Newly-discovered cave damaged by quarrying

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A cave with a huge number of stalactites in Thanh Hoa Province is being destroyed by quarrying activities as local authorities fail to act.

According to complaints from the locals, the cave was discovered not long ago after a quarry explosion in Ha Tan Commune, Ha Trung District. However, instead of informing the authorities, the mining firm went on taking the cave apart. Both the regular stones and the stalactites that took hundreds or thousands of years to be created have been taken away. The entrance of the cave is completely destroyed and there are still many explosions being carried out nearby.

The cave is located in the quarry of Thanh Dong Company who was granted quarrying licence in May 2016 by Thanh Hoa People’s Committee. Both the people’s committees of Ha Tan Commune and Ha Trung District said they were unaware of the cave.

Nguyen Thanh Chung, Chairman of Ha Tan Commune, said, “I only knew about it after being informed by the Department of Natural Resources and Environment. There are 11 quarries in the commune. How can I know who discovered the cave?”

Nguyen Minh Chau, deputy director of Thanh Hoa Department of Natural Resources and Environment said that the firm should have had informed the authorities immediately. “We asked to stop activities at and around the cave to wait for directives from the provincial people’s committee. The communal and district people’s committees must monitor the site,” he said.

On May 17, Chau signed an official document reporting about the cave. According to Chau, the newly-discovered cave in the quarry of Thanh Dong Company is 25 metres long, 20 metres wide and about 10 metres high. The stalactites could be used as decorations or the cave could be preserved as a tourism site.

Thanh Hoa People’s Committee said they had assigned the Department of Culture, Sports and Tourism to work with related agencies to survey the site and propose suitable solutions.

By Binh Minh (dtinews)

Vietnam’s leading mobile retailer The Gioi Di Dong shutters six stores in month

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Vietnam’s leading mobile retailer The Gioi Di Dong (Mobile World) has for first time had to close as many as six stores in a row this year, whereas its new business in the grocery sector is struggling.

The company announced its first-ever store discontinuation in January, before shutting down six other outlets in April alone, according to Jan-Apr business results published on its official website.

The report shows that The Gioi Di Dong’s revenue in the first four months of 2018 reached VND29,700 billion (US$1.31 billion), up 43 percent year on year and fulfilling 34 percent of the full-year target.

In the same period, the mobile retailer posted a total profit of VND1,044 billion ($45.94 million), up 44 percent from a year earlier, making up 40 percent of its target.

Following the store closing spree, The Gioi Di Dong’s revenue in April dropped five percent from a year earlier to VND2,883 billion ($126.85 million), according to the report.

Founded in 2004, The Gioi Di Dong started as a small company with three mobile phone and electronics stores, now holding a network of 1,100 outlets across Vietnam as of the end of 2017, according to the company’s website.

Throughout 2017, the number of The Gioi Di Dong mobile stores was on the rise every month, with some months even witnessing two stores opened every day.

In 2010, the firm separated its electronics business into a new entity, called dienmay.com, and renamed it Dien May Xanh (Blue Electronics) in May 2015. The chain now has nearly 700 outlets countrywide.

Customers visit a Thegioididong.com store in Ho Chi Minh City. Photo: Tuoi Tre

April sales of the Dien May Xanh topped VND3,776 billion ($166.14 million), up 62 percent over the same period. Dien May Xanh is currently the main source of the corporation’s revenue.

Despite that, The Gioi Di Dong revealed at the latest shareholder meeting on March 16 that the company would not continue to expand the network of its mobile and electronics stores, but to increase sales of the existing shops.

“The goal is to increase sales of both sectors by five to ten percent each,” one company leader said.

Analysis reports by two of the world’s leading market research institutes AC Nielsen and GFK also indicate that the market for these two sectors in Vietnam has reached the point of saturation.

Grocery store chain to blame

In late December 2017, The Gioi Di Dong dipped its toe into the pharmaceuticals retail sector by acquiring the Phuc An Khang pharmacy chain and rebuilding the brand under the new name of An Khang.

Before this expansion, the company also threw its hat into yet another ring, grocery retailing, through the opening of the Bach Hoa Xanh (Green Department Store) fresh food chain in early 2017.

The blame has been put on Bach Hoa Xanh for the recent business results of The Gioi Di Dong.

A search on the company’s website at the time of writing showed that the company had opened 372 Bach Hoa Xanh venues in 16 districts out of 24 districts in Ho Chi Minh City.

Despite the rapid outlet expansion, Bach Hoa Xanh modestly contributed only three percent to the corporation’s total revenue in the first four months of 2018, with its leaders admitting that the chain is still struggling in the “trial and error” phase.

An attendant works at a Bach Hoa Xanh store in Ho Chi Minh City. Photo: Tuoi Tre

The Gioi Di Dong said that its grocery chain incurred an EBITDA (earnings before interest, taxes, depreciation and amortization) deficit of about VND60 billion ($2.64 million), prompting the company to close three Bach Hoa Xanh outlets and cancel the opening of seven others.

In the wake of consecutive losses, The Gioi Di Dong now looks to open only 500 new locations by this year-end, instead of the previous goal of 1,000 stores, according to chairman Nguyen Duc Tai.

This loss-making food chain is the main reason that sent The Gioi Di Dong stock prices (HOSE: MWG) down by more than 20 percent since the beginning of the year.

An expert in the retail industry assessed that The Gioi Di Dong can only compete with other grocery stores in management software technology, while having no experience in other important factors such as supply chain and customer management.

By Bao Anh, Source: Tuoi Tre News

Startups in VN need easier capital attraction

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Luxstay recently announced it raised an additional $2.5 million through its Pre-Series A Round funding from investors including Genesis Ventures, Founders Capital, Y1 Ventures, and two others. Japan’s Genesis Ventures and the Singapore-based ESP Capital previously provided funding to the startup, founded by Vietnamese entrepreneur Steven Nguyen and incorporated in Singapore, mid-last year.

ELSA, a mobile app founded and managed by Vietnamese Vu Van and that uses artificial intelligence (AI) and speech recognition technology to help language learners improve their English pronunciation, also announced Pre-Series A Round funding of $3.2 million, led by Monk’s Hill Ventures.

“We are pleased to support ELSA’s team of experts in the fields of AI and speech recognition as they scale their technology to new languages and markets,” said Monk’s Hill Ventures’ Managing Partner Peng T. Ong.

“ELSA has achieved exceptional organic growth over the past two years and we’re excited to help grow their business and partnership efforts in 2018 and beyond.”

Luxstay and ELSA are among the notable cases of startups attracting handsome funding and were highlights of investment flows into startups in 2017 and the opening months of 2018.

Vietnam witnessed another year of robust startup funding activities in 2017, marked by major rounds and also the entry of new regional venture capital (VC) players.

According to a report from Vietnam-based accelerator Topica Founder Institute (TFI). The total number of deals shot up to 92, nearly double the 50 in 2016.

Thanks to foreign investments, the total collective startup deal value soared to $291 million last year, representing 44 per cent growth against the $205 million in 2016.

The NYSE-listed Sea Group (formerly Garena) was a particularly voracious foreign investor, acquiring an 82 per cent stake in restaurant review platform Foody in a deal worth $82 million (the largest for the year), while two fintech and logistics startups closed deals reportedly worth up to $50 million.

Other notable investments were the $54 million Series C investment in e-commerce platform Tiki, jointly made by Chinese internet giant JD.com and South Korea’s STIC Investments, Hendale Capital’s $10 million investment in Vntrip, and TNB Ventures $20 million Series A investment, among others.

The greatest potential for Vietnamese startups is believed to lie in developing technology solutions that resolve problems in emerging markets.

According to Mr. Eddie Thai, General Partner at 500 Startups Vietnam, which had invested in 18 tech startups as at the end of 2017 and had closed 21 deals as at the end of March, Vietnam is one of the rare places in the world where there is a lot of engineering talent. IBM has projected that Vietnam could be in the Top 3 in the world by number of engineers in five years.

“Many of these engineers are uniquely familiar with the challenges that poor people or rural people face, compared with engineers from wealthy places like San Francisco or New York or London,” Mr. Thai said.

“This should mean that Vietnamese engineers are better able to resolve such challenges.”

According to the Topica Founder Institute report, 500 Startups Vietnam was the most active VC fund in Vietnam in 2017.

“We want to be even more active in 2018, perhaps with more than 20 investments this year,” Mr. Thai added.

Some Vietnamese startups have successfully called for tens of millions of dollars but none have called for hundreds of millions of dollars.

“Vietnamese startups have no history of winning in Southeast Asia,” Founder and CEO of Beeketing, Mr. Quan Truong, acknowledged.

“This is why they find it hard to attract foreign funds compared with startups from elsewhere in the region.”

In principle, capital flows from big to small markets; from the US to Japan, China, India and then to Southeast Asia, for example. Indonesia is the largest market in Southeast Asia, with a GDP 4.5 times higher than Vietnam’s, followed by Thailand.

Regional countries such as Indonesia, Malaysia and Thailand also have better capital mobilization policies than Vietnam does.

High risks and complex procedures and sub-licenses, which take a long time to disburse for one deal, all make investors hesitate to inject money into Vietnamese startups.

“In Singapore, it takes about one week to fulfill procedures and complete disbursement,” said Mr. Nguyen Hoang Hai, Founder and CEO of Canavi.

“The time needed in Thailand is a month but in Vietnam is at least four to six months.” If this situation continues, he added, more and more Vietnamese startups will move and found in other countries.

Founders are getting better and foreign VC investors are becoming more aware of Vietnam, but there’s still a lot of work to be done and many more people that could become involved.

According to Mr. Thai, before this year, 500 Startups Vietnam spent a lot of time spreading the word internationally about tech in Vietnam. It will now shift its attention to spreading the word in Vietnam.

Many Vietnamese citizens, government officials, and businesspeople are aware of Industry 4.0 but not everyone knows what it means for them or how to take advantage of it.

“So, we want to talk with Vietnamese small and medium-sized enterprises (SMEs) and corporations about how they can adopt or develop new technology,” Mr. Thai said.

“We want to advise policymakers on how to improve the regulatory environment for innovation. We want to help students gain practical experience in technological innovation and entrepreneurship. And we want to work with wealthy Vietnamese who want to earn money investing in the future of Vietnam as a startup nation.”

Source: VN Economic Times

Real estate market is ‘fragile’, could lead to another bubble, experts say

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Land fever in Phu Quoc, Long An, Nhon Trach and HCM City, a lack of houses for low income earners, and an oversupply of high-end apartments are the main features of today’s real estate market.

Investors continue pouring money into the high-end apartment market segment, even though there is a sufficient supply. With the selling price of VND45 million per square meter at minimum, the number of target customers is not high.

By the end of the first quarter of 2017, nearly 30,000 apartments of this kind had been marketed in the eastern part of HCM City alone. Buyers from Hanoi could partially ease the oversupply, but it is still not enough.

There is no official report about the number of apartments sold to those who have real demand for apartments. However, the figure is estimated at roughly 30 percent.

According to the National Finance Supervision Council (NFSC), in 2017, the bank loans disbursed for the real estate and construction sector amounted to 15.8 percent of total outstanding loans.

The State Bank of Vietnam (SBV) has tightened real estate credit. However, analysts doubt that its instruction will cause commercial banks to shrink back and tighten lending to the real estate sector.

The government in early 2018 showed its determination to obtain a GDP growth rate of 6.5-6.7 percent this year.

Analysts warn that the high GDP growth rate may lead to a ‘real estate bubble’ like the one in 2007 and 2010. The bubble was created by a high GDP growth rate and loose credit policy.

GDP in 2007 grew sharply by 8.48 percent, while HCM City gained an impressive 12.6 percent growth rate, the highest level in 10 years.
Currently, real estate credit accounts for 10.8 percent of total outstanding loans in HCM City.

Total outstanding loans in the city were VND1,750 trillion by the end of 2017, with real estate loans of VND198 trillion. The figure would be even higher if counting lending marked as ‘consumer loans’.

Nguyen Van Duc, deputy director of Dat Lanh Real Estate, said the real estate market is ‘fragile’.

Negative signs in the market appeared after the fire at Carina apartment block. After the accident, speculators rushed to sell products. However, despite the price decreases, there have been few transactions.

US$1=VND22,000

By Kim Chi

Source: VietNamNet

Vietnam ranked 6th among countries with highest women business ownership

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Yet women’s opportunity to rise as business leaders in Vietnam is surprisingly low, Mastercard found.

With 31.3 percent of businesses in Vietnam owned by women, the country has been ranked sixth out of 53 surveyed economies in terms of share of women business owners.

The country has maintained its position from last year and continues to surpass its Southeast Asian peers, China and the U.S. in the ranking by Mastercard.

In the top five, Ghana took the lead, followed by Russia, Uganda, New Zealand and Australia.

The credit card company said Vietnam “stands out as an outperformer” as it ranks the country 18th worldwide in its Mastercard Index of Women Entrepreneurs (MIWE).

Vietnam scored 65.5 points overall in the index, which is based on three components: women’s advancement outcomes, knowledge assets and financial access, and supporting entrepreneurial conditions.

On the global MIWE map, Vietnam closely resembles Thailand and Hong Kong in Asia, Switzerland and Poland in Europe, and Costa Rica and Colombia in Latin America.

Vietnam’s strength is distinct in Women’s Advancement Outcomes, with 59.6 points – ranking 10th, and Knowledge Assets and Financial Access with 86.7 points – ranking third, trailing only behind Singapore and New Zealand.

Compared to their global peers, Vietnamese women are as likely as men to engage in business, according Mastercard.

The Knowledge Assets and Financial Access component shows Vietnamese women having equal higher education opportunities as men, and of the 57 markets in the MIWE study, Vietnamese women are the only ones who demonstrate equal inclination to borrow or save for their business undertakings as men.

However, Vietnamese women trail in Supporting Entrepreneurial Conditions.

At 56.2 points, Vietnam is ranked among the lowest, at 42nd, weighed down by unfavorable conditions in Quality of Governance, where it is ranked 47th, Entrepreneurial Supporting Factors, ranked 48th and Ease of Doing Business, ranked 36th.

Women’s opportunity to rise as business leaders is also surprisingly low as the country is ranked 41st with a point of 26.2, or only one female out of every four leaders.

They are also disadvantaged in terms of receiving relatively low acceptance from society with 68.8 points for Cultural Perception of Women Entrepreneurs, which is lower than most Asian markets, such as 76.2 in Indonesia, 82.2 in Philippines, 76.9 in Thailand, 73.8 in Malaysia, and 79.9 in Hong Kong.

In January, Bloomberg cited September data from the Boston Consulting Group (BCG), an American worldwide management consulting firm, as saying that Vietnamese women hold more leading positions on the business map compared to other countries in the region, including Malaysia, Singapore and Indonesia.

Women hold 25 percent of CEO or board level positions in Vietnam.

That figure stands at 14 percent in Malaysia, 10 percent in Singapore and only 6 percent in Indonesia, according to BCG.

By Minh Nga

Source: VnExpress

Saigon seeks more funds for metro

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Saigon (HCM City) authorities have asked the National Assembly (NA) to increase investment for the city’s first two metro lines that start near Ben Thanh Market in District 1 and end at Suoi Tien Theme Park in District 9 and Tham Lương depot in District 12.

We might have to wait another few years to ride in one of them (at least physically), but you can check out the interior of the carriages that will eventually run on Saigon’s first metro line.

The city’s People’s Committee has proposed an adjusted total investment of  $2.076 billion and nearly $2.107 billion for metro line No. 1 and No. 2, respectively. VNS reported

Metro line No 1 (Ben Thanh in District 1 to Suoi Tien in District 9) was approved by the city in April 2007 with an investment of $766.4 million. Approval by the NA was not needed at that time.

After investment costs were re-calculated by consulting agencies, costs increased to more than VND47.300 trillion.

The city administration attributed the rising costs to price changes for construction materials, an increase in the minimum wage, and the depreciation of the Vietnamese đồng and Japanese yen, among others.

In August 2011, the PM agreed to the city’s proposed project adjustments. But with investments reaching more than VND47.3 trillion, the NA then had to approve the amount.

According to the city’s People’s Committee, the city has signed three loan agreements worth VND31.208 trillion, of which VND11.929 trillion has been disbursed, accounting for 38% of the total signed loan agreements.

The project has implemented four bidding packages and has completed around 52% of the work on metro No 1, with most of the work on an elevated section and depot at metro No. 1 completed.

As for the metro line No 2, which connects Bến Thành market in District 1 with Tham Lương in District 12, the city People’s Committee in 2010 approved a design by a local consulting firm, with a total investment of $1.37 billion.

Meanwhile, investment capital for the second metro line Bến Thành-Tham Lương also increased, from VND26 trillion to nearly VND48 trillion, after the completion deadline was extended from 2020 to 2026.

According to the Ministry of Construction and Ministry of Finance, the project needs to be reported to the PM before being submitted to the NA for approval.

The city People’s Committee said suspension or cancellation of the projects would lower trust among the funding sponsors, and increased commitment fees for unallocated loans. It would also affect the trust of residents affected by the project.

USD 1 = ~VND 23,000

— VNS

Money keeps leaving Vietnam stock market

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Shares underperformed on Monday and Tuesday as money continued to leave the market in face of a downtrend.

According to a report by VNS, Vietnam’s benchmark VN-Index on the HCM Stock Exchange closed down 2.46 per cent at 1,014.98 points. The southern market index decreased 0.4 per cent last week.

On the Hanoi Stock Exchange, the HNX-Index edged down 1.33 per cent to end Monday at 119.66 points. The northern market index lost more than 1.2 per cent the previous week.

Monday’s trade was similar to previous sessions as weak demand promoted strong supply, especially in leading stocks like VinGroup (VIC), dairy firm Vinamilk (VNM), PV Gas (GAS) and insurer Bao Viet Holdings which slumped between 3-7 per cent each.

The decline of nearly 7 per cent of VinGroup was unexpected as the conglomerate has just announced its revenue and profit growth targets of 34 per cent and 50 per cent, respectively, as well as dividend plan of 21 per cent in the second quarter.

In the VN30 basket which tracks the top 30 largest shares by market value and liquidity on the HCM Stock Exchange, 25 stocks lost while only five gained.

Banks and securities companies were among the biggest losers with Vietcombank (VCB), Vietinbank (CTG) and BIDV (BID) – the top three biggest lenders by market value and assets – tumbled 1.4 per cent, 2.2 per cent and 4.4 per cent, respectively.

Vietcombank and BIDV have declined for four sessions in a row.

“Selling pressure increased in the last minutes today, increasing the risk of the VN-Index breaking down the old bottom below 1,000. Low liquidity was still raising concern among investors in the market,” said Tran Hai Yen, a stock analyst at Bao Viet Securities Company (BVSC).

More than 158 million shares worth VNĐ4.24 trillion (US$186 million) were traded in the two markets, down 35.8 per cent in volume and 61.5 per cent in value compared with last week’s average daily volume and value.

Money fled the market while supply was increasing after the market moved sideways over the past two weeks, Yen said.

Foreign investors continued to sell, with a net sell value of nearly VNĐ440 billion on the two exchanges, focusing on blue chips including VinGroup, Vincom Retail and Vinamilk.

– VNS

Vietnam’s Vingroup sets profit target to growth 50%

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Private business conglomerate Vingroup is seeking shareholders’ approval for targets of 34% and 50% increases in revenue and net profit, respectively, this year.

In the documents sent to shareholders prior to its annual shareholders meeting, expected on May 31 in Hanoi, the board set a total revenue target of VND120 trillion (US$5.3 billion) for the year, and a net profit of VND8.5 trillion. VietnamNews reported

In the first quarter, the company earned VND29.1 trillion in revenue and over VND1 trillion in net profit, up 84 per cent and 70% year-on-year, respectively.

Despite the news, Vingroup’s stock declined by nearly 7 % yesterday to close at VND114,400 ($5.02) per share on the Ho Chi Minh City Stock Exchange.

Big dividend plan

Vingroup is also planning a big dividend with a total rate of 21%, of which a 10% will be paid by stocks for 2017’s business results and another 11% will be paid in cash, being extracted from accumulative net profits as of the end of the first quarter of 2018. Total payment value will be more than VND5.54 trillion, expected to be paid in the second quarter of 2018.

In addition, the board of directors will also present to the shareholders a plan to lift the foreign ownership limit to 49% after removing some divisions of the company.

Shareholders will authorise the board to review and make a list of restricted business lines, as well as carry out the necessary procedures to change the corporate business registration.

Foreigners currently hold about 10.2% of Vingroup’s capital according to data on the financial website vietstock.vn as of December 31, 2016.

This year, VIC is planning to intensify its operations in all major fields including real estate, travel and entertainment, retail, healthcare, education and agriculture. At the same time, the company will also make further investment in the automobile industry with the ‘Vinfast’ brand.

The company will strengthen its presence in provinces nationwide, especially in the development of Vinmart and Vinmart+ retail chains. Regarding the quality of services, the company is still aiming for international five star standards, upgrading the infrastructure of the Vinpearl entertainment system and the Vinmec hospital system, enhancing the training quality of Vinschool and Vinuni.

In 2017, consolidated revenue of VIC reached VND89.3 trillion, up 55% year-on-year, net profit touched VND5.6 trillion, up 27 % over the previous year. Earning per share (EPS) was VND1,816.

 

— VNS

Vietnam’s GDP growth to slow after record performance in Q1

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The government is concerned about lack of breakthrough factors to further boost the economy.

Vietnam’s decade high growth in the first quarter is forecast to slow during the rest of the year, a parliamentary meeting heard on Monday. VNExpress reported

The country’s gross domestic product (GDP) grew 7.38 percent in the first three months thanks to strong performance in three key economic sectors, agriculture, industry-construction and processing-manufacturing, said deputy prime minister Truong Hoa Binh at the opening meeting of the 14th National Assembly, the highest legislative body in Vietnam.

However, the deputy PM pointed out that GDP growth is unlikely to maintain its momentum for the rest of the year and slow down instead due to lack of any breakthrough factors compared to last year.

In 2017, Vietnam’s economy expanded rapidly due to strong exports driven by South Korea’s electronics giant Samsung and Taiwanese steel firm Formosa.

The deputy PM expects this year’s main driver of growth to be processing-manufacturing, the most likely sector to see any breakthroughs.

Growth this year will be undermined by lower mining output, especially crude oil extraction which is forecast to be down by 2 million tons compared to 2017.

The reduced tax on some items imported from ASEAN countries is also believed to obstruct growth, deputy PM Binh said.

Vu Hong Thanh, chairman of the Economic Committee of the National Assembly, said high growth achieved in the first quarter has created a big challenge for the rest of the year if Vietnam is to aim for ever higher growth.

Thanh is also concerned about increasing healthcare, education and food prices, which are forecast to contribute 2-2.5 percentage points to this year’s inflation hike.

Protectionism and trade tensions between China and the U.S. have also affected Vietnam’s trade activities, Thanh said.

The committee asked the government to pay greater attention to growth quality, restructure the economy and to continue to closely monitor the situation, keeping adjustments to fuel, service and food prices in mind.

Vietnam’s annual trade now exceeds 185 percent of GDP, making it the second most trade dependent economy in Southeast Asia, behind Singapore, according to the Asian Development Outlook 2018 report released last month.

The Ministry of Planning and Investment has forecast country’s economic growth this year to be at 6.7 or 6.8 percent.

 

By Dat Nguyen |Photo by Reuters/Kham

Asian Informatics competition: Vietnamese team won gold medal

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The Vietnamese team finished third overall, after China and Russia, with all seven members claiming medals.

According to a report by VNExpress, Vietnamese students earned high achievements at the 2018 Asia-Pacific Informatics Olympiad with one gold, four silver and two bronze medals.

Pham Duc Thang, a 12th-grader from Hanoi, won the gold medal and helped put Vietnam in the third place overall after China and Russia, according to the results revealed on Monday.

The Vietnamese team has four high school students from the north, one from the central province of Thanh Hoa, one from the Central Highlands province of Lam Dong and another from Ho Chi Minh City.

They were selected from 15 students who participated in an online examination at the University of Technology in Hanoi.

This year’s competition, which was held in Russia from May 13-21, drew 586 contestants from 31 countries and territories.

Last year, Vietnamese students came seventh overall by winning five silver and one bronze medals.

A report by Business Insider showing that, Vietnam ranks among the smartest countries based on math and science.

Complete Rankings:

1. Singapore 2. Hong Kong 3. South Korea 4. Japan (tie) 4. Taiwan (tie) 6. Finland 7. Estonia 8. Switzerland 9. Netherlands 10. Canada 11. Poland 12. Vietnam 13. Germany 14. Australia 15. Ireland 16. Belgium 17. New Zealand 18. Slovenia 19. Austria 20. United Kingdom 21. Czech Republic 22. Denmark 23. France 24. Latvia 25. Norway 26. Luxembourg 27. Spain 28. Italy (tie) 28. United States (tie) 30. Portugal 31. Lithuania 32. Hungary 33. Iceland 34. Russia 35. Sweden 36. Croatia 37. Slovak Republic 38. Ukraine 39. Israel 40. Greece 41. Turkey 42. Serbia 43. Bulgaria 44. Romania 45. UAE 46. Cyprus 47. Thailand 48. Chile 49. Kazakhstan 50. Armenia 51. Iran 52. Malaysia 53. Costa Rica 54. Mexico 55. Uruguay 56. Montenegro 57. Bahrain 58. Lebanon 59. Georgia 60. Brazil 61. Jordan 62. Argentina 63. Albania 64. Tunisia 65. Macedonia 66. Saudi Arabia 67. Colombia 68. Qatar 69. Indonesia 70. Botswana 71. Peru 72. Oman 73. Morocco 74. Honduras 75. South Africa 76. Ghana

 

By Duong Tam, Dean Dougn | Image source: pxhere.com

Vietnam says Chinese bombers in disputed East Sea increase tensions

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Recent activity by China’s strategic bombers in the East Sea’s Paracel Islands seriously violated Vietnam’s sovereignty over the disputed territory, Vietnam’s foreign ministry said on Monday.

China’s air force said bombers such as the H-6K had landed and taken off from islands and reefs in the East Sea as part of training exercises last week. Reuters reported

The flights “increase tensions, cause regional instabilities and are not good for maintaining a peaceful, stable and cooperative environment in the East Sea,” foreign ministry spokeswoman Le Thi Thu Hang said in a statement, using the Vietnamese name for the East Sea.

The Philippines also expressed “serious concerns” on Monday over the presence of the bombers in the area and its foreign ministry has taken “appropriate diplomatic action”.

Vietnam and China have long been embroiled in maritime disputes in the East Sea. The Philippines, Malaysia, Brunei and Taiwan also have claims to parts of the potentially energy-rich maritime territory.

“Vietnam demands that China stop these activities, cease militarization of the area, and strictly respect Vietnam’s sovereignty over the Hoang Sa islands,” Hang said, referring to the Paracels.

Hang said the presence of the bombers in the area has an adverse impact on ongoing negotiations between China and the Association of Southeast Asian Nations on a Code of Conduct in the East Sea.

In Beijing, Chinese Foreign Ministry spokesman Lu Kan urged other countries not to over-interpret what he called a routine military patrol.

“We hope that relevant parties do not read too much into this,” Lu Kang told a daily news briefing.

Earlier this month, Vietnam also asked China to withdraw military equipment from the nearby Spratly Islands in the disputed waters, following media reports that China had installed missiles there.

In response, China said its deployment of defense equipment and troops on the islands was its right, adding that the equipment helped protect the peace and stability of the region and “does not target any country”.

Vietnam’s state oil firm PetroVietnam has said maritime tensions with China will hurt its offshore exploration and production activities.

In March, the company told Spanish energy firm Repsol to halt an oil project offshore of Vietnam under pressure from China.

Last week, a unit of Russian state oil firm Rosneft also expressed its concern that its recent drilling in the area could upset China.

 

Reporting by Khanh Vu; Editing by James Pearson and Peter Graff

U.S. to slap heavy duties on Chinese steel shipped from Vietnam

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The U.S. Commerce Department on Monday slapped steep import duties on steel products from Vietnam that originated in China after a final finding they evaded U.S. anti-dumping and anti-subsidy orders.

Reuters reported, the decision marked a victory for U.S. steelmakers, who won anti-dumping and anti-subsidy duties against Chinese steel in 2015 and 2016 only to see shipments flood in from elsewhere. The industry has argued that Chinese products are being diverted to other countries to circumvent the duties.

U.S. customs authorities will collect anti-dumping duties of 199.76 percent and countervailing duties of 256.44 percent on imports of cold-rolled steel produced in Vietnam using Chinese-origin substrate, the Commerce Department said in a statement.

Corrosion-resistant steel from Vietnam faces anti-dumping duties of 199.43 percent and anti-subsidy duties of 39.05 percent, it said.

The department has said it would apply the same Chinese anti-dumping and anti-subsidy rates on corrosion-resistant and cold-rolled steel from Vietnam that starts out as Chinese-made hot-rolled steel.

The duties will come in addition to a 25 percent tariff on most steel imported into the United States that resulted from the Trump administration’s “Section 232” national security investigation into steel and aluminum imports.

Although the steel subject to the latest anti-dumping and anti-subsidy duties was processed in Vietnam to be made corrosion resistant or cold-rolled for use in autos or appliances, the Commerce Department agreed with the claims of American producers that as much as 90 percent of the product’s value originated from China.

The global steel industry is struggling with a glut of excess production capacity, much of it located in China, that has pushed down prices.

The decision followed a European Union finding in November that steel shipments from Vietnam into the EU also circumvented tariffs.

The Commerce Department said that after anti-dumping duties were imposed on Chinese steel products in 2015, shipments of cold-rolled steel from Vietnam into the United States shot up to $215 million annually from $9 million, while corrosion-resistant steel imports rose to $80 million from $2 million.

The case stems from a petition filed by U.S. producers ArcelorMittal USA (MT.AS), Nucor Corp (NUE.N), AK Steel Holdings Corp (AKS.N) and United States Steel Corp (X.N) alleging that Chinese producers began diverting their steel shipments to Vietnam “immediately” after the duties were imposed.

Reporting by Eric Walsh; Editing by Leslie Adler and Diane Craft

Body of missing Binh Thuan trekker found

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Thi An Kien starts the trip on the trekking route of Ta Nang-Phan Dung with six friends on May 11

A dead body which is suspected to be the man went missing in a popular trekking route in the central province of Binh Thuan has been found.According to Hoang Van Duy, chairman of Phan Dung Commune, Tuy Phong District, the body was discovered at Lao Phao Waterfall near the trekking route of Ta Nang-Phan Dung on May 20.

The man is believed to be Thi An Kien, 24, who went missing at Ta Nang-Phan Dung road on May 12.

Earlier, on May 15, a plastic bag with some coffee and napkin inside was found at the area of Lao Phao Waterfall. People in his group said that the items belonged to Kien.

The things believed to belong to Kien

The police are investigating the case.

Kien joined the trip with six other people. His group had searched for him. Local authorities mobilised nearly 100 people to look for him.

Tà Năng-Phan Dũng is seen as one of the most beautiful trekking areas in Vietnam. However, it is quite dangerous for travellers without guides.

Source: Dtinews

Hanoi launches interactive tourism website

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Hanoi’s downtown district of Hoan Kiem on May 20 launched its tourism website, aiming to promote its tourism potential and attract more tourists to the area.

The website, available at http://hoankiem360.vn and http://hoankiem360.com, has many features, including finding tourist destinations, services and trade centres of Hoan Kiem district.

Visitors can explore famous places of the district through 360-degree panoramic images, and book hotel rooms and tours as well as buying goods online.

A mobile app for iOS, Android, Windows phones also allows users to explore landscapes, historical sites, scenic spots and other tourism and trade services.

Hoan Kiem Chairman Duong Duc Tuan said that website is expected to facilitate the district’s tourism with a close connection with Vietnam tourism, aiming to build a smart urban and tourism management model.

At the ceremony, the district also introduced an upgrade of the its portal, along with the websites of wards and schools based in the district.

Hoan Kiem is home to many of Hanoi’s attractions such as the Hoan Kiem Lake, the Old Quarter, the night market, and the pedestrian streets.

Source: NDO

Lazada and DeAura the biggest pains for customers in 2017

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In 2017, the Ministry of Industry and Trade’s Vietnam Competition Authority received a large number of complaint letters related to the quality of goods and services of Lazada, while DeAura has made its name by swindling thousands of customers into debt.

According to the Vietnam Competition Authority (VCA)’s annual report released on its website, the authority processed about 1,000 requirements and feedbacks from customers in 2017 received via its hotline, email, its website, and post. Some of the businesses hit by the most complaints are Recess Co., Ltd. (lazada.vn), Cat Hung Thinh Trading Co., Ltd., and DeAura Vietnam Co., Ltd.

Accordingly, VCA has received a large number of complaint letters on the quality of products and services at lazada.vn, as well as delays in delivery, goods being different from the advertisements, delivering used/old items or the wrong articles, repudiating liability, cancelling orders, fake promotions and wrong prices, selling goods not in inventory, and abandoning customers. By the number of complaints, lazada.vn has made customers very angry this year.

VCA has been working with Recess and asked the company to resolve complaints and explain its business process. The firm has resolved the complaints satisfactorily since then. However, VCA will also inspect and supervise lazada.vn in the time coming.

A week ago, a lazada.vn customer claimed that it delivered a laptop with a damaged battery and keyboard, and then delayed a refund or exchange for over a month, although the website promises to “Return or exchange items easily within 14 days, even if you simply do not like the product.”

Only after vir.com.vn reported this incident was this customer allowed to return the damaged laptop and got his money back.

In addition to Recess, numerous customers complained about purchasing jewellery worth more than VND1 million ($44) after watching an advertisement of Cat Hung Thinh on television. The item was very bad, stained, and crude.

After feedbacks from customers, the company has taken back the jewellery for warranty, but the new goods were even worse than the ones before. Customers contacted Cat Hung Thinh but the calls were not received.

Numerous customers also complained about free promotional skin care services at DeAura spas in Hanoi, where they were solicited into buying a set of cosmetics worth VND43 million ($1,900) payable in instalments via Vietnam Prosperity Joint Stock Commercial Bank (VP Bank) or FE Credit. They have faced many troubles with the quality of these cosmetics and the unclear credit terms.

By: Nguyen Huong (VIR)

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