Havana, Jun 4 (Prensa Latina) Cuba and Vietnam signed today several commercial collaboration agreements that will favor the areas of investment, tourism, and imports between both countries during a business forum held in this city.
During the meeting, held in the capital’s Melia Habana Hotel, the conference on the promotion of investment for trade and tourism of the Vietnamese city of Ho Chi Minh in Cuba was held.
The meeting also includes executives from 23 companies in Vietnam associated with construction, technology and medical equipment, among others.
In order to promote the exchange of trade and investment missions, the Center for the Promotion of Trade and Foreign Investment of Cuba and its counterpart of Ho Chi Minh City, signed a cooperation agreement.
Likewise, the Cuban entity and the company of that Asian country Thai Binh S.A -with 20 years of presence in the island- signed an agreement that seeks to provide support to Vietnamese companies, promoting and introducing their products in the national market.
Thai Binh S.A corporation signed two other agreements with the Company of Artistic and Literary Promotions (Artex S.A), and with the Cuban Industrias Nexus S.A.
The first one plans the promotion of products and services of the company Artex S.A in Vietnam, and the second one aims to produce and market detergents and other products in the Mariel Special Development Zone.
On the other hand, the Saigon Tourism Corporation and the entity in charge of cooperation for the development of bidirectional tourism between Vietnam and Cuba, established an agreement in order to strengthen the cooperation between both nations in the leisure industry.
The Vietnamese delegation visiting Cuba is chaired by Nguyen Thanh, member of the Central Committee of the Party and Deputy Secretary of the Provincial Party Committee in Ho Chi Minh City.
In his opening speech to the business forum, Than said that, along with political relations, the economic and commercial cooperation between Vietnam and Cuba is advancing with significant steps.
He added that the potential that remains to be exploited in the collaboration between both countries is still vast, and expressed the commitment of the government of the city of Ho Chi Minh to create favorable conditions to help the city’s businessmen to export, market and invest in Cuban territory.
During last March, the General Secretary of the Vietnamese Communist Party Nguyen Phu Trong visited Cuba, after which a joint declaration of both governments was issued establishing steps to strengthen economic and commercial cooperation.
An outbreak of swine flu at a hospital in Vietnam’s Ho Chi Minh City has left 16 patients infected and another 80 quarantined, state media reported on Monday.
The infections began on Friday at Tu Du, the largest obstetrics hospital in the southern city, when a patient due for surgery began showing signs of fever, the Vnexpress news site reported.
Other people in the hospital, including patients and medical staff, began showing flu symptoms shortly afterward.
By Saturday, 16 people had tested positive for swine flu.
Swine flu is a respiratory disease caused by the virus H1N1, originally found in pigs, which causes colds, sore throats, coughs and fever.
The first human outbreak was in 2009, according to the WHO.
Vietnam has recorded 11,000 cases of the disease since the initial outbreak.
At least 17,000 people have died of the disease worldwide.
After nearly a decade of delays in project execution, Berjaya Land Bhd (BLand) decided to call it a day. The property group is divesting its investment in a Vietnamese financial centre project at a loss.
In a filing today, BLand said it is selling off the entire 32.5% of total capital contribution in Berjaya Vietnam Financial Center Ltd (BVFC Ltd) to local firms Vinhomes Joint Stock Co and Can Gio Tourist City Corp for 884.93 billion Vietnamese Dong (RM154.86 million) cash. The Edge Market reports.
BLand said a capital transfer agreement was signed between its subsidiary Berjaya Leisure (Cayman) Ltd (BLeisure Cayman) with the purchasers.
BLand’s capital contribution in BVFC Ltd originally amounted to 967.31 billion Vietnamese Dong. “The proposed disposal will result in an estimated loss of about RM25.1 million,” it said.
The multi-billion ringgit Berjaya Vietnam Financial Center (BVFC) project was licensed in 2008, but faced multiple hiccups which hindered the project from being executed.
The development, said BLand, would have comprised an office building, five-star hotel, service residences and shopping mall on a 6.64-hectare land located at 3/2 Street, District 10, Ho Chi Minh City, Vietnam.
However, BLand clarified that BVFC Ltd has not commenced operations.
“The consideration for the proposed disposal was arrived at on a willing buyer willing seller basis taking into consideration, amongst others, the business valuation, earnings potential and future prospects of BVFC,” it added.
The proposed disposal, said BLand, is subject to the approvals from the Department of Planning and Investment in Ho Chi Minh and any other relevant authority.
BLand said the proceeds will be used by the group for working capital, adding that the proposal is expected to conclude during the second half of this year.
Vinhomes, a subsidiary of the Vigroup Joint Stock Co, is involved in real estate trading, consulting, brokerage, auction of real estate and auction of land use rights.
Similarly, Can Gio — a 99.05%-unit of Vinhomes — is also involved in real estate trading, real estate brokerage and real estate services.
In relation to the disposal, Vinhomes will also potentially purchase Berjaya Vietnam International University Town One Member Ltd Liability Co (BVIUT) from BLeisure Cayman, having injected capital into the unit and effectively raising its stake in the firm to 99.2%
BLeisure Cayman, which is left with 0.8% stake in BVIUT, plans to dispose of the stake in the near future.
“Together with the proposed BVIUT Disposal, the BLand group is also in negotiations on the potential sale of another of its Vietnamese subsidiaries,” said BLand, but did not elaborate on the details.
“Barring any unforeseen circumstances, the proposed disposals of all these three Vietnamese subsidiaries upon completion are expected to record significant gain and improve the consolidated net assets of BLand,” it added.
Shares of BLand closed unchanged at 31 sen apiece, giving it a market capitalisation of RM1.55 billion.
Authorities in Las Vegas have identified a 38-year-old female tour operator from Vietnam who was found dead along with a male victim in a hotel room in what police are calling a double killing carried out by an unknown assailant.
According to AP’s report, a 38-year-old tour operator from Vietnam was found dead along with a male victim in what police have called a double killing by an unknown assailant in a Las Vegas Strip hotel room, authorities said Monday.
Sang Boi Nghia died from multiple stab wounds, the Clark County coroner said.
Police said the attack probably happened about 2 a.m. Friday. At least one person later reported arguing had been heard in a room at Circus Circus hotel-casino.
The coroner did not immediately release the dead man’s name, pending notification of his family.
Las Vegas police Lt. Ray Spencer told reporters Friday that both victims were stabbed multiple times.
He said authorities had not made an arrest but there was no active threat to guests at the nearly 3,800-room high-rise hotel. Spencer did not immediately respond Monday to telephone and email messages seeking further details.
Nghia’s daughter, Chau Nghia, told the Las Vegas Review-Journal that her mother owned a tour business in Ho Chi Minh City, Vietnam. She identified the man who was killed as a tour employee. The Associated Press did not immediately find contact information for Chau Nghia.
Sang Nghia and the man were part of a Vietnamese tour group that arrived Thursday in Las Vegas from Los Angeles, police said.
Officials said police were summoned after hotel security went to the room at the request of tour members who became concerned that Sang Nghia and the man didn’t show up for a trip to the Grand Canyon.
The Vietnam Embassy in Washington, D.C., did not immediately respond to emails about the case from AP.
Spencer said police would examine hotel security video to retrace the victims’ steps and to identify any possible assailants.
A statement from Brian Ahern, spokesman for MGM Resorts International, said the hotel owner was cooperating with the police investigation.
The tour group left Las Vegas on Saturday for Los Angeles and the return trip to Vietnam, officials said.
Company is changing its focus from the Windows operating system to tools for developers
Microsoft is buying the code-sharing site GitHub, a developer-focused startup that has become a crucial part of the programming industry, for $7.5bn
The acquisition shows Microsoft further cementing its role as a company built around tools for developers, part of a pivot away from its flagship Windows operating system started by its chief executive, Satya Nadella, four years ago.
“That is why we are so excited about today’s announcement,” Nadella wrote in a blogpost announcing the acquisition. “More than 28 million developers already collaborate on GitHub, and it is home to more than 85 million code repositories used by people in nearly every country. From the largest corporations to the smallest startups, GitHub is the destination for developers to learn, share and work together to create software. It’s a destination for Microsoft too. We are the most active organisation on GitHub, with more than 2 million ‘commits,’ or updates, made to projects.”
The vast majority of GitHub’s users access the site for free, with the trade-off being that the code they share must remain public. Users can pay for private accounts, while larger companies can pay more for the ability to host GitHub’s platform on their own private servers. The paid-for features reportedly bring in around $200m in annual revenue.
Following the acquisition, GitHub will continue to operate independently and will remain an open platform, Microsoft said. The company committed to continuing to allow to use the programming languages, tools and operating systems of their choice for their projects, and to be able to deploy their code to any operating system, any cloud and any device.
“The enterprise offering will fold nicely into Microsoft’s other businesses,” the analyst Ben Thompson of Stratechery wrote “but … the real win for Microsoft is not incremental peanuts in enterprise revenue but winning hearts and minds with developers broadly.
“In other words, not only should sceptics not be worried about Microsoft unduly favouring their own platforms, they should also be excited that, more than any other potential acquirer, Microsoft is likely to push the individual and community aspects that make GitHub so unique.”
GitHub’s ubiquity has led to some unconventional uses. GreatFire, the activist campaign that works to disseminate information blocked by Chinese web censors, uses GitHub as a distribution platform, ensuring that China cannot block the material without also severely harming its domestic technology industry. The government tried, in 2013, but lifted the ban five days later after an outcry from Chinese coders.
In recent years, GitHub’s popularity as a platform has disguised problems within the business. It has been without a chief executive for almost a year and its revenues have been outpaced by its expenditure, with net losses in the tens of millions. As part of the deal, Nat Friedman, former chief executive of Xamarin, a software firm acquired by Microsoft in 2016, will take over as chief executive.
Microsoft, for its part, has slowly been repositioning itself from being focused on the Windows operating system to a broader suite of developer-focused services, including its Azure cloud platform – the largest competitor to Amazon Web Services – and the Cortana AI suite.
In March, the chief executive, Nadella, finished the reorganisation, axing the Windows division entirely and splitting its responsibilities between a consumer-focused group, led by a former Microsoft Office head, and a developer-focused one, led by the company’s cloud and enterprise chief.
Within two months, Eximbank has appointed two deputy general directors after firing nine. Will this move enable Eximbank to overcome the scandals of swindling approximately VND300 billion ($13.2 million) from customers?
Eximbank (Vietnam Commercial Joint Stock Export Import Bank) has just announced the appointment of Nguyen Huong Minh as deputy general director in charge of information technology and operations since June 1. He is a master in business administration and has 16 years of banking experience.
Nguyen Huong Minh was SeABank’s deputy general director cum director of operations and technology since August 2017. Minh also worked at VPBank (Vietnam Prosperity Joint Stock Commercial Bank) and Techcombank (Vietnam Technological and Commercial Joint Stock Commercial Bank) before.
This is the second high-level person to be transferred from SeABank to Eximbank in the last two months. Earlier, on April 11, Eximbank appointed Nguyen Canh Vinh (1974) as permanent deputy general director. He was director of the transaction center of Techcombank’s headquarters, then moved to SeABank as general director until February.
Eximbank’s Board of Directors has eight people currently, including Le Van Quyet as general director, and seven deputy general directors. The appointment of the two general directors is Eximbank’s newest move to fill in the void left by its nine departing deputy general directors who left in August 2017. Four of them quit on their own volition, while five of them were demoted to serve as directors of centres, divisions or departments.
Earlier, between 2012 and 2017, there were numerous cases of fraud committed by Eximbank officers who appropriated client’s money. Nguyen Thi Lam, an officer of Eximbank’s Do Luong branch (in Nghe An province) stole more than VND50 billion ($2.2 million) from various customers. Dozens of Eximbank officers related to this case have been prosecuted and arrested.
In another case, Le Nguyen Hung, former deputy director of an Eximbank branch in Ho Chi Minh City appropriated more than VND245 billion ($10.8 million) from Chu Thi Binh, a longtime client of the bank who used to be the richest woman on the stock market.
Several years has passed since these clients were swindled out of their savings. The bank stands firm in its decision to wait out the conclusion of the investigation agency and the court before issuing compensation to these customers.
The new key personnel are expected to come up with better solutions for these cases of fraud as well as provide measures to limit cases of fraud and raise Eximbank’s reputation.
The shift from 11 to 10-digit numbers will force millions of users to re-register their personal information in several places.
The changes applied for the prefixes of five carriers in Vietnam
According to a report of MIC, 60 million mobile subscribers and 700 VSAT (very small aperture terminal) users will be forced to transfer their telephone numbers from 11 to 10 digits. Along with this transfer, all products and services attached to the telephone, such as business cards, advertisement banners, and packages will be affected.
The most important change to look out for is for those who registered their telephone numbers for SMS Banking and OTP codes. The leader of OCB said that the bank cannot arbitrarily edit customer information, so they cannot change phone numbers without express requests from clients.
OCB is setting out solutions to update 11-digit numbers. This is expected to be a time-consuming process, taxing both bank staff and clients. Other banks like ACB, Vietcombank, and Sacombank are also looking for the most reasonable solutions.
Pham Hong Hai, Deputy Minister of Information and Communications, also confirmed that this change will affect numerous customers.
“In the process of formulating and completing the plan, MIC has complied with regulations by collecting comments from enterprises, people, and relevant agencies before issuing the master plan on phone number database and the plan on changing telephone numbers,” emphasised Hai.
According to MIC’s plan on shortening 11-digit mobile phone numbers to 10 digits by replacing three-digit carrier prefixes with new two-digit prefixes, mobile phone numbers beginning with 166, 122, 199, 188 will be replaced by 80, 30, 50, 40 or 70, depending on the carrier. Mobile numbers currently prefixed by two-digit carrier codes will remain unchanged.
Tran Manh Tuan, deputy general director of the Authority of Telecommunications, confirmed that this move is necessary and will benefit socioeconomic development, despite the short-term impact on mobile operators and customers.
“As science and technology is striding forward, with the emergence of new telecommunications services such as 2G, 3G, 4G, and 5G, we need to adjust phone number database to match the long-term development needs of the telecommunications market and Industry 4.0. It is realistic and matches international technology trends,” said Tuan.
Vinaphone and MobiFone confirmed to help clients transfer their numbers to minimise discomfort.
The representative of Viettel said that the carrier is developing software to automatise the change. Vietnamobile and Gmobile also confirmed strengthening communications and supporting clients to reduce the impacts of the change.
The move, scheduled for September, is part of a wider effort to clean up the disorder in telephone numbering, which got underway last year with the rollout of standardised local dialling codes for landline numbers.
MIC requested that mobile operators finalise the details of their plans by June 1. Subscribers must be notified of any such change 60 days in advance and they can use both the old and new prefixes for a transitional period of 60 days from the date the new code takes effect.
Grab has announced a strategy on developing an ecosystem of services
Grab has announced a strategy on developing an ecosystem of services, from ride-hailing services and food ordering to lending. However, with the expansion strategy, it will have more rivals than ever.
Multi-billion dollar market
From an e-hailing app, Grab has made great steps forward, providing many different services. Most recently, it started the payment service GrabPay and lending service Grab Financial.
The consumer lending market in South East Asia is very large. As estimated by the World Bank, about 2 billion people in the world cannot access bank services, and most of them are in Asia Pacific.
The non-cash payment market, according to Grab, is worth $500 billion in South East Asia.
An analyst commented that Grab is wise taking a ‘roundabout’ approach to consumer lending (it conquered the transport market first before aiming for the consumer credit market).
Consumer lending is a fertile business field for Chinese e-commerce firms. The firms offer online payment apps to users to ‘learn’ about their financial capability.
Grab, as an app, quickly attracted users, especially investors. Just within six years, Grab became an unicorn company, i.e. an unlisted technology firm with valuation of $1 billion and higher, in South East Asia. Analysts estimate that Grab is valued at $6 billion.
Grab, as an app, quickly attracted users, especially investors. Just within six years, Grab became an unicorn company, i.e. an unlisted technology firm with valuation of $1 billion and higher, in South East Asia. Analysts estimate that Grab is valued at $6 billion.
The total number of Grab downloads has reached 95 million all over South East Asia. This could serve as the launch pad for it to conquer the consumer lending market.
The challenges
“GrabPay e-wallet will be used for both transport and food delivery services, two of the most used services in South East Asia,” said Jerry Lim, director of Grab Vietnam.
However, the analyst said, by expanding its business, Grab would have to compete with more rivals who are ‘powers’ in their fields. In online payment, for example, it will have to compete not only with AirPay (Sea) and Alipay (Alibaba Group), but also with local firms such as ZaloPay (VNG) and MoMo.
In Indonesia, Grab bought an e-commerce platform, Kudo, in April 2017. Grab believes that this is the factor which can help expand GrabPay. However, in Vietnam, Grab’s two big rivals – Sea and Alibaba — both have strong support from two popular e-commerce floors – Shopee Vietnam and Lazada Vietnam.
Similarly, GrabFood has rivals in the food delivery sector, where Sea’s Now, which inherited the large custom from Foody, is the leader.
The Giang Brothers may not have won Sunday night’s final of Britain’s Got Talent but they won the hearts and minds of an entire nation.
And after their performance last night, it’s clear the siblings have an exciting and bright future ahead of them.
In front of a live audience of millions, the brothers from HCM City performed their mind-blowing routine but with an exciting and very dangerous twist.
Instead of climbing stairs, Quốc Cơ balanced kid brother Quốc Nghiệp on his head and walked across tiny platforms suspended high off the ground.
And if that wasn’t enough to send pulses racing, moments before the final step, the platforms fell to the ground leaving Quốc Cơ to jump the final stage to safety.
After a lengthy pause to compose himself Quốc Cơ made the leap – and landed perfect to the delight of the audience and judges.
The two brothers looked close to tears as they received a standing ovation from the crowd.
And moments after their final act, show host Declan Donnelly revealed this was the first time ever, the Giangs have performed this particular stunt without the aid of a safety net.
But in the end despite their heroics it wasn’t enough to win the grand prize and although the brother’s left empty handed, they have managed to win millionaires of adoring fans in the UK and the world over.
Speaking after the semi-final on Friday, Quốc Cơ said: “I could not believe we can make it this far. We are already very satisfied with this achievement no matter what the result of the final is.”
The overall winner was comedian Lee Ridley who performs under the stage name Lost Voice Guy. Lee suffers from cerebral palsy which renders him unable to speak and he uses a voice synthesizer to tell jokes.
A full break-down of the public voting figures revealed The Giang Brothers finished in fifth place out of 11 finalists with 9.5 per cent of the vote.
Winner Lee picked up 21 per cent of the public votes.
Police work near the motorcycle used by Tran Van Kiet in Ho Chi Minh City, Vietnam. Photo: Tuoi Tre
A young man was killed by what appeared to be a stray bullet when he was following a group of illegal motorcycle street racers in Ho Chi Minh City on Sunday.
Tran Van Kiet was shot dead when he was carrying a friend on a motorbike on the National Route 1 section passing District 12 at around 2:00 am, according to police.
Kiet and his friend were traveling on the motorcycle lane of the highway, when a group of illegal racers appeared on the car’s lane in the same direction, followed by the noise of several gunshots.
While the motorbike racers were terrified and immediately rushed away to their own rescue, 19-year-old Kiet and his friend fell off the vehicle, the friend, who survived the incident, told Tuoi Tre (Youth) newspaper.
It was later learned that Kiet got a gunshot in his head, apparently from a stray bullet from the unidentified gunmen.
He was rushed to the nearest hospital with his head bleeding. Despite being transferred to a bigger hospital, Kiet eventually succumbed to his serious injury.
Police examine the scene of Tran Van Kiet’s death in Ho Chi Minh City, Vietnam. Photo: Tuoi TreThe motorcycle used by Tran Van Kiet is seen after he was shot dead in Ho Chi Minh City, Vietnam. Photo: Tuoi Tre
Police found a bullet-like metal object fixed in his skull.
Authorities started a probe into the case in the early hours of Monday.
The victim’s body has been carried to his hometown in the central Vietnamese province of Quang Nam, according to Thanh Nien (Young) newspaper.
The case is still under more investigation.
The friend said the firing came from two strange riders on a Yamaha Exciter who appeared from nowhere.
Kiet and his friend were traveling from Thu Duc District to District 12 to ‘watch’ an illegal bike racing when the incident occurred, he added.
HANOI: Vietnam plans to more than triple the amount of electricity it produces from renewable sources and push for a 26 percent increase in household solar energy usage by 2030, Prime Minister Nguyen Xuan Phuc told Reuters in an interview.
Speaking ahead of Vietnam’s participation in the expanded G7 summit that will be held in Canada from June 8 to 9, Phuc also said he hopes the country can utilise its roughly 20 million tonnes of rare earth reserves, which he said are the world’s third-largest, in building new energy technologies.
“Vietnam is blessed with immense potential for clean renewable energy development,” Phuc said in a written response to questions from Reuters.
“We wish to cooperate in research and development and transfer of advanced technologies in mining and in-depth processing of rare earth in order to create high value-added and environment-friendly products,” Phuc said.
Vietnam’s largest rare earth mine is located in the northern province of Lai Chau, near the border with China. The metallic minerals are essential for technologies such as wind turbines, electric car batteries, solar panels and smartphones.
Vietnam has been seeking to promote renewable energy development to reduce its increasing reliance on coal for electricity generation.
According to its Strategy of Renewable Energy Development, by 2030 Vietnam plans to reduce its use of coal products by 40 million tonnes, Phuc said.
Vietnam will consume 156.6 million tonnes of the fuel by 2030, according to a forecast in a 2016 report on the Ministry of Industry and Trade website.
By that time, coal-fired power plants will account for 53 percent of Vietnam’s total power generation capacity, compared with the current level of 45 percent, the Ministry said.
The country’s hydropower potential has almost been fully exploited and its oil and gas reserves are running low amid stalled efforts to tap new fields in the South China Sea, where Vietnam has maritime disputes with China.
Vietnam will “increase the electricity output produced from renewable sources from approximately 58 billion kWh (kilowatt hours) in 2015 to 101 billion kWh by 2020, and 186 billion kWh by 2030,” Phuc said.
In 2015, just 4.3 percent of households in Vietnam were equipped with solar energy equipment, Phuc said.
Solar-powered water heaters have enjoyed fairly widespread use in Vietnam over recent years, although solar panel usage is far less common.
Vietnam is aiming to increase the use of household solar energy equipment to 12 percent by 2020, and 26 percent by 2030, according to Phuc.
“It is important that we will not pursue economic growth at the expense of the environment,” said Phuc.
There’s almost more plastic than sand on this long, tree-lined beach: Plastic helmets, plastic furniture and the plastic leg of a shop mannequin all jut out of an ocean of blue plastic bags.
Just south of the capital Hanoi, the once-peaceful and clean beach of Da Loc in Vietnam’s Thanh Hoa province, has been slowly suffocating under the weight of plastic waste for decades.
“Plastic bags have been waste here since the first day we started using them,” said Pham Thi Lai, 60, a local seafood processor.
“They put everything in a plastic bag. If they’re preserving shrimp or preserving fish, they put it in a plastic bag,” Lai said of local fishermen, many of whom shuck clam shells and dry shrimp between the mounds of plastic waste on the beach.
“When they finish they just throw the bags into the ocean. The trash floats to wherever the sea level rises,” she said.
Vietnam is the fourth-largest contributor to marine plastic pollution globally, a 2015 study by the University of Georgia showed.
Globally, eight million tonnes of plastic is dumped into the ocean every year, killing marine life and entering the human food chain, according to the U.N. Environment Programme.
The latest example was a pilot whale that died in Thailand with some 80 pieces of plastic rubbish found in its stomach.
The theme of World Environment Day on Tuesday is beating plastic pollution, with a call for citizens, companies and civil society groups to organize the “biggest-ever worldwide cleanup”.
On Monday, 41 embassies and international organizations in Vietnam signed a pledge to combat plastic pollution in the country.
“As international partners, we have the privilege to work in Vietnam, and have a collective responsibility to reduce our plastic footprint in this beautiful country,” Canadian ambassador Ping Kitnikone said in a statement.
The problem in Vietnam has become so bad that some people in tourist areas have started handing out reusable bags made from rattan, and use newspapers to wrap market produce.
Officials in charge of the beach at Da Loc have struggled to keep up with the rising tide of waste.
“Water rises and falls everyday, how can we clean it all?” said Ngo Ngoc Dinh, head of Da Loc People’s Committee. “We can’t escape it, we have to solve it ourselves”.
“But we hope proper campaigns can help reduce environmental waste”.
Hanoi, June 4, 2018 – Vietnam International Commercial Joint Stock Bank (VIB) was awarded the “Best Trade-Operations Bank Partner in East Asia and Pacific in 2017″ within the framework of the Global Trade Finance Program (or GTFP) by IFC, a member of the World Bank Group. VIB is the only bank among IFC’s issuing bank partners in East Asia and the Pacific to achieve the award in 2017.
This is a prestigious award to honor the banks that have strong and accurate operation capacity for import and export transactions in the GTFP. According to IFC, the award aims to recognize VIB’s innovation and flexibility in providing trade finance products, especially trade operations processing which has been quick and accurate. Besides, VIB has successfully connected and worked with more than 7,500 banks and branches of the correspondent banks in 61 countries and territories to support Vietnamese import-export enterprises in many fields such as oil, metals, chemicals, agricultural products and food to access to global markets.
Mr. Anurag Mishra, IFC Asia Trade Regional Lead, said: “The award given to VIB is the recognition of VIB’s efforts and success in trade finance in general and IFC’s GTFP in particular. It will not only help increase trade, contribute to boosting economic growth and creating jobs in the region, but also demonstrate IFC’s commitment to fostering the development of the Vietnamese banking industry.”
The GTFP helps to expand and enhance the trade finance capacity of domestic banks in supporting import-export enterprises in emerging markets, including Vietnam. Thanks to participation in the GTFP’s banking network , VIB is known by banks worldwide, helping it access to other markets and have a good liquidity. On that basic, the Vietnam-based bank is ready to meet the demand for loans of import-export enterprises at preferential and competitive interest rates. IFC also advised VIB on SME banking to serve SMEs effectively and sustainably as one of the main development orientations of the bank in the coming time.
Since joining the GTFP in 2011, VIB has been increased trade finance line four times by IFC with the current limit up to US$120 million. Total disbursement to VIB through IFC’s guarantee in 2017 reached US$260 million.
In November 2017, IFC announced US$185 million of syndicated loan to VIB, including US$100 million from IFC and US$85 million from three international banks as Cathay United Bank, Industrial and Commercial Bank of China – Hong Kong Branch and Kiatnakin Bank of Thailand. This loan aims to solve two key development challenges in Vietnam, including the financing gap faced by SMEs and lack of affordable housing.
Mekong Capital announced that the Mekong Enterprise Fund III (“MEF III”) completed an investment in mattress and bedding solution provider Vua Nem Joint Stock Company.
“We are excited about this partnership with Mekong Capital. They are the leading private equity firm in Vietnam who has a strong track record of investing in top retailing companies such as MobileWorld and Phu Nhuan Jewelry. Our vision is to become the biggest retailer for mattress and bedding products in the country. Thanks to the partnership with Mekong Capital, we have had access to the value creation framework Vision Driven Investing and best practices in the retail industry.” Vua Nem founder and CEO Hoang Tuan Anh said in an announcement.
Ms. Nguyen Thu Thuy, Mekong Capital’s Deal Leader for Vua Nem, commented: “What makes us confident in this investment is the founders’ openness to building up the management team. The team today is far from where we first met. This team will be able to take Vua Nem to become the biggest and most trusted expert in providing sleep products and solutions to local customers.”
The investment by MEF III will facilitate Vua Nem to merge its 2 brands Dem.vn and Vuanem.vn into 1 single brand Vua Nem, build a whole new e-commerce website, as well as to expand the company network to 300 stores across the country by 2022. The company currently operates 40 stores in 23 cities and provinces.
Mr. Tuan Anh added: “We aim to train our staff as outstanding consultants in sleep solutions. Vua Nem has a distinguishable corporate culture of valuing customers as the center of our operations.”
About Vua Nem JSC
Vua Nem was founded in 2007 by two Vietnamese entrepreneurs, Hoang Tuan Anh and Nguyen Vu Nghia, who had a strong belief in the model of American company Mattress.com. They bought a domain at Dem.vn, which until recently was one of the two brands the company had been operating, before merging to be Vua Nem.
Unlike other mattress retailers in Vietnam which are showrooms for a single brand, Vua Nem provides a wide range of products from many brands, in order to have the perfect solution for each customer.
To date, Vua Nem has 40 stores in 23 cities and provinces of Vietnam, including Hanoi, Ho Chi Minh City, Hai Phong and Da Nang. The company targets to expand its network to 300 stores by 2022.
Vua Nem is the seventh investee company announced by MEF III.
For more information about Vua Nem, please visit the company’s website at www.vuanem.com.
About Mekong Enterprise Fund III
Established in 2001, Mekong Capital is a Vietnam-focused Private Equity firm, which has the most extensive private equity track record in Vietnam. Mekong Capital’s investee companies are typically among the fastest growing and market leading companies in Vietnam’s consumer-driven sectors such as retail, restaurants, consumer products and distribution.
Mekong Capital commits substantial time and resources to adding value to the companies in which its funds invest and has played an important role in the success of many of its past investments.
Launched in May 2015, MEF III is a private equity fund, and currently has $112.5 million in committed capital. MEF III focuses on investments in Vietnamese consumer-driven businesses such as retail, restaurants, consumer products, and consumer services.
MEF III typically targets investments ranging from $8 to $15 million, and makes both minority and buy-out investments.
MEF III applies Mekong Capital’s well proven approach towards adding value as a shareholder, which is grounded in the Vision Driven Investing framework and Mekong Capital’s extensive network of international experts and resources.
For more information about Mekong Capital and MEF III, please visit www.mekongcapital.com.
Inside a row of rusting cages, 15 adult moon bears are imprisoned in varying degrees of apathy and distress.
Some lie on their backs in the tiny enclosures, unable even to stretch out; other loll their heads or chew listlessly at the bars of the cage in tortured, repetitive motions.
Every few days, the bears will be sedated, a needle will be inserted into their gall bladders and bile extracted to be sold as a cure for anything from haemorrhoids to a hangover.
More than 20,000 bears are kept, most in appalling conditions, across eastern Asia to satisfy an age-old obsession with the medicinal and magical power of products culled from exotic animals.
Yet there is a ray of hope for some of these bears, as public awareness of animal protection and welfare gradually rises across Asia.
Last year, Vietnam’s government promised to close down all its bear farms by 2022, following on from a promise by the country’s traditional Chinese medicine community to stop prescribing bear-bile products by 2020.
That means bear farming is very clearly coming to an end in Vietnam, “once and for all,” said Jill Robinson, founder of Animals Asia. “I think they realised that both internally and internationally, bear-bile farming was becoming a very unpalatable subject.”
There has been progress as well in South Korea, where the Government completed a sterilisation programme on captive bears last year as part of an effort to phase out farming.
Outside these bright spots, however, the picture is much grimmer. China is the centre of the industry and of demand for bear bile products. Bear farming remains legal in China, and here at least 10,000 bears are still kept in cages on nearly 70 farms.
Asian black bears – closely related to the American black bear – live in mountains and forests from Japan to China and across the Himalayas to India. They are known as moon bears because of a white marking on their chests, roughly in the shape of a crescent moon.
The first known record of the use of bear bile for its medicinal properties comes from a Tang Dynasty document that dates to AD 659. But the idea of farming living bears to extract bile originated in North Korea in the early 1980s before rapidly spreading to China, Vietnam and Laos.
Studies show that the acid contained in bile does have medical benefits in dissolving gallstones or treating some liver disease, as well as some anti-inflammatory and antimicrobial properties. But in recent years, it has also been used as an (ineffective) cancer cure or as a general tonic – a draft of rice wine mixed with bear bile, or steeped in a bear’s paw, might stave off a hangover, some say.
A bear enjoys the literal fruit of his efforts at mealtime. Staffers maintain that making the bears find their food stimulates both their nutrition and mental well-being.
In Vietnam, though, the industry is on the retreat.
The Government banned the poaching of wild animals in 1992 but allowed bear farming to continue – even though the industry was being almost exclusively supplied from wild populations.
In the years that followed, rising public pressure had an effect. In 2005, shocked by how widespread bear farming had become, Vietnam outlawed the extraction of bile while allowing farms to keep existing animals so they weren’t just slaughtered. The number of bears has fallen from a peak of more than 4500 to just over 1000 today, experts say.
The village of Phung Thuong outside Hanoi is where the industry grew up in Vietnam, and is the biggest holdout today: In an area of just a few square km, and among a population of 15,000 people, there are about 195 bears in metal cages, many in small compounds straddling the main road.
Everyone knows that these farms still extract bile, says Tuan Bendixsen, Vietnam country head of Animals Asia. “It’s obvious,” he said.
Otherwise, why would farmers keep the bears alive?
Bear farmers have the biggest houses and the fanciest cars in the village.
Indeed, as the Washington Post visited one roadside farm, a tray of small brown bottles used to contain and sell bear bile was on the floor in plain view – until a Vietnamese forestry ranger, who is supposed to police the farms, sheepishly picked it up and carried it into a back room, away from prying eyes.
North of Hanoi, it is a different story at a bear sanctuary run by Animals Asia in Tam Dao National Park. Bears rescued from farms arrive here with immense psychological and physical problems, some too weak to walk or climb after lifetimes in cages. Others have lost limbs from the metal traps used to capture them; some are blind because of stress-induced hypertension.
Many have to be gradually coaxed out of confined spaces to get used to their new freedoms.
Today, 175 recovering bears swim in pools, climb ladders and platforms, play gently with each other or stretch out in the shade. Three times a day, workers place vegetables all across their enclosures for the bears to forage and find in an important part of their mental stimulation.
But campaigners are struggling to replicate their Vietnam success in China.
There, bile extracted from bears, in processes involving considerable pain, infection and disease, is baked into powder and sold in a range of products – including eye gel and toothpaste – freely available in pharmacies.
Polls show that public opinion in China overwhelmingly deems bear bile extraction to be cruel and supports a ban on bear farming. But while China has moved to outlaw the trade in ivory, for example, international efforts to convince it to end bear-bile farming may have boomeranged.
“From the beginning, this issue became politically sensitive in China,” said Toby Zhang, who has campaigned to end bear farming for more than a decade. “It became about foreigners coming to China to blame Chinese people for doing something.”
It is an example of the tightrope that animal welfare groups have to walk as they try to effect change in China without stepping on some very sensitive toes. A 2006 declaration by the European Parliament, calling on the Chinese Government to end bear bile farming, for example, merely served to provoke an angry defence of the industry from the State Forestry Administration.
“The Chinese Government has a bad habit: When they understand something is wrong, they will change – unless it’s pointed out by foreigners,” Zhang said.
Those sensitivities were exploited by the industry to discredit the campaign to end bear farming, unfairly portraying it as acting in the interests of multinational drug companies out to seize market share from Chinese rivals.
The industry was also boosted when President Xi Jinping threw his weight behind the domestic and global expansion of traditional Chinese medicine, calling it a “treasure of the Chinese nation.”
When it came to ivory, the Chinese Government realized that elephant-poaching efforts to satisfy Chinese demand were damaging its image in Africa, a continent where it is keen to increase its influence. On bears, it has dug in its heels.
In 2013, Chinese wildlife groups generated enough public pressure to force Fujian Guizhentang Pharmaceutical to abandon an IPO to raise funds to expand the bear-farming industry. Since then, though, the Chinese media has been warned away from the subject, experts say.
Scientists at Shenyang University in northeast China created a synthetic alternative to bear bile more than two decades ago, but failed to get approval from the China Food and Drug Administration.
The Development Research Centre of the State Council, a government think-tank, issued a report in 2016 calling for the industry to be gradually closed down by 2035. Faced with an internal backlash, that report was soon deleted from the organisation’s website.
In March, a member of China’s National People’s Congress, the country’s largely rubber-stamp parliament, introduced a proposal calling for bear farming to be phased out by 2035.
Shi Minghai, president of the Buddhist Association of Hebei Province, said that China should take a lead from Vietnam and South Korea to end an industry that is damaging the country’s international image.
The proposal, not the first of its kind, has yet to gain much traction.
In Vietnam, the bear-bile industry was partly a victim of its own success – as production rose, the price dropped. And as the price dropped, people began to consider bear bile less valuable.
“When I first took bear bile, it wasn’t from a farm,” said 48-year-old Hoang Thi Nga, seeking herbal medicine for her bad back at a mobile clinic run by Animals Asia in Phung Thuong. “Bile from bears kept in a cage is not as effective as bile from bears in the wild.”
In China, though, a multimillion-dollar bear-farming industry is continuing to thrive, and has so far outmanoeuvred its critics.