honesty, as well as ensure the rights and obligations of involved parties,” said the media outlet, citing the Vietnamese government’s stance on the matter.
Early last year, the government issued a decision in favor of a pilot program for betting on horse racing, dog racing and international football matches.
According to multiple media reports out of Vietnam, illegal sports betting is rampant in that country, and peaks at certain times, including major tournaments such as soccer’s FIFA World Cup. The latest edition of the event started in Russia on Thursday.
The provisions for making sports betting a regulated activity are contained in a statute called the Law on Sports and Physical Training.
Nikkei Asian Review said on Friday – in reporting the move to regulate sports betting – that Vietnamese spent the equivalent of US$13 billion on domestic lottery products between 2011 and 2015, “driving an average 12 percent gain” in the annual revenue of local lottery companies – all state-owned – over that period.
Vietnam has made other moves to liberalise domestic betting. In January last year, the government published a decree paving the way for selected domestic casinos to accept bets from economically-qualified Vietnamese gamblers, for a trial three-year period. So far there has been no public announcement on details of the pilot project, including how soon it might be implemented and which venues will be allowed to offer such services.
The State Bank of Việt Nam (SBV) has decided to push ahead with restructuring the banking system, applying stricter measures to effectively prevent cross-ownership at commercial banks.
The SBV recently announced it is drafting a circular in a move to discourage cross-ownership among banks and encourage transparency in the capital contribution sources of shareholders.
Under the draft circular, a revision of Circular No 06/2015/TT-NHNN, banks must bring their ownership thresholds in line with limitations stipulated in Article 55 of the Law on Credit Institutions before June 30 next year.
Under the law, individuals are not allowed to own more than 5 per cent of the charter capital of a bank, while the permitted ratio for an institutional shareholder should not be more than 15 per cent, save for some cases such as ownership in distressed or equitised banks and ownership by a strategic foreign investor.
The central bank will impose harsh penalties on banks that fail to meet the deadline. Penalties include disapproval of the bank’s proposals regarding top positions, such as members of the board of directors and supervisory board and the CEO.
Non-compliant shareholders will also have their dividend rights and right to serve on the board of directors suspended, in addition to being prohibited from increasing their stake in their respective banks.
Besides the cross-ownership among banks, the Government has also take measures to prevent cross-ownership between banks and subsidiaries.
Under the Law on Credit Institutions, which was passed by the National Assembly and came into effect on January 15 this year, bank leaders are prohibited from taking up senior positions in other businesses.
The revised law has so far contributed in reducing cross-ownership between banks and subsidiaries as many banks have recently reshuffled their leadership at their respective 2018 annual general meetings of shareholders to comply with the new central bank regulation.
Banking expert Cấn Văn Lực said many bank leaders had to resign from their positions as chair of the board of directors or CEO of business firms to continue managing banks. A number of business owners also had to give up chairmanship positions at banks to comply with the new law.
They were the most obvious examples of the decrease in cross-ownership, Lực said.
He said cross-ownership in banks has also been put under control as a result of their listing in stock markets. Stock market listing means information, especially those related to internal management and the ownership rate of shareholders, must be made public and subjected to close monitoring by the State Securities Commission.
However, experts suggested that a close supervision is still needed as some individuals can take advantage of loopholes in the law.
Finance and banking expert Nguyễn Trí Hiếu said that while the new law had a good impact on transparency in the area of ownership, State agencies must still monitor activities closely as some individuals who do not take leadership positions in banks may still have governing powers.
Protests by thousands of people in cities across Vietnam are showing just how easy it is to unite public opinion and mobilise dissent when an issue has one key ingredient: China.
MANILA: Protests by thousands of people in cities across Vietnam are showing just how easy it is to unite public opinion and mobilise dissent when an issue has one key ingredient: China.
The demonstrations, which are technically illegal, sprung up for a second consecutive week on Sunday, stoked by fears that proposed coastal economic zones for foreigners would be beachheads for an invasion of Chinese businesses.
The proposal makes no mention of China. But political analysts say Vietnamese minds were already made up, with popular Facebook posts reinforcing deep-rooted suspicion that Chinese interests are influencing state policy.
Central to the issue is a combustible mix of generations of anger over perceived Chinese bullying, and a lack of faith in Vietnam’s ruling communist party to do anything about it.
“The government underestimated the amount of anti-China sentiment in the country,” said Murray Hiebert, a Southeast Asia specialist at the Center for Strategic and International Studies in Washington.
“There’s a constant undertone among many in Vietnam that the government isn’t doing enough to protect the country’s sovereignty against China,” Hiebert added.
After protests spanned cities nationwide, the National Assembly last week postponed its vote on the economic zones until October.
Security was tightened on Sunday to prevent protests in major cities, but thousands still gathered in central Ha Tinh province, many with signs saying “No leasing land to Chinese communists for even one day.”
Tensions are likely to persist as long as China pushes its Belt and Road initiative to advance its overseas business, and takes stronger action to fortify its claims over almost the entire South China Sea.
China has been accelerating construction and militarisation in the Spratly and Paracel islands claimed by Vietnam, and in March pressured Hanoi to suspend some major offshore oil drilling for the second time in the space of a year.
‘PATRIOTISM’ APPRECIATED
The Vietnamese government’s resistance to Chinese pressure has been limited.
The communist party top brass rarely acknowledges anti-China sentiment even exists in Vietnam. On Friday, house speaker Nguyen Thi Kim Ngan skirted the issue, saying the legislature “appreciates the people’s patriotism and their profound concerns about important issues.”
Party chief Nguyen Phu Trong weighed in on Sunday to reassure the public about the economic zones, which have 99-year leases, but also made no specific mention of China.
“No one is that foolish to hand over land to foreigners for them to come and mess things up,” state media quoted him saying.
The June 10 protests were in large part peaceful, but turned violent in central Binh Thuan province, where vehicles were set ablaze and angry mobs hurled rocks and charged at riot police.
Tran Vu Hai, a prominent lawyer, said the anger had been festering for years in Binh Thuan, where China is blamed for assaulting fishermen, polluting the land with a Chinese-built power plant, and for deforestation to mine minerals exported primarily to China.
Hai said people were venting fury not only at China, but at a local government, which is perceived as being corrupt and enslaved by destructive Chinese commercial interests.
“They don’t investigate why people are irritated and they don’t solve the people’s problems,” he said. “The trust in the authority in that area has already been lost.”
Analysts say the turnout and coordination of protests is now emboldening ordinary Vietnamese, but also complicating the party’s difficult balancing act of tolerating some dissent while keeping it under control.
That risks angering a vital trade partner that can hold Vietnam’s fast-growing economy hostage.
SKILLED INSTIGATION
The protests are being taken seriously by China; its diplomatic missions in Vietnam held meetings last week with Chinese business groups, local government and local media.
In one of several postings on the embassy’s website, it said charge d’affaires Yin Haihong “demanded” that Vietnamese authorities protect Chinese businesses and citizens.
Yin said the embassy had been informed by the Vietnamese authorities that people with “ulterior motives” had “deliberately misrepresented the situation and linked it to China.”
The recent rallies follow similar protests in 2014 after China’s deployment of an oil rig off central Vietnam, and months of demonstrations in 2016 over an environmental disaster at a steel plant run by Taiwan’s Formosa Plastics.
Responding to questions from Reuters, Vietnam foreign ministry spokeswoman Le Thi Thu Hang made no mention of China but said “extremists” had “incited illegal gatherings.” He added that Vietnam’s policies served its peoples’ interests and supported business and investment.
Nguyen Van Quynh, a well-known lawyer followed widely on Facebook, said it was clear that the rallies were organised and violence had been instigated. He said they showed meticulous planning and knowledge of state security procedures, and suggested Binh Thuan was a weak spot.
“The scale, organisation, sophistication of the protests, riots are increasing, proving that there must be a person or a leading group with knowledge and skill for it to be organised this way,” Quynh said.
Some current and former lawmakers say it is time to revisit a long-delayed law to regulate demonstrations. The constitution allows freedom of assembly, but protests are often broken up by police and participants held for “causing public disorder.”
Others say it’s time to listen more to public opinion.
“The administration needs to care for what its people care for,” said Nguyen Si Dung, a former deputy head of the National Assembly office.
Additional reporting by John Ruwitch in SHANGHAI; Editing by Gerry Doyle
Nearly 100 disadvantaged children born with cleft lips, cleft palates in Northern Vietnam will get free surgeries under the medical charity mission by Vietnam International Bank (VIB) and Operation Smile Vietnam (OSV).
The mission will take place at the Vietnam Cuba Friendship Hospital – 37 Hai Ba Trung street, Hoan Kiem district, Hanoi on June 18-22.
Accordingly, under-privileged families that have children born with cleft lips, cleft palates are encouraged to take their children to the Vietnam Cuba Friendship Hospital for being screened by doctors and experts from Operation Smile and facial surgery division of the hospital on June 18, then be operated on June 19-22.
Patients will be provided with free surgeries and travel allowance, food and medical assistance while staying at hospital. Post-operative checking will be free of charge at specific time, including one week, six months, and one year after operation.
VIB’s staff give gifts and join in volunteer activities before and after surgeries for patients and their families.
For many years, VIB has accompanied OSV on a pathway to change lives of disadvantaged children born with cleft lips, cleft palates by providing free and safe surgeries. It is one of the activities of VIB towards the community, aiming to contribute to the economic and social development in general and improve the quality of life for under-privileged people in particular.
In 2017, VIB coordinated with Operation Smile to provide medical consultations and free surgeries for nearly 200 children with cleft lips, cleft palates through several medical missions conducted in different provinces in Vietnam. Moreover, VIB and OSV have trained phonetics for nearly 400 families of patients across the country. Not limited in financial support, VIB employees directly or indirectly contributed their time, effort, expertise to support Operation Smile in missions in Hanoi and Ho Chi Minh City, and become encouragement as well as spiritual supporters to patients and their families.
After 29 years since Operation Smile’s first medical mission to Vietnam in 1989, the largest volunteer-based organization has been providing medical consultations and safe surgeries for more than 40,000 and 27,000 children respectively.
Vietnam is one of the countries with the highest proportion of children with cleft lips, cleft palates in the world. According to preliminary statistics, about 3,000 children were born with facial deformity (1/700 ratio) in Vietnam each year along with approximately 10,000 patients who have not been operated on around the country. Meanwhile, it takes as little as 45 minutes to repair a cleft lip and/or a cleft palate, changing a child’s life forever.
Vingroup expects to launch its Vsmart smart phones brand next year and distribute them in all mobile phone distribution channels, including the Vinmart + chain.
Vingroup started to study the project to manufacture mobile phones under the Vsmart brand months ago. It has also worked with consultancy firms to build the manufacturing plans as well as models.
Besides, the group has negotiated with partners to buy design copyrights, manufacturing lines, and components for Vsmart products.
Nguyen Viet Quang, vice president cum CEO of Vingroup, shared that Vsmart products will target the mid-price segment. Vingroup will try to increase the localisation rate for Vsmart products via co-operating with both foreign and local partners to manufacture common components and accessories in the country.
Vingroup will buy key components which are not produced by local manufacturers and the world’s leading mobile phone manufacturers also have to import.
Quang also added that Vsmart products will be present in smart phone retail channels across the country, even Vinmart + stores will have booths to sell Vsmart products.
Manufacturing smart phones under the Vsmart brand is part of Vingroup’s strategy to manufacture smart electronic devices.
Accordingly, the company will establish VinSmart Co. with the registered capital of VND3 trillion ($133 million), which will mainly produce smart electronic devices, initially smart phones under the Vsmart brand, and research the application of artificial intelligence (AI), automation, and new-generation materials.
The Vsmart manufacturing plant will be built following international standards at the company’s existing Vinfast car manufacturing complex located at Dinh Vu-Cat Hai Economic Zone in the northern port city of Haiphong.
The plans to produce smart phones drew the attention the public.
Nguyen Dung commented on Vnexpress that he would be willing to buy Vsmart products if they had a competitive price, up-to-date technology, and good design. He and other Vietnamese customers promised to contribute their part to take the “Made in Vietnam” smart phone abroad.
Linh Manh commented that Vingroup should launch smart phones in the medium segment (VND4-10 million, $175.18-437.95), the segment seeing the highest demand in Vietnam.
The first festival to honor Vietnam’s brocade culture will take place from Dec. 27 to Dec. 30 in the country’s central highland province of Dak Nong, organizers said on Tuesday.
The four-day event will showcase finest handmade brocade products made by various ethnic groups in Vietnam.
A fashion show, which introduces traditional and modern brocade designs, will be the highlight of the festival.
On the sidelines of the event, a trade fair will take place to promote consumption of brocade products, besides many folk games and art performances, said the organizers.
Vietnam might have passed a bill last week allowing locals to bet on international football but the new law, which comes into affect next year, arrives too late for the current World Cup in Russia amid revelations that not a single betting agent or operator applied for a license under a sports betting pilot program.
The Vietnamese government announced last year that it would launch the program from April 2018 allowing one selected betting operator to offer legal sports betting on some sports, including FIFA-sanctioned international football matches excluding those involving Vietnam.
However, local media is reporting that not a single operator has applied for the pilot license on offer due to the limited betting options available and confusion over the bidding process itself.
According to English language newspaper VnExpress, the inability to offer bets on the most popular football leagues such as the English Premier League and Spain’s La Liga make football betting far less attractive for operators with the lack of action at tournaments such as the World Cup likely leading to heavy losses.
Under the pilot program, the maximum daily amount that can be bet by each person is just VND1 million (US$44).
Illegal betting on football is estimated to sit in the billions in Vietnam each year, with the new bill passed by the Vietnam National Assembly last week aimed at addressing the problem. Details of the new sports betting regulations and what sports or leagues will be covered are yet to be finalized.
The 3rd edition of Denimsandjeans.com Vietnam Show will take place at Riverside Palace, Ho Chi Minh City on June 27-18, heard a press conference on June 18.
The event, jointly organised by the Vietnam Textile & Apparel Association (VITAS) and Balaji Enterprises of India, will introduce the world’s latest fashion trends and achievements in the Denims industry.
According to Vice Secretary of VITAS Nguyen Thi Tuyet Mai, the event will see the participation of over 40 reputable firms specialising in producing denims, accessories and textiles from Vietnam and more than ten countries and territories, including India, Switzerland, Thailand, the Republic of Korea, China and Singapore.
By signing many free trade agreements (FTAs), especially the European Union (EU) – Vietnam FTA and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Vietnam becomes one of the leading attractive destinations for investors who are interested in textile and garment industry, Mai said.
The show is quite attractive to retailers, fashion brands and textile companies from around the world, especially those from the EU and the US, she said, adding that it will provide a good chance for exhibitors to seek and set up partnerships.
Sandeep Agarwal, CEO of Balaji Enterprises, highlighted the theme “Rock and Roll” of the event, which will look back on the formation and development of Denims and Jeans industry in connection with Rock and Roll music over the past years.
In the framework of the event, six seminars will be held with the participation of international experts who will focus their discussion on the future of denim supplies, the denim supply chain link for sustainable development, and the conversion from Analog to Digital
Here are top 10 places which are good vantage points to admire the fantastic cityscape of Vietnam’s most cosmopolitan city. Follow us up to the rooftop Bars. Cafes, and Restaurants for the scenic views of Saigon skyline.
Top Of The Town
Arriving here, you will be surprised at the classic and elegant design of Top Of The Town, giving the vibe of a fairytale garden or the ancient Greek mythological palace. Having a spectacular 360-degree view of Saigon, Top Of The Town is the perfect destination for celebrations, romantic dinners or private parties with its international wine list and à la carte menu. Yet, the food menu is limited in comparison with the drinks one, and water is free here. Come and join the vibrancy in the terrace bar with locals, expats, and tourists.
Photo via english.thesaigontimes
Website: https://www.facebook.com/TopoftheTownBarandRestaurant (Vietnamese) Address: #18 An Duong Vuong Street, Ward 9, District 5, HCMC / 25th floor of Windsor Plaza Hotel Opening hours: 7:00 am to 11:00 pm (Everyday) Tel: (+84) 28 3833 6688 Price range: 100,000 – 660,000VND
Café EON
Located on the 50-52th floor, Café EON is now the highest cafés in Saigon for a stunning view, especially suitable for night get-togethers when the city is overwhelmed with colorful lights. This venue features two concepts, one of those fond of overlooking the cityscape ‘from above the cloud’ while enjoying tasty drinks and the other concentrates on Asian foods. However, since it is ‘on the cloud’, the cheapest price for a drink here is 120,000 VND, which is still better than buying a ticket to Bitexco to see the city. (For more information, the 49th floor of Bitexco Tower is Saigon Skydeck where you can also get a 360-degree panorama of the city through a telescope with an entrance fee of 200,000 VND.)
Photo via eon51.com
Website: http://eon51.com/cafe-eon/ (English, Vietnamese) https://www.facebook.com/EON50Cafe/?hc_ref=NEWSFEED (Vietnamese) Address: #2 Hai Trieu Street, Ben Nghe Ward, District 1, HCMC / 50-52th floor of Bitexco Tower Opening hours: 8:00 am to 11:30 pm (Everyday) Tel: (+84) 28 6291 8750 Price range: 120,000 – 260,000VND
Moonlight Café
Located on the top floor of Parkson CT Plaza building near Tan Son Nhat Airport, this is the cafe known for the ideal airplane view of Saigon. Therefore, ‘airplane café’ has become the brand of this cafe terrace. Sitting in the café and that is a stunning view you might see! Just lean back to the wooden chair, relish a coconut juice, watch an airplane preparing to take off on a glittering night, and so on. You can also observe the airport on the way up by using the outside glass elevator (this elevator is only available for floor 10 ‘CGV Cinema’ and floor 11 ‘Moonlight Café’). All these things will make your night unforgettable. There are also a ball house for kids and some live piano performances after 8 pm.
Photo via foody.vn
Address: #60A Truong Son Street, Ward 2, Tan Binh District, HCMC /11th floor of Parkson CT Plaza Opening hours: 10:00 am to 10:00 pm (Everyday) Tel: (+84) 28 3547 2555 Price range: 35,000 – 65,000VND
Lac Dinh House
The cool, shady Turtle Lake area is always an ideal place for those who like to savor snacks while observing Saigon’s busy traffic. But have you ever thought of watching the scene from above to see the whole picture of this modern yet classic area? If the answer is yes, then don’t hesitate to go to Lac Dinh House. Frankly speaking, Lac Dinh is not so much a café as a tea shop. At Lac Dinh, you don’t need to be a connoisseur of tea, just say what you like and the mistress will make a teapot that meets your requirements. Tea will be served as a set along with a small teapot and a boiling oven to keep it hot. Cakes and dishes are made to her own recipe, so the taste is very distinctive such as cheesy chicken and rice, tiramisu, avocado double cheesecake, black forest cake, carmen cake, cherry scones, apple pie and even traditional dishes, namely water fern cake, bánh xèo (Vietnamese pancake). You can access the website to know more about the day’s menu as it varies every day. Rarely does anyone complain about cakes and tea; but if they do, it is probably about having to climb the stairs to the 4th floor and there are so few tables that it is frequently crowded. Therefore, reservation is a must. Also, the store closes as soon as the dishes are out of stock and the parking lot on the ground level is for Phuc Long café only so you should call the number below in advance.
Photo via blogdulich.com.vn
Website: https://www.facebook.com/lacdinhtram/ (Vietnamese) Address: #6 Cong Truong Quoc Te Street, Ward 6, District 3, HCMC / 4th floor Opening hours: 10:00 am to 10:00 pm (Everyday) Tel: (+84) 901 872 105 Price range: 45,000 – 200,00VND
Chill Skybar
What is more awesome than having delicious cocktails while watching the sunset from the top? And if you have a plan for night parties, this is the perfect place. Located on the 26 & 27th floor, many music stars come here to sing frequently and famous local and international DJs are ready to ramp the energy up every weekend. Fancy as it seems, if you don’t reserve in advance, you might even have difficulty getting a space to stand, much less sit, especially at weekends. Chill also have a restaurant on the 27th floor called 27 Grill, separate from the Chill Skybar that is outdoor on the terrace, specializing in steaks. So you can enjoy the view of Saigon with the outstanding Bitexco building before fill your stomach up as the food preparing time is quite long. Most importantly, men coming here have to wear trousers and shoes, wear shorts and slippers and the securities won’t let you in. As for women, high heels are not recommended since you have to stand most of the time, unless you arrive here before 10 when there are fewer customers.
Located on the rooftop of a building in District 1, Mary Jane’s The Bar is an ideal place for young people who love romantic outdoor space and photography. From here, you can enjoy a cool atmosphere on high and observe Saigon from when the sun sets until it glitters in the lights at night. The bar is divided into different areas with different seating styles and you will not have a hard time getting the chance to relax and enjoy the fresh air. There are also long benches and tables for groups with lots of greenery, flowers and graffiti drawings. Sadly, there are some minus points. The drinks are quite bland according to some customers and options are limited. This place is also difficult to find as there is no signboard at the front. So for the entrance, search for the entry of the bank, take the elevator to the 10th floor and take the last stairs up or you can ask the security.
Photo via media.foody.vn
Website: https://www.facebook.com/maryjanethebar/ (Vietnamese) Address: #85 Nguyen Huu Cau Street, Tan Dinh Ward, District 1, HCMC /11th floor Opening hours: 7:00 am to 10:00 pm (Everyday) Tel: (+84) 903 104 319 Price range: 30,000 – 200,000VND
Pandora Sky Lounge
If you are looking for a suitable space to watch Saigon at night, Pandora Rooftop Lounge is one of the best options. Being one of the first two rooftop bars in HCMC, located in the prime location of the city, Pandora is divided into two areas: hip-hop music indoors and deep/tropical house music outdoors. Prices here are quite high (a mixed-fruits dish at 490,000VND, shisha at 399,000VND, a cocktail at 98,000VND, cheapest outdoor drinks for a group at 990,000VND and food at 120,000VND or more). But if you come during 6-9pm every day, which is called ‘Happy Hours’, you are offered 50% discount on drinks & shisha and 20% discount on the total bill for food. Yet, ironically, the chefs don’t start cooking until 7:30 pm according to some reviews. And 6-7pm is the suitable time period for couples with romantic dates because it is not very crowded at that time.
Website: https://www.facebook.com/PandoraSkyLounge (Vietnamese) Address: #36 Bui Thi Xuan Street, District 1, HCMC / 14th floor of HDTC Building Opening hours: 6:00 pm to 3:00 am (Everyday) Tel: (+84) 28 3926 0455 – (+84) 938 222 324 Price range: 200,000 – 490,000VND
Cloud 9 Lounge (The Fusion)
Situated right next to the Turtle Lake, Cloud 9 Lounge is a perfect hang-out for tourists. The café is divided into 2 different areas. The 6th floor has a modern interior design in harmony with warm lighting, and the rooftop lounge is designed and furnished in a spacious, airy alfresco style. The roof terrace is fantastic, not the highest but what you find will surprise you. It is like you are transported out of the city and into a tropical setting, among lovely greenery with well-placed bamboo and plants. There are also private corners so you can chat with your friends in a more intimate atmosphere. Cloud 9 offers diners a wide selection of international wines along with beers, creative cocktails, and traditional Asian cuisine. Moreover, every Friday and Saturday, DJs come here to rock the place and bring absolute entertainment to everyone with music varies from half-decent dance music to average cheesy pop. But the main selling point still is the view of the bright spots of the city as the sun sets.
Photo via diadiemanuong.com
Address: #2bis Cong Truong Quoc Te Street, Ward 6, District 3, HCMC / 6-7th floor of Hai Nam Building Opening hours: 5:00 pm to 00:00 am (Everyday) Tel: (+84) 909 445 544 – (+84) 983 160 521 Price range: 200,000 – 400,000VND
Shri Restaurant & Lounge
Located on the 23rd floor of Centec Tower, this modern, comfortable and stylish restaurant – café is the perfect place to meet up and enjoy Asian cuisine with panoramic views of the city. The word ‘Shri’ in Sanskrit means ‘light’, as this location uses transparent glass to receive multiple sources of light. In the evening, the place is sparkling with the light from the city, creating a romantic atmosphere suitable for couples and intimate dates with friends and family. Customers say that there are about 6-7 tables in the restaurant yet it is not often crowded. And for over six years, Shri has been famed for its delicious Asian and Spanish grill dishes, especially the savory and tangy goose liver paste dish, with the largest selection of international wines and cocktails.
Photo via therooftopguide.com
Website: http://shri.vn/ (English) https://www.facebook.com/shri.restaurant/ (Vietnamese) Address: #72-74 Nguyen Thi Minh Khai Street, District 3, HCMC /23rd floor of Centec Tower Opening hours: 10:00 am to 00:00 am (Everyday) Tel: (+84) 28 3827 9631 Price range: 300,000 – 660,000VND
Café De La Poste
With a beautiful location in the heart of the city, next to HCMC Post Office and opposite Notre Dame Cathedral, Café De La Poste is a great place to enjoy coffee and have a date with Saigon. Being one of the rarest venues with a panoramic view of the most beautiful area of Saigon, its French architecture reminisces the beauty of the Pearl of the Far East, gracefully contrasts with the glittering modern buildings. Starting off the morning at Café De La Poste with a cup of Noisette coffee while watching the vibrant and liberal lifestyle of Saigoneses is absolutely refreshing. Café De La Poste is also a favorite destination of travelers not only for the view of Saigon architecture but also for the European, American and Vietnamese cuisines and the bar with an attractive wine rack. And don’t forget to try Vietnamese beef and vegetable stew (bò kho) and shredded pork skin bánh mì – two most positively rated dishes here. Sadly, a few customers were displeased at the slow service when having to wait for 10-15 minutes for food and some unattentive waiters. Yet, why not come here to admire the view and see if those complaints are true?
Photo via tripadvisor.com
Website: https://www.facebook.com/cafedelapostevietnam/ (Vietnamese) Address: #2 Cong Xa Paris Street, Ben Nghe Ward, District 1, HCMC Opening hours: 7:00 am to 11:00 pm (Everyday) Tel: (+84) 28 3823 1634 Price range: 49,000 – 149,000VND
HÀ NỘI — MobiFone has sent messages to its customers announcing that the operator stopped providing services with e-wallet Vimo from June 7.
Vimo e-wallet is run by Vimo Technology Joint Stock Company. It is a mobile payment service for electricity, water, internet and telephone bills and money transfer.
Representatives of Vimo e-wallet told Thanh Niên (Youth) newspaper that the deal had allowed MobiFone’s customers, who use feature phones, not smartphones, to use Vimo by using USSD code 234#.
However, few MobiFone subscribers used the Vimo wallets. Therefore, to cut operating costs, the two sides decided to halt the service.
For customers who do use Vimo wallet via USSD, they need to download the Vimo application on smartphones to continue accessing the service.
Customers who use smartphones can continue to use the service without any changes.
Kuala Lumpur-based payment solutions provider GHL Systems Bhd has downsized its proposed acquisition of equity interest in Vietnam’s MPOS Global to 6.1 per cent instead of 31.16 per cent planned earlier citing non-fulfillment of certain conditions, it said in a filing on Bursa Malaysia today.
GHL also cited regulatory requirements, MPOS Global’s capital needs and business environment in Vietnam as other reasons for truncating the size of the transaction.
“GHL and MPOS have on 18 June, 2018 executed a share subscription form for GHL to subscribe for 326,797 new ordinary shares of MPOS Global (representing 6.1 per cent of the total paid-up shares of MPOS Global) at the price of $1.53 per MPOS Global share on the same basis as the revised share subscription agreement,” the filing noted.
“The 6.1 per cent equity interest in MPOS had been settled via the $500,000 deposit paid for the proposed acquisition,” said GHL.
The closing date for MPOS Tehcnology JSC has been extended to December 14, 2018. GHL declared the proposed acquisition is now completed with the firm owning 6.1 per cent stake in MPOS Global.
Last November, GHL had agreed to invest more than $3.3 million into MPOS Global, as part of its efforts to strengthen its presence and gain immediate access in Vietnam.
Earlier this month, it raised $21.2 million from UK-based private equity firm Apis Partners by way of 65 million newly issued shares subscription issued at RM1.30 per share. Last year, another PE firm Actis bought a 44.37 per cent stake in GHL for $67.25 million from previous investor Creador and GHL executive vice-chairman Simon Loh.
(Reuters) – Intel Corp, the world’s biggest chipmaker by revenue and a prominent U.S. manufacturer, could avoid the most severe effects of a new list of Chinese tariffs proposed by U.S. President Donald Trump by shifting its production among its facilities, analysts said Monday.
On Friday, Trump said he planned to push ahead with tariffs on $50 billion worth of Chinese imports. While chips were largely spared from the initial list of targeted goods released in April, U.S. trade officials on Friday released a second tariff list of 284 products worth $16 billion that includes the processor and memory chips at the heart of Intel’s business.
Those tariffs will not go into effect until after a public comment period, and there is a chance that chips could be cut from it before it is made final, analysts said. But Intel shares dropped 3.4 percent to $53.22 on Monday on investor concerns. Late Monday, Trump also announced he might pursue $200 billion more in tariffs on Chinese goods, though it was unclear whether the list would include more chips or computing products that might impact Intel.
Intel could shift its production strategies to avoid much of the blow. Intel produces raw chips at six so-called wafer fabs, with three in the United States, one in Ireland, one in Israel and one in China. From there, chips go to so-called assembly and test facilities.
After that, they are sold to Intel’s customers, large computer brands or contract manufacturers who work on their behalf. Most of those entities are legally based in China because that is where most electronics are built, and that explains why Intel booked $14.8 billion in China revenue in 2017.
But it is Intel’s $12.5 billion revenue from the United States that is at risk. If Intel makes a chip at its U.S. plants in Oregon, Arizona or New Mexico, then sends it to China for low-level assembly work and then brings it back so it can be put into a device manufactured in the United States, the chip would get hit by the tariff.
But Intel also has assembly and test centers in Costa Rica, Malaysia and Vietnam. Chips from non-Chinese wafer fabs sold to American companies that pass through those facilities likely would not be hit.
“My sense is they can probably skip most of the tariffs,” said Dan Hutcheson, CEO of VLSI Research Inc.
Intel does have a factory in Dalian, China where it makes memory chips, which would be directly impacted by the tariff if purchased by U.S. customers directly. While memory chips made up only $3.5 billion of Intel’s $62.7 billion in revenue last year, they are viewed as a key driver of the company’s plan to diversify away from its heavy dependence on CPU chips.
“Trade wars in general are going to be bad for the global economy, and semiconductors tend to be global,” said Bernstein analyst Stacy Rasgon.
The assembly and test work that many chipmakers carry out in China makes up only about 10 percent of the value of a chip, with the design and manufacturing making up the bulk of a chip’s value. Jimmy Goodrich, vice president of policy for the Semiconductor Industry Association, said chipmakers could be forced to pay tariffs on their own products simply for doing a small portion of the work in China.
“We should be talking about a policy frame work that supports, not slows down, an industry that, unlike many others, still manufactures here in the U.S.,” Goodrich said.
