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.
A cooperation agreement on child drowning prevention has been signed between the Ministry of Labour, Invalids and Social Affairs (MOLISA) and the Bloomberg philanthropy.
Speaking at the signing ceremony on Friday afternoon, MOLISA Deputy Minister Nguyễn Thị Hà said that in the period of 2010-13, about 2,800 children drowned every year. The number of child drowning cases decreased in the period of 2015-17, with about 2,000 cases annually.
“However, the number remains high and drowning is the biggest cause of fatalities in children. Studies show that Vietnamese children drowning at rates higher than in other Southeast Asian countries and eight times higher than in developed countries,” said Hà.
Families’ and community’s awareness of the issue was limited, she said. Supervision of children, especially in rural and poor remote areas, is often limited as they play outside.
Localities lack swimming teachers and infrastructure for teaching the skill, so children don’t know how to be safe near water and their surroundings contain many latent risks.
Deputy Minister Hà said that during the past few years, different organisations such as the World Health Organisation and the Bloomberg philanthropy have actively supported Việt Nam in preventing child drowning. Hà expressed her belief that in the future, with help from the organisations, child drowning prevention projects will be implemented effectively in different provinces and cities.
Kelly Larson, director of the public health programme under the Bloomberg philanthropy, said that since 2012, the philanthropy had assisted child drowning prevention programmes in Bangladesh and Philippines.
The programmes have been conducted well in the two countries over the past five years.
Larson said she hopes that with cooperation between MOLISA and the Bloomberg, the work of child drowning prevention would achieve effective results.
Farmers classified as poverty shall receive up to 90pc subsidy of insurance premiums, according to the Government’s Decree No. 58/2018/ND-CP on agricultural insurance dated April 18, 2018 and scheduled to take effect since June 5.
Vietnam Government Portal reported, organizations, which apply high technologies in large-scale agricultural production shall receive up to 20pc of insurance premium subsidy, the Decree stipulates.
The issuance of the Decree aims to improve the quality of enforcing the national target program on building new-style rural areas in association with restructuring the agriculture sector.
The Government issued Decree No. 59/2018/ND-CP dated April 20, 2018 amending and supplementing a number of articles of Decree No. 08/2015/ND-CP dated on January 21, 2015 on customs procedures and customs control.
The Decree will take effect since June 5.
Decree No. 63/2018/ND-CP, which was issued on May 4, 2018 and takes effect since June 19, stipulates investor’s equity ratio in public-private projects.
Accordingly, investors are responsible for contributing and mobilizing capital for project implementation.
For project with total investment capital of up to VND 1,500 billion, the equity capital that investor must maintain is at least 20pc of the total investment capital.
For project with total investment amount of more than VND1,500 billion, investor must maintain at least 20pc for portion of up to VND1,500 billion and at least 10pc for investment portion that exceeds VND1,500 billion.
Under Decree No. 64/2018/ND-CP dated May 7, 2018, violation in the field of domestic animal and aquaculture feed shall be fined up to VND 200 million.
The Decree will take effect since June 22.
The Government will provide financial support worth up to VND 10 million for each ha of newly planted forest since June 19, according to Circular No. 02/2018/TT-BKHDT of the Ministry of Planning and Investment.
The Circular was promulgated to detail implementation of the Prime Minister’s Decision No. 38/2016/QD-TTg on some policies for forest protection and development.
The fact that Vietnam’s tobacco price is among the cheapest in the world is believed to have led to widespread use that has resulted in more than 36,000 deaths a year.
According to date from the Vietnam Tobacco Control Fund under the Ministry of Health, smoking now claims over 100 lives in Vietnam every day and the number is expected to nearly double in 2030.
The Global Adult Tobacco Survey (GATS), conducted by the ministry and the General Statistics Office in 2015, showed that 53.5 per cent of non-smokers – about 28.5 million adults – were exposed to tobacco smoke at home, and 36.8 per cent of non-smokers who worked indoors – 5.9 million adults – were exposed to tobacco smoke in the workplace.
Other statistics show that almost 61 per cent of students started smoking between the ages of 7 and 13.
The World Health Organisation (WHO) said that non-communicable diseases contribute to 73 per cent of all deaths countrywide. Tobacco use is one of the major causes.
Medical experts said tobacco smoking is a leading factor causing an increasing risk of contracting heart-related diseases. The increase is proportional to the amount of tobacco and the smoking time.
It costs the country’s smokers a total of US$1.36 billion (about Bt44 billion) each year. In addition to the cost of smoking, the total cost of treatment and damage due to illness and premature death for five groups – lung cancer, gastrointestinal-respiratory cancer, chronic obstructive pulmonary disease, heart attack, and stroke – caused by smoking costs over $1 billion per year.
According to the United States’ Centre for Disease Control and Prevention, smoking during pregnancy causes additional health problems, including premature birth, certain birth defects, and infant death.
Smoking makes it harder for a woman to get pregnant. Women who smoke during pregnancy are more likely than other women to have a miscarriage. Smoking can cause problems with the placenta – the source of the baby’s food and oxygen during pregnancy. For example, the placenta can separate from the womb too early, causing bleeding, which is dangerous to the mother and baby.
Smoking during pregnancy can cause a baby to be born too early or to have low birth weight – making it more likely the baby will be sick and have to stay in hospital longer. A few of these babies may even die.
Smoking during and after pregnancy is a risk factor of Sudden Infant Death Syndrome. Babies born to women who smoke are more likely to have certain birth defects such as cleft palate.
Vietnam is among the cheapest 15 countries in which to buy tobacco, with a pack of cigarettes ranging from 24 to 88 US cents.
Experts believe the low price of tobacco products is the main cause leading to its widespread use.
The tax on tobacco products is quite low compared to other countries, at about 35-40 per cent of retail price while the world average rate is 56 per cent. It is much lower than the WHO’s suggested 70 per cent.
Consumption tax
In response to the situation, the Ministry of Finance proposed two plans to raise tax on tobacco at a meeting held early May.
The first plan is to collect the special consumption tax of 4 cents per pack of 20 cigarettes and 44 cents per cigar from 2020. In the second plan, the special consumption tax will increase from 75 per cent to 80 per cent in 2020 and 85 per cent in 2021.
However, many experts said the rate is still low. They suggest that the additional charge should be 11-22 cents per pack of 20 cigarettes.
Phan Thi Hai, deputy director of the Tobacco Consequences Prevention Fund under the Ministry of Health, said the ministry agreed with the suggested additional charge.
Dao The Son, a lecturer at Hanoi’s Commercial University, said by increasing tax to 22 cents per cigarette pack, Vietnam could stop 1.8 million people from smoking, prevent 900,000 smoking-related early deaths and earn $470 million for the State budget each year.
In addition to raising tobacco tax to reduce the number of smokers, authorised agencies have launched supporting programmes to help smokers in quitting tobacco. For example, Hanoi-based Bach Mai Hospital and Ho Chi Minh City-based Gia Dinh Hospital have run hotlines to give advice for thousands of smokers in an attempt to quit tobacco.
The programmes, which have run for several years, have shown initial positive results.
TOKYO — The Nikkei ASEAN Manufacturing Purchasing Managers’ Index, or PMI, rose to 51.5 in May from 51.0 in April, reaching the highest level since July 2014.
May data showed six of the seven countries covered by the survey indicating an improvement in manufacturing conditions, up from five in April.
Vietnam overtook Myanmar to lead the ASEAN manufacturing PMI rankings, as growth in its manufacturing sector picked up in May. The Philippines was close behind after registering a faster improvement in operating conditions.
Bernard Aw, principal economist at IHS Markit, which compiles the survey, said “It’s becoming increasingly apparent that underlying growth momentum has picked up in recent months, especially in terms of new business. However, the upturn remained marred by rising costs. Increased prices for raw materials, especially oil and metal, as well as global shortages, continued to push firms’ costs higher.”
Vietnamese lender Techcombank shares traded at 102,400 dong ($4.49) in their debut on Monday, down 20 percent from their reference price and the lowest trading limit for the shares allowed on their maiden day of trade.
Techcombank, formally known as Vietnam Technological and Commercial Joint Stock Bank, raised $922 million in April in one of Vietnam’s biggest offerings. Reuters reports
The shares are allowed to move 20 percent higher or lower than the reference price on the first day of listing, according to exchange trading rules. ($1 = 22,790 dong)