Vinhomes raises $1.35bn in Vietnam’s biggest share offer

Advertisements

Vietnam’s largest residential developer prices shares at top of marketed range.

Vinhomes, the residential property arm of Vietnamese conglomerate Vingroup, has priced the country’s biggest equity offering at the top of its prospective range, raising $1.35bn. Reporting by Financial Times

Vietnam’s largest residential developer on Monday priced 268m shares at the upper end of the indicative range of 110,500-114,700 Vietnamese dong each, according to bankers close to the deal.

The share issue is the country’s largest since Vingroup’s shopping mall subsidiary raised $708m at the end of last year. The Vinhomes deal has been structured like Vincom Retail’s, with shares privately placed to leading investors rather than offered to the public.

According to one banker, the book was “well-oversubscribed” on the back of demand from both global and regional funds, helping the deal surpass Vingroup’s $1bn target.

The Vinhomes listing will set a new high-water mark for share offerings in Vietnam, which has drawn record amounts of foreign investment over the past year despite being officially classified as a “frontier” market.

The south-east Asian country’s economy grew by 7.4 per cent in the first quarter of the year, and its communist government has been disposing of shares in companies in sectors ranging from food and beverage to banking as part of a privatisation drive.

The Ho Chi Minh City stock exchange has been one of Asia’s best performers this year, thanks to the country’s improved economic indicators and strong earnings at listed companies, and is up 5.5 per cent year to date.

One analyst said the size of the Vinhomes issue had allowed it to draw more large investors than some previous ones.

“The bigger the issue, the more the large global institutions seem to be interested, because they can deploy more cash in a single bound than they previously were able to do,” said Kevin Snowball, chief executive officer of PXP Vietnam Asset Management in Ho Chi Minh City.

No Vietnamese share offering has yet been valued at more than $1bn. Last month Vietnam’s Techcombank launched an initial public offering aiming to raise as much as $922m.

Vinhomes had a 15 per cent share of residential properties sold in Hanoi and Ho Chi Minh City between 2015 and 2017, and just under half of the market for high-end luxury condos. The company plans to broaden its current focus on Hanoi and Ho Chi Minh City, the two biggest cities, to the rest of the country.

Last month Vingroup said that GIC, the Singapore sovereign wealth fund, had agreed to invest $1.3bn in Vinhomes, buying shares and extending a “debt-like instrument” to the subsidiary.

Credit Suisse, Citi, Deutsche and Morgan Stanley are joint global co-ordinators. Shares are set to start trading in mid-May.

By Emma Dunkley in Hong Kong and John Reed in Bangkok

Data flows remain unopened

Advertisements

Viet Nam has many opportunities to develop a digital economy, but the country’s legal framework on cross-border data flows is still “unopened”, according to the Asia Cloud Computing Association (ACCA).

The Central Institute for Economic Management (CIEM) and ACCA jointly organised a workshop on cross-border data flows to improve the framework for digital economic development on Thursday.

Lim May Ann, ACCA executive director, announced the report “Cross-border data flow: A review of the regulatory enablers, blockers and key sectoral opportunities in five Asian economies: India, Indonesia, Japan, the Philippines and Viet Nam” at the meeting.

The report provides an overview of the legal status of data management in the five economies and its impact on economic development in general and small- and medium-sized enterprise development in particular.

Mai Liem Truc, former deputy minister of Post and Telecommunications, said Vietnamese telecommunications and internet in the past 20 years has grown equivalently to countries in the region and the world in terms of services.

Viet Nam is also a country with high rate of internet users, more than 50 per cent of its population.

“That created a big impact on the digital economy in Viet Nam,” he said.

However, the ACCA representative said regulatory requirements could pose challenges for cross-border data service providers, leaving them to consider entering the Vietnamese market.

In addition, it may affect businesses wishing to use the tools and services provided by cross-border data and cloud computing service providers, which play an important role in the development of digital businesses in Viet Nam.

Lim May Ann said the Vietnamese government should take a cautious approach to ensuring the development of a cyber security environment does not inadvertently limit and inhibit the growth of the potential of digital economy in particular and Vietnamese economy in general.

Truong Dinh Tuyen, former Minister of Trade, said policies should serve the development of digital economy and not to be introduced to obstruct its development.

Source: VNS

Vietnam Morning News – May 07

Advertisements

Estimated Reading Time: 6 minutes

Shrimp industry ambitious for $4.8 billion export plan
Vietnam’s shrimp exporters are expected to meet the US$4.8 billion export target this year thanks to market advantage and competitive improvement of added-value products.
— The Hanoi Times

Viettel’s revenue from overseas investment reaches 1.7 bln USD
Viettel Group’s revenue from its overseas investment in 2017 surged by 38 percent from the previous year to reach 38 trillion VND (1.7 billion USD).
— VietnamPlus

Developer seeks $50M addt’l investment in Vietnam
Infrastructure developer CII Bridges and Roads Investment Joint Stock Co. (CII B&R) is seeking additional funding from the tollways unit of Metro Pacific Investments Corp. (MPIC) to partly finance the estimated $300 million tollways projects in Vietnam.
— Malaya

New regulation in textile industry postpones until next year
The application of a new regulation on formaldehyde and aromatic amines limits used in Vietnam’s textile industry will be postponed until January 1 next year, instead of May 1 this year as planned earlier, the Ministry of Industry and Trade announced on its website.
— The Hanoi Times

Vietnam should rethink locations of proposed special economic zones
It’s hard to see any logic behind Vietnam’s choice for special economic zones, all of which are far from the biggest cities.
— VnExpress

Vietnam toll road operator wants Metro Pacific to raise investment
Vietnam toll road operator CII Bridges and Roads Investment Joint Stock Co. is seeking additional capital from Filipino investor Metro Pacific Tollways Corp.
— The Standard

Visa exemption extended for 3 years
Tourists from the United Kingdom, France, Germany, Spain and Italy will continue to be exempted from visa until June 2021, Prime Minister Nguyen Xuan Phuc said at a Government meeting on Thursday.
— Bizhub

Behind the lobbyists who drew Trump to Vietnam
The Washington-based lobbying firm hired by a major Vietnamese military-run company to promote its defense-related interests is at the center of legal proceedings brought against a close associate of US President Donald Trump.
— Asia Times

Fruit-vegetable surpasses crude oil in export earnings
The export value of fruit and vegetable in the first four months of 2018 has exceeded earnings from crude oil for the first time ever, according to the Ministry of Agriculture and Rural Development.
— VietnamPlus

​Second tunnel of Ho Chi Minh City subway line nears completion
Construction of the second tunnel of the first-ever metro line in Ho Chi Minh City is reaching its completion phase, with workers busy drilling the ground and installing large concrete slabs to meet a June deadline.
— Tuoi Tre

Banks tighten lending rules
Many commercial banks in the country have increased loan interest rates by 1-2 per cent to investors in real estate as property prices continue to rise.
— Bizhub

Philippines accepts 250,000T rice offers from Vietnam, Thailand
Vietnam also won a separate deal involving 80,000 tonnes of 25 percent broken rice at $517.50 a tonne, below the NFA’s budget of $520.50 a tonne
— Tuoi Tre

Data management needs to streamline for digital economic growth
Vietnam should develop a legal framework on data management to boost the growth of digital economy, experts said.
— The Hanoi Times

High air freight costs hinder Vietnamese fruit exports
The shipping fee per kilogram of fruit can be three times higher than the price at farmer’s garden.
— VnExpress

ODA projects scrutinized for optimal investment efficiency
Deputy Prime Minister Pham Binh Minh instructed relevant authorities to scrutinize approved projects using foreign loans in a move to optimize the capital source.
— The Hanoi Times

Hanoi promotes auctions of land use rights
Hanoi plans to promote auctions of land use rights from now to 2020 in order to make effective use of land fund and meet the increasing demand of businesses and people.
— VietnamNet Bridge

Private sector needed in infrastructure
After handing over the newly-built Pham Van Dong Street in Ho Chi Minh City to the local government at the end of 2016, GS E&C, one of South Korea’s leading property developers and engineering construction companies, actively sought further business opportunities in Vietnam last year and prepared to launch long-awaited property projects in the city.
— VietnamNet Bridge

Strong growth for steel production
Steel production and consumption showed strong growth in the first four months of this year owing to favourable weather, said Nguyen Van Sua, deputy chairman of the Viet Nam Steel Association.
— Bizhub

Remittance to Vietnam on the Rise
Vietnam received nearly US$13.8 billion in remittances in 2017, making it the eighth highest recipient of remittances in the world.
— Vietnam Briefing

Siemens, Idemitsu among suitors drawn to Vietnam energy sell-off
Buyers from Germany, Japan, India and beyond are kicking the tires on Vietnam’s great state asset sale.
— DealStreetAsia

Vietnam exempts import tax for Emirates Airline
Deputy Prime Minister Vuong Dinh Hue has agreed with the Ministry of Finance’s proposal to exempt tax on imported goods of Emirates Airline.
— VietnamPlus

Certificates of origin to be issued by exporters next year
Vietnamese exporters to the European Union (EU) will be obliged to issue self-certification of origin (C/O) from next year to be able to enjoy the Generalized System of Preferences (GSP).
— The Hanoi Times

Quang Ninh puts the breaks on land sales
Quang Ninh Province’s local authorities requested the suspension of land use conversions and land transfers in Van Don District until the National Assembly adopts the Law on Special Administrative Economic Zones later this month.
— Bizhub

UBM Asia signs MOU with Vietnam’s Ministry of Agriculture and Rural Development witnessed by Vietnam Prime Minister
Vietnam’s Ministry of Agriculture and Rural Development and UBM Asia signed a Memorandum of Understanding (MOU) to cooperate in promoting Vietnam Agro Trade in region by contributing the development of action plan to enhance agro value chain management, agro processing and agro trade in Vietnam.
— AEC News Today/ PR Newswire (media release)

Mekong Delta shows best competiveness nationwide
The Mekong Delta has consistently recorded the highest average provincial competitiveness index (PCI) among six regions nationwide since 2014, said the Vietnam Chamber of Commerce and Industry (VCCI).
— VietnamPlus

Youngsters will lead Viet Nam to future prosperity
Young Vietnamese entrepreneurs must pay attention to six crucial steps in order to successfully found a startup business, said CEO of Startup Viet Nam Foundation (SVF) Pham Duy Hieu at a forum held on Friday in Hai Phong.
— Bizhub

Siemens, Idemitsu Among Suitors Drawn to Vietnam Energy Sell-Off

Advertisements

PetroVietnam Oil is in talks with Idemitsu, SK Energy: Vuong
PV Power in discussions with Siemens, Ratchaburi Electricity

Buyers from Germany, Japan, India and beyond are kicking the tires on Vietnam’s great state asset sale. Reporting by Bloomberg.

The government’s hunt for overseas investment in some of the nation’s biggest energy companies has yielded interest from firms including Siemens AG, Idemitsu Kosan Co. and Indian Oil Corp., among others, according to Deputy Minister of Industry & Trade Hoang Quoc Vuong.

“We’re actively in the process to find foreign investors” and intend to finalize the deals by the end of the year, Vuong said in an interview in Hanoi on Thursday, adding that the timeline for the stake sales was set by Prime Minister Nguyen Xuan Phuc.

According to Vuong, the following deals are in the works:

  • PetroVietnam Oil Corp., known as PV Oil, is working with Idemitsu and SK Energy Co. on a strategic partnership.
  • PetroVietnam Power Corp., or PV Power, is in discussions with foreign investors including Siemens, Ratchaburi Electricity Generating Holding Pcl and Taekwang Industrial Co. on a key stake purchase.
  • Binh Son Refining and Petrochemical Co., which raised 5.57 trillion dong ($245 million) from selling a 7.8 percent stake in Vietnam’s first oil refinery Dung Quat in January, is in talks with Indian Oil about a partnership; Indian Oil is doing due diligence on the deal before they can firm up a price.

Strengthening Growth
Vietnam’s economy grew at the fastest pace since at least 2010

Source: Vietnam’s General Statistics Office

Vietnam, which needs billions of dollars in infrastructure investments, is dramatically accelerating sales of stakes in state-owned companies to boost revenue and ease a strained budget, while seeking to exceed its economic growth target of 6.7 percent this year. Stakes in 245 state companies are up for sale this year, Deputy Prime Minister Vuong Dinh Hue said in a Bloomberg TV interview in January.

Arun Kumar Sharma, finance director of Indian Oil, confirmed discussions are ongoing. Ratchaburi said by email that it has been looking for potential investments in Vietnam and waiting for more information on the deal. Siemens declined to comment. SK Energy, Taekwang and Idemitsu didn’t respond to requests for comment Friday.

“Vietnamese energy companies have good potential to grow due to rising demand in the domestic market while supply is still limited,” Vu Minh Khuong, an associate professor at the National University of Singapore who researches economic development, said by email.

The government is banking on an expanding middle class and its youthful population to lure investors. Among the assets sold last year was a majority stake in the nation’s top brewer Saigon Beer Alcohol Beverage Corp., or Sabeco, to Thai Beverage Pcl and its partner in December, for $4.8 billion.

By Nguyen Dieu Tu Uyen, with assistance by Debjit Chakraborty, Heesu Lee, Stephen Stapczynski, and Oliver Sachgau

Vietnamese teacher filmed calling student ‘pig brain’ at Hanoi English center

Advertisements

A female teacher at an English center in Hanoi has been captured repeatedly yelling at a student and calling him “pig brain” after he refused to pay a fine for his violation in class.

The video clip was uploaded to social media on Saturday and has attracted over one million views along with countless comments and shares.

An initial probe by Tuoi Tre (Youth) newspaper showed that the incident took place inside a classroom of the MST English Center in the Vietnamese capital.

Both the teacher and representative of the English center have refused to give their comments on the incident.

In the nearly two and a half minute footage, the teacher demanded one of the students in her class pay a fine worth VND100,000 (US$4.4) as he had broken the rules.

While the learner declined, the teacher insisted that he pay the money as he had signed a commitment at the beginning of the course.

The teacher also stated that this was not the first time the student had violated the rules and that she would not continue teaching unless he paid.

After the learner called her a ‘fraud,’ she appeared to lose control and started yelling at him and using offensive words, including calling him “pig brain” and “pig face.”

“This is my playground, where my rules apply,” she asserted.

The verbal confrontation escalated as the learner fought back.

At the end of the clip, he threw his books on the floor and stormed out of the classroom, stressing that he would sue her and the center.

According to the student, he did his homework but left it at home.

He would hand it the following session, but the teacher underlined that it was a violation.

The English center highlights on its official website that “discipline of steel” is applied at the facility, stressing that fines from VND50,000 ($2.2) to VND100,000 must be paid if learners fail to hand in their homework on time.

A four-sided commitment between the center, teachers, learners and their parents is signed at the start of the course.

While the majority of viewers expressed their opposition to the teacher’s manners, some said she was right as the fines were clearly stated in the rules and commitment.

By Duy Khang

6 Ways To Counteract Your Smartphone Addiction

Advertisements

We are living in an era of technology obsession and smartphone addiction. Not surprisingly, research shows that too much technology use diminishes our mental and physical health, our relationships and more.

We are living in an era of technology obsession and smartphone addiction. I hear it all the time: “I can’t go anywhere without my phone” or “I feel anxious when I’m not able to check email” or “If I’m not on my social feeds, I feel like I’m missing out.”

Short of going off the grid, how can we build better habits around technology—preserving its benefits while minimizing the negative effects? Here are a few research-backed strategies I recommend you implement at work and at home.

  1. Use “cc” and “reply all” judiciously

Group emails, while helpful for team collaboration, are an increasingly problematic workplace distraction. After the second or third “reply all”—when most messages could be directed to just one or two people, rather than everyone—these chains to start to feel oppressive, adding extraneous content to our already overflowing inboxes.

I encourage anyone initiating a team email to instead think very carefully about who they “cc,” making sure to include only relevant team members. I also recommend avoiding “reply all,” unless your comments are truly meant for—and useful to—all members of the group. The more email you send, after all, the more you will receive.

2. Recalibrate response time expectations

Not too long ago, people worked from 9am to 5pm, after which they were done for the evening. Today, typical workdays can stretch to nine hours in the office and far into the night, only to start again the moment we wake. When colleagues email, text, or message us in some other way, no matter the time, an immediate response is, in many cases, the unspoken expectation.

My suggested middle ground—used in several multinational companies including Volkswagen and Deutsche Telekom— is a 7am-to-7pm policy: messages can, of course, be sent at any hour, but no one is required to respond earlier than 7am or later than 7pm. In France, companies with more than 50 employees are now required to do something similar; the country’s “right to disconnect” law, passed in January 2017, mandates that they set aside hours when employees don’t have to be available via email.

3. Take regular, restorative breaks

The human brain is not designed to work for hours on end. We perform better when we take breaks. For example, in one study of more than 12,000 white-collar employees, those who turned away from work every 90 minutes reported 30% higher level of focus, 50% greater capacity to think creatively and 46% higher level of health compared with peers who took no breaks or just one during the workday.

But staring into a smartphone or browsing the internet doesn’t really count. Truly restorative breaks instead involve exercise, conversation or reflection. That means walking outside for some fresh air, talking with someone (about something other than work), or doing a few minutes of mindful meditation. Ten minutes is sufficient, although longer breaks offer even more benefits.

4. Reclaim friend and family time

We need to stop letting technology interfere with our most important interpersonal interactions. But it’s hard to ignore your phone when it’s sitting in front of you, with news alerts and text messages constantly popping up. My advice is to designate areas where, in an effort to facilitate better, more meaningful conversation with friends and family, personal devices simply aren’t allowed. Examples include the dinner table, the rec or TV room, in the car, or in restaurants.

5. Keep technology out of the bedroom

As the day turns to dusk, your brain starts to release melatonin, the accumulation of which eventually helps put you to sleep. But according to research from the National Sleep Foundation and the Mayo Clinic, blue light from smartphones, tablets or laptops slow that process and also release cortisol, which signals your brain to become more alert. The result is less and more restless sleep, which disrupts the synaptic rejuvenation meant to happen at night and reduces your mental acuity. The solution is simple: Don’t bring your devices to bed!

Over the past decade technology has taken over our lives. While it offers access to information, connection and entertainment, it also has been shown to diminish our brainpower and harm our mental health. These six tactics—which you can implement for yourself or encourage on your team—are simple ways to ensure these ubiquitous devices do less harm than good.

 

Vietnamese bad motor rider threatens foreigner in Saigon

Advertisements

An expat, who lives in Saigon shared with Vietnam Insider this clip with questions: What happened to the motor rider of 60B7-50931 on Hanoi Highway? Why he drove to the auto’s lane and threatened a foreigner? Why nobody cared about his crazy activity?

After a Facebooker shared the clip to the group of Expat in Saigon, a debate between a local man and expats started when he wrote “Don’ t make a moutain out of a molehill. This is normal. This is our land, we can do whatever we want . Foreigners are just visitors, you have no right to judge. When in Rome, do as Romans do ! “

Debating between a local and expats about bad rider.

Bitcoin Vietnam Faces Losing its Domain

Advertisements

According to regional reports Vietnam’s oldest Bitcoin Exchange, Bitcoin.vn, is about to lose its domain. The website that has been operating since 2014 has been accused of operating a blog without permission from the Minister of Information & Communications of Vietnam.

Vietnam’s Oldest Bitcoin Exchanges May Lose its Domain

Bitcoin.vn is a Vietnamese trading platform that’s been providing bitcoin exchange services for over four years. Just recently the local publication ICT News reports that Bitcoin.vn (Bitcoin Vietnam) is being stripped of its website domain for being found guilty of “operating a blog without a proper license.” The Vietnamese trading platform is accused of operating the blog without obtaining a publisher license by the Minister of Information & Communications of Vietnam. Bitcoin Vietnam’s management team declined to comment on these reports because of the ongoing legal proceedings. However, the Department of Radio, Television and Electronic Information has fined Bitcoin Vietnam Co., Ltd. for illegally creating an alleged blog and social network.

The charges against Bitcoin.vn are divided into a 15M VND fine ($660 USD) for operating a blog and 25M ($1,100) for allowing readers the ability to comment (unlicensed social network) below the published articles on Bitcoin.vn. News.Bitcoin.com spoke with an industry insider from the region about the litigation against the trading platform’s domain. According to the individual familiar with the matter, the blog barely saw any activity apart from irregular announcements about the exchange’s user interface upgrades and general service information.

“They had like maybe two articles per month on there — to seize their domain for such a minor offense is a very, very heavy-handed approach,” explains the anonymous source to news.Bitcoin.com.

Out of 100 Vietnamese startups, likely 99,9% don’t bother to register for a media/publisher license for their company blog — This is not a good sign for Vietnam’s startup scene.

Bitcoin Vietnam also operates two BTMs.

Sinister Activities at Play?

Our sources also say there may be some more sinister activities at play concerning the charges against Bitcoin Vietnam.

Bitcoin Vietnam might have been the pioneers in this market, but when the big guys finally start to come to play, they don’t play by the rules. They see something they want to have, and they take it. These guys can be lucky to just have received a minor fine – that their domain is gone is of course sad for them after they did all this pioneering work, but that’s just how Vietnam works.

Bitcoin Vietnam and the domain Bitcoin.vn is one of the oldest operating cryptocurrency exchanges and has been a reputable trading platform since the summer of 2014. At the moment there are no confirmed decisions made or any information on who might receive ownership of the website if the Ministry of Communications makes its decision to revoke the domain.

 

Source: News Bitcoin

Vinhomes Is Said Poised to Price $1.35 Billion Share Sale at Top

Advertisements

Vinhomes JSC, the luxury residential arm of Vietnam’s biggest developer, is poised to price its $1.35 billion initial equity offering at the top end of a marketed range, people with knowledge of the matter said.

Bloomberg reported, existing Vinhomes investors plan to sell shares at 114,700 dong apiece in the offering, the people said, asking not to be identified because the information is private. The shares were marketed at 110,500 dong to 114,700 dong each, according to terms obtained earlier by Bloomberg.

Vinhomes’s offering is set to become the largest-ever share sale in the Southeast Asian nation, surpassing the $922 million deal from Techcombank last month, according to data compiled by Bloomberg. The volume of first-time share sales in Vietnam this year is on track to hit an all-time record high, the data show.

A representative for Vinhomes’s parent company, Vingroup JSC, said she couldn’t immediately comment.

Citigroup Inc., Credit Suisse Group AG, Deutsche Bank AG and Morgan Stanley are leading the deal. HSBC Holdings Plc, Maybank Kim Eng Holdings Ltd. and Saigon Securities Inc. are also helping arrange the sale.

By Joyce Koh , Crystal Tse , and Nguyen Kieu Giang

New port to transform Vietnam’s north into industrial gateway

Advertisements

Lach Huyen doubles region’s shipping capacity ahead of anticipated trade boost.

Vietnam’s coastal city of Haiphong will open a deep-water port this month, taking a step toward becoming a key maritime link in the north and enhancing the country’s position in the global supply chain. Nikkei Asia Review reports

Haiphong is already known for its existing port. But the port is located on the River Cam, where the water runs seven meters deep at most, meaning the terminal cannot take large container ships.

The new Lach Huyen International Gateway Port, however, faces the sea, where the water is 14 meters deep. The wharf also doubles that of Haiphong Port at 750 meters long. The facility will house two container cranes as well.

Construction started on Lach Huyen port in 2013, with estimated costs topping $1 billion. When the first phase is completed on May 13, the port will handle around 300,000 20-foot equivalent units, or TEUs. That number will rise to between 2 million TEUs and 3 million TEUs in 2019 as capacity develops.

Combined with the existing port’s load, Haiphong will be capable of processing approximately 5 million TEUs. That would put it on a par with Ho Chi Minh City’s port in the south, which handled 5.94 million TEUs last year. Haiphong’s shipping capacity still pales in comparison with Singapore Port, the largest in Southeast Asia at 33.66 million TEUs. But the city will close in on the likes of Thailand’s Laem Chabang port, which manages 7.78 million TEUs.

Other infrastructure projects are complementing Haiphong’s port project. A new expressway connecting the port city with the capital Hanoi cuts travel time in half to roughly 90 minutes. Another highway to Quang Ninh province in northeastern Vietnam, home to factories owned by Japanese companies, will open this year.

Prime Minister Nguyen Xuan Phuc, who aims to industrialize the country by 2020, says the Lach Huyen port holds the key to Vietnam’s maritime strategy.

Northern Vietnam is steadily becoming a production hub for the electronics, automotive and precision machinery sectors. South Korea’s Samsung Electronics, for one, has established mobile phone plants in that region. The Deep C industrial zone near Lach Huyen has already attracted roughly 80 companies from both at home and abroad.

“Considering the aspects of importing material and exporting products, a large port affords a huge advantage,” said a source from IHI, the Japanese engineering group that has invested in the industrial zone.

Elsewhere in the north, Vietnam’s second oil refinery will begin operations on May 13, the same start date as Lach Huyen. Shareholders in the Nghi Son complex in Thanh Hoa Province include Idemitsu Kosan and Mitsui Chemicals of Japan, as well as Kuwait Petroleum International. With the daily output pegged at 200,000 barrels, the refinery will make Vietnam capable of supplying 70% of its fuel demands, up from 30%.

Many northern Vietnamese exports that end up in North America and Europe currently go through Singapore or Hong Kong. But Mitsui O.S.K. Lines plans to open a direct shipping lane from Lach Huyen to North America. The Japanese marine transporter expects the export business to grow under the Trans-Pacific Partnership and other free trade agreements.

Many companies are locating facilities around the Lach Huyen port. Vingroup, Vietnam’s biggest real estate conglomerate, is building an automotive plant in a nearby economic zone. The group plans to sell 100,000 to 200,000 vehicles next year, and exports to other Southeast Asian nations are also on the table.

The emergence of major port cities in both northern and southern Vietnam is likely to affect the logistics industry throughout mainland Southeast Asia. The East-West Economic Corridor, based on a 1,500km road connection across Vietnam, Laos, Thailand and Myanmar, is now in operation save for some parts of Myanmar. Cross-border land travel in the area has never been easier.

The Association of Southeast Asian Nations has done away with virtually all tariffs among members, and the economic community is looking to improve customs clearance. The East-West Economic Corridor could provide a path for Vietnam to export goods to Laos, eastern Thailand and other places.

But Vietnam faces some challenges to fully leveraging its port infrastructure. While Singapore and other ASEAN nations are streamlining paperwork, a large part of Vietnam’s bureaucratic regime remains notoriously inefficient. Certain policies implemented by the Vietnam’s one-party state, such as nontariff barriers on vehicle imports, are also cause for concern.

by ATSUSHI TOMIYAMA, Nikkei staff writer

New Asian Cup format gives hope to Vietnam

Advertisements

FOX Sports Asia football editor Gabriel Tan looks at why the new format of the AFC Asian Cup is good news for Vietnam and Philippines.

With the draw for the 2019 AFC Asian Cup done and dusted, the 24 teams vying for the continent’s biggest prize know the fate that awaits them.

Southeast Asia (the continent and not the ASEAN Football Federation, which also boasts Australia as a member) will have three representatives in United Arab Emirates next January, with Thailand finding themselves in the strongest position of the lot.

Having entered Friday’s draw in Pot 2, the War Elephants will now meet hosts UAE, India and Bahrain in Group A and will be quietly confident of achieving a top-two finish and qualifying automatically for the knockout round.

However, with the Asian Cup featuring 24 teams for the first time in its history, the new format also provides increased optimism to the likes of Vietnam and Philippines than it might have done in previous editions.

Apart from the six group winners and runners-up (a total of 12 teams), the four best-performing third-placed sides will also qualify for the Round of 16.

Put simply, you only have to avoid being the worst and second-worst third-placed teams out of six groups in order to advance.

Evidently, the 12 teams from Pots 1 and 2 – featuring teams such as Japan, Iran, Korea Republic and even Thailand – play at a significantly higher level than the likes of Yemen or DPR Korea – a statement few would refute.

Nonetheless, when it comes to the lower half of the draw, there is actually little differentiating between the countries in Pots 3 and 4.

Could you safely predict the outcome of a clash between India and Bahrain? How about Lebanon and DPR Korea?

Thus, this is firstly good news for a team like Philippines because – while they may have entered the draw in Pot 4 – they can look at their meeting with Kyrgyz Republic as a genuine opportunity to pick up three points in Group C.

Maybe their only opportunity considering the other two opponents that lie in wait are Korea Republic and China.

Likewise in Group D, Vietnam must look to beat Yemen, especially with two former champions in Iran and Iraq to contend with.

Interestingly enough, assuming that the two “stronger” teams in each group will pick up maximum points against the “weaker” two (although that is never always the case and we’ll touch more on that shortly), that equates to three points being the haul a third-placed side should be looking to achieve.

So, should Philippines and Vietnam beat Kyrgyz Republic and Yemen respectively, it would – based on that logic – mean they would have done the first part of the job and it would then go down to goal difference.

Now, as mentioned earlier, there is also the likelihood of a third-placed team causing an upset against either of the two “stronger” teams and picking up at least an additional point. It has happened before and it will happen again in UAE next January.

Four points for a third-placed team would certainly guarantee a last-16 berth.

What does this all mean for Vietnam and Philippines?

Put simply, they must beat the other “weaker two” team. The bigger the winning margin, the better.

Then, they have to keep things really tight against the more-illustrious duo, limiting the damage with one eye on goal difference but also entertaining the prospect of perhaps snatching a draw along the way.

Could Vietnam and Philippines hold Iraq and China respectively? It’s improbable but not impossible.

But even if that scenario does not happen, the new format of the 24-team Asian Cup means that three points does not necessarily mean bidding goodbye to a place in the knockout round.

For that, Southeast Asia’s contenders have plenty to be hopeful about come January 2019.

 

Source: Fox Sport Asia

Vietnam sentences Russian woman to life in jail for smuggling cocaine

Advertisements

She was busted with five pounds of the drug when transiting for a flight from Brazil to Laos.

A court in Ho Chi Minh City sentenced a Russian woman to life imprisonment on Friday for smuggling cocaine through Vietnam, sparing her capital punishment as her lawyer defended that she was just a victim. VNExpress International reports.

Maria Aleksandr Dapirka, 32, narrowly escaped death as proposed by prosecutors after her lawyer successfully argued that she was duped into being a drug mule for an international ring.

According to the indictment, Dapirka was working as a furniture designer in Thailand when she met a Nigerian man named Mathew Chili, or Nick, around March 2014 and agreed to go traveling with him.

In late July 2014, Nick gave Dapirka $1,000 and a flight ticket to Sao Paulo, Brazil, but did not accompany her on the trip. Half a month later, he then asked her to bring him a bag from his friend in Brazil and booked her a flight to Laos.

Tan Son Nhat International Airport Customs detained Dapirka on August 23, 2014 while she was transiting in Ho Chi Minh City with the bag she had received from Nick’s friend.

Upon searching her luggage, customs officials discovered more than 2.2 kilograms (4.9 pounds) of cocaine hidden inside a laptop bag and the covers of two magazines.

At the trial, the Russian woman claimed she was unaware of the cocaine.

Vietnam has some of the world’s toughest drug laws. Those convicted of possessing or smuggling more than 600 grams of heroin or cocaine or more than 2.5 kilograms of methamphetamine could face the death penalty.

The production or sale of 100 grams of heroin or 300 grams of other illegal narcotics is also punishable by death.

By Hai Duyen

Inside Vietnam’s incredible underground wonderland

Advertisements

Vietnam is home to some of the world’s most extraordinary subterranean landscapes. Here we highlight some striking new images of the caves of Quảng Bình province on the north-central coast, taken for Oxalis Adventure Tours.

Son Doong

Two large rivers – the Khe Ry and Rao Thuong – join to form the Son Doong cave, the world’s largest cave passage.

Large enough to fit an entire New York City block with 40-storey skyscrapers, the 9km cave system is up to 200 metres high and 160 metres wide, which is big enough for a Boeing 747 to fly through.

The massive cave system is so huge that it has its own climate, with mist and clouds forming and rising up from inside.

The cave features two skylights, formed after its ceiling collapsed hundreds of thousands of years ago. The giant openings allow plenty of sunlight into the cave, giving life to a lush tropical jungle (complete with large trees, palms and ferns) within.

Its surreal interior also houses a 90m-high calcite wall known as The Great Wall of Vietnam, which visitors can climb, using ropes and supported by safety harnesses.

Son Doong lies beneath Phong Nha-Kẻ Bàng National Park and is nearly three million years old, but was only explored properly in 2009, with the help of the British Caving Association.

Oxalis, a Vietnamese adventure travel company, is the only tour operator to offer trips into the caves.

Hang Va

This lesser known cave discovered by a team of British cavers in 2012 sits close to the village of Phong Nha and is not too far from the Ho Chi Minh Highway.

Spanning a length of 1.6 kilometres, the cave features calcite towers rising up to two metres high from waters held back by calcite dams.

Just how the unusual rock formations of the Raft Cone Chamber are created remains a mystery.

Hang Va is a habitat for blind white fish and blind white freshwater prawns, both of which have adapted to living in a dark environment.

Many small bats have also made a home in the small stream passage.

A trek through rocky jungle terrain brings visitors to the small valley where Hang Va is located and visitors can camp there by night.

Tu Lan

Stretching for 20 kilometres, this incredible place is made of 20 caves, 10 of which can be visited at the moment.

Its longest cave is the 3.7km Hang Ken, which has both a wet passage and a dry passage, while Hang Song Oxalis is notable for its fantastic display of cave coral patches.

Visitors can swim through underground river caves with remarkable calcite formations, especially in the dry caves.

You might also recognise the area around these caves from last year’s Kong: Skull Island, the Hollywood film starring Tom Hiddleston and Samuel L Jackson which was shot there.

Hang Tien

At 100 metres high and 50 metres wide, Hang Tien is the biggest cave of the Tu Lan system and features a beautiful blue natural pool.

Thrillseekers can ‘fly’ across it using its newly installed ‘flying fox’ crossing system, equipped with harnesses and steel cables.

Also known as the Fairy Cave, it houses various rock formations, large passages and is made of multi-layered limestone, which gives its walls a stripy appearance.

During the summer, Hang Tien is a dry cave while in the wet season a huge river flows through it.

A bat colony resides in the highest part of the cave.

For more information on tours of these caves, see oxalis.com.vn.

By RYAN DEBOODT (The Telegraph)

 

Vietnam TPBank issues ATM card through LiveBank

Advertisements

Vietnam’s Tien Phong JSC Bank (TPBank, TPB.HSX)has updated a new function of issuing ATM cards to customers through LiveBank – the first auto banking system in Viet Nam.

Nguyen Hung, TPBank’s CEO told the reporter of VNS that, customers just click on the machine to connect with bank staff and provide their ID card or passport to scan on the machine as well as complete information registration. LiveBank will then automatically issue an ATM card to the customer after a review from the bank’s staff. The entire process is estimated to take a maximum of six minutes instead of several days or even a week when applying for an ATM card through a bank’s branch.

Hung said customers can also register for debit card at LiveBank and receive the same at its branches.

“The update is a roadmap to develop LiveBank and show TPBank’s commitment in increasing digital content in its products and services,” he said, adding that the function could help LiveBank become the most comprehensive auto bank in Viet Nam.

Pham Ngoc Cuong, an engineer of TPBank’s digital bank project, said LiveBank could implement all of the most complicated transactions, such as opening a bank account, issuing ATM cards as well as opening and closing an online savings account any time.

The bank now has 60 LiveBank machines, which are mostly located at large centres and streets in major cities throughout the country.

The bank plans to increase LiveBank machines to 100 in 2018

Shares rebound on blue-chips

Advertisements

Shares rebounded yesterday as large-cap stocks returned to positive territory following the index’s two-day decline.

The benchmark VN Index rose nearly 0.03 per cent to close at 1,026.80 points. It had fallen 0.25 per cent in the previous session. Vietnam News reported on Friday

On the Hanoi Stock Exchange, the HNX Index increased by 0.05 per cent to end Friday at 122.57 points after having gained 1.27 per cent in the previous session.

More than 241.7 million shares were traded on the southern bourse, worth VNĐ5.9 trillion (US$262 million).

The market trading condition was balanced with 243 advancing stocks, 213 losing ones and 286 stocks closing flat.

Large-cap stocks performed well as the VN30 Index, which tracks the performance of the 30 largest stocks by market capitalisation and trading liquidity, rose 0.05 per cent to 1,010.89 points.

Among the leading sectors, shares of construction, real estate and mining industry were the best gainers with those industry indices rising 1.03 per cent, 0.99 per cent and 0.82 per cent, respectively.

The four stocks Coteccons Construction Joint Stock Company (CTD), Vietjet Aviation Joint Stock Company (VJC), PetroVietnam Gas Joint Stock Corporation (GAS) and Military Bank (MBB) advanced from 1.5 to 3.5 per cent. They were also among the four best-performing stocks in the VN30 Index.

According to BIDV Securities JSC (BSC), compared to negative sentiment in previous sessions, investors’ sentiment has been more stable but still skeptical.

“The market opened in green but did not hold long, both indexes fluctuated up and down. Stocks such as banks, securities and real estate stocks saw mixed tickers, no longer being sold out in groups as in the previous sessions,” BSC said

“In the current context, investors should limit the disbursement of large proportions, and in recovery sessions should sell to keep the margin proportion safe for the account,” it added.

Bảo Việt Securities Co wrote in its daily report that US-China trade talks enter their second day in a positive light. However, officials declined to give details of the discussions.

The Hanoi-based securities firm wrote in its daily report that the discussions could dent humming global economic growth, thereby affecting world stocks.

“However, from our view, the two nations can hardly reach an open agreement that could ease the conflict between the two economies. China is likely to make moderate concessions and whether China would fulfill the commitment or not is left uncertain.”

The market witnessed more positive movement Friday with higher bottom-fishing demand, raising the number of gainers and opening up the possibility of a recovery early next week. However, liquidity remained low, BVSC said

Exit mobile version