HDBank stands tall as one of the nation’s most profitable banks

Advertisements

The 2018 annual general shareholders’ meeting of Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank) was concluded successfully with a shareholder turnout of 85.6 per cent. All submissions of the board of directors were passed with high approval rates.

2017 witnessed the bold transformation of HDBank on the back of a successful 2011-2016 term. For instance, the offering of shares to foreign investors garnered enormous attention with the buying volume more than triple the offered shares.

On January 5, 2018, it was floated on the Ho Chi Minh City Stock Exchange (HSX) and made it to the top 20 largest initial public offerings (IPO) in the history of HSX. Three months after listing, it shares have attracted many investors with an impressive transaction volume. In fact, the bank’s successful IPO have led the rising trend for other banks’ shares.

Moreover, 2017 was also the turning point for the bank’s 2017-2012 term. With the aim of becoming a leading bank for retail, small-and-medium enterprises (SMEs), and consumer finance with a large network and efficient operations, HDBank is growing strongly and sustainably, and completing the tasks assigned by its General Shareholders’ Meeting.

As of December 31, 2017, the bank’s total assets rose by 26 per cent to reach VND189.334 trillion ($8.3 billion). The total deposits amounted to more than VND100 trillion ($4.4 billion), marking a 27 per cent growth, while the sector only averaged 17 per cent. Total deposits from customers stood at VND120.537 trillion ($5.3 billion), equivalent to a 16.7 per cent increase. Its charter capital amounted to VND9.81 trillion ($430 million).

Pre-tax profit reached VND2.417 trillion ($106 million), equivalent to a 110.6 per cent leap. Return on equity (ROE) and return on assets (ROA) stood respectively at 15.8 and 1.2 per cent, lifting the bank to stand among the top four most profitable banks. Non-performing loan ratio was limited at 1.51 per cent.

In 2017, HDBank expanded its network to 240 transaction locations, while HD SAISON extended its presence to more than 11,500 points of sales.

Shareholders’ confidence was reflected by the high number of votes in favour of the Board of Directors’ proposals

The general meeting also ratified the dividend payout ratio of 35 per cent, of which 20 per cent shall be in bonus shares while 15 per cent in cash.

In 2017 HDBank was honoured with many prestigious awards and was highly regarded by domestic and international institutions. For instance, the bank received a B2 credit rating from Moody’s Investors Services, which was the highest rating amongst commercial banks.

On January 27, 2018, HDBank was awarded with the 2nd Class Labour Order by the Sate President of Vietnam. These achievements marked the recognition of the bank’s endeavours and results in the past year.

2018 marks the bank’s second year of implementing the 2017-2021 strategy. In order to continue its successes in 2017, HDBank and HD Saison will keep focusing on retail banking and SMEs.

This focus is reflected by the high targets ratified at the 2018 AGM in comparison with the average estimates for the sector. For example, the bank expects its profit to rise by 62.2 per cent to reach VND3.921 trillion ($171.9 million).

Other targets for 2018 include a 28.3 per cent increase to VND242.865 trillion ($10.7 billion) in total assets and a 30.3 per cent hike to VND222.184 trillion ($9.7 billion) in total deposits. Credit exposure is expected to reach VND154.510 trillion ($6.8 billion).

In addition, the non-performing loan ratio will be kept below 2 per cent, while ROA and ROE target the respective ratios of 1.3 and 20.2 per cent.

For the 2017-2021 term, HDBank will focus on expanding its customer base with big data and supply chain financing to utilise its network of leading customers in many sectors. By 2021, the bank aims at serving 15 million customers, triple its current base, and reaching an average 26 per cent annual growth in credit exposure, total deposit, and profit growth.

Source: VIR

Constructive opinions should be heeded when drafting property tax law

Advertisements

The Ministry of Finance (MOF) has announced its plan to build a law on property tax but its controversial provision of a housing tax has raised public concern and even opposition in recent days.

According to the MOF, the law is part of an effort to reform the tax system in a more inclusive way to create resources for socio-economic development.

A look at international experience shows that a property tax is currently levied in 174 out of 193 countries worldwide, mostly on land and housing.
Property tax is a significant source of government income, accounting for an average of 3-4%. The proportion is 8% of GDP in Japan and approximately 2% in a number of developing countries in Asia.

In Vietnam, revenues from property tax account for just 0.036% of GDP and the tax is currently applied to land only.

Although the property tax law has been formulated with lofty goals in mind, many people have expressed their concerns and even objections as soon as it was publicised. The most hotly debated provision in the draft law is the tax on housing, as the MOF proposes a rate of 0.4% for a home valued over VND700 million (US$30,800).

Under this regulation, most houses in cities and a significant number of houses in rural areas will be subject to the property tax. The majority of city residents will have to pay the tax because the prices of most houses in a city are above the VND700 million threshold. The public has also questioned the accuracy, equality and transparency during the evaluation of house prices.

During discussions on the draft law, some suggested that the tax should only be levied on second homes. But the MOF disapproved the suggestion, stating that it is not appropriate with Vietnamese conditions and requires the coordination of many agencies, particularly in the complexity of determining the second homes of individuals and organisations.

This argument has prompted the public to think that the MOF is seeking the easier option by taxing homes worth VND700 million or more.

The property tax is an effective instrument in many countries and in Vietnam it is a correct and necessary policy to help manage properties in line with international practices and the context of global economic integration.

However, it is necessary to look at the specific conditions of Vietnam when implementing the law, especially ending the state management agencies’ mindset of choosing the easy way, which places more burden on the people and creates loopholes that can be exploited in the process of evaluating house prices and determining those exempt from the tax.

In addition to expanding the tax base, the MOF needs to take bold action to reduce expenditure and prevent the loss and waste of government revenues in order to ensure a healthy and sustainable budget.

Although it is only an initial draft, the functional agencies should continue to listen to constructive opinions so as to fine-tune the law and develop an implementation roadmap appropriate with Vietnam’s socio-economic reality.

Source: NDO

Q2 earnings, high dividend will attract investors

Advertisements

Listed companies with positive second-quarter earning prospects, as well as high dividend payment, are likely to attract investors in the future, after the effect of the Q1 result has cooled.

In the latter half of April, over 20 companies will finalise the lists of shareholders for cash dividend payout at the rate of 5 per cent to 35 per cent. Many companies have seen their share prices soar in recent sessions.

Vnsteel – Vicasa Joint Stock Company, which trades shares on the Unlisted Public Company Market (UPCoM) under the code VCA, will pay cash dividend at a rate of 30 per cent on May 15.

After the dividend announcement, the shares climbed over 20 per cent from VND16,400 per share on April 11 to VND20,000 (US$0.88) per share on April 16 before falling to nearly VND19,000 by the end of last week. The steel shares were also among the most active stocks on the market thanks to a surge in demand.

The increase of cash dividend to 24 per cent, a half rise compared to the old rate of 16 per cent, also helped boost shares of Tuong An Vegetable Oil Joint Stock Company (TAC). Its 2017 net profit result was also good at VND166 billion, up 98 per cent against last year.

TAC price rose 12 per cent in one week, from VND53,500 per share on April 12 to VND59,800 each on April 20.

Earlier, shares of Ben Tre Aquaproduct Import and Export Joint Stock Company (ABT) also increased from VND36,000 per share in early April to VND38,500 on April 16 before falling to around VND37,000, after the company reported good business results and a dividend rate of 30 per cent for 2017.

Q2 earnings under radar

According to statistics from the two main stock exchanges in HCM City and Hà Nội, listed businesses on these two exchanges have enjoyed profit growth in the six consecutive quarters ending December 2017.

Growth expanded across almost all sectors thanks to favourable macroeconomic conditions, low lending rates, as well as rising consumer demand.

Such encouraging results have already reflected in their share price increases from last year. The sectors with the highest investment returns included financial services, real estate and banking.

As the effect of Q1 earnings has faded, many analysts have predicted that Q2 prospects will have a stronger impact on share prices in the coming time, especially in the latter half of the second quarter.

According to Bao Viet Securities Company (BVSC), promising sectors in the medium term include banking, real estate, information technology and thermal power. Many of these businesses reported good results in the first quarter.

However, BVSC’s analysts have also warned that positive earnings impact may be modest, and risk is rising as many shares in these sectors have seen a prolonged rally.

Source: VNS

Volunteers clean up nation on Earth Day

Advertisements

A community clean-up event to mark Earth Day brought together more than 2,000 volunteers from associations, organisations and universities besides local residents, who picked up garbage at 12 locations in HCM City yesterday morning.

The event, dubbed “Live responsibly: Reduce Plastic Pollution”, sought to raise public awareness of the negative impacts of littering and trash in Việt Nam, and highlight the importance of individual responsibility for the environment.

It called on people, especially the future generations, to start by doing the smallest acts in their daily life to achieve a healthier and more sustainable living environment.

It was organised by the Keep Viet Nam Clean and Green Organisation in collaboration with the Việt Nam Youth Federation, American Chamber of Commerce in Việt Nam, US consulate in HCM City and many companies.

Garbage was picked up in public areas such as parks, residential areas, schools, supermarkets and main streets in the city’s districts 1, 2 and 7.

The garbage was then exchanged for potted plants.

Nguyen Thi Chau Anh, a volunteer from Binh Thanh District who had come with her husband and two children, said: “Everyone should have social responsibility to join hands in preventing pollution.”

Volunteers pick up garbage around 23/9 Park in HCM City’s District 1 to mark Earth Day yesterday. — Photo Ngoc Diep

She hoped the annual event would help people, especially the younger generations including her children, fully understand the negative effects of littering.

The Earth Day Network’s topic this year, “End Plastic Pollution”, provided the information and inspiration needed to fundamentally change human attitudes and behaviours towards plastics.

Many activities were also held in central Đa Nang City yesterday to mark the Earth Day. Volunteers joined together to clean beaches, pick up garbage and sort garbage. An exhibition highlighting activities aiming at protecting the environment and entertainment activities such as games were organised to raise public awareness of environmental protection.

In Ha Noi, a dialogue on measures for sustainable energy for the community was held on Saturday as part of Earth Day celebrations. The event, drawing representatives from social organisations, businesses and related experts, provided a venue for them to discuss models of sustainable energy sources such as wind power generated from cheap recycled materials and solar power to run air filter machines.

Since 1970 the United Nations has been celebrating April 22 as Earth Day, which attracts millions of people world-wide to join in to promote public awareness of environmental protection.

This year’s event attracted around 4,000 expats and Vietnamese in Ha Noi, Hoi An, Hue, HCM City, and Phu Quoc Island.

Việt Nam is among the top five countries contributing to plastic waste thrown into the ocean, with 1.8 million tonnes per year, according to a recent international survey.

Source: VNS

ThaiBev representatives join Sabeco beer board: source

Advertisements

Shareholders of Vietnam’s largest brewer Sabeco voted to add three representatives of Thai Beverage to its management board, a Sabeco source and local media said.

ThaiBev, which has a more than 50 per cent stake in Sabeco – formally known as Saigon Beer Alcohol Beverage Corp, complained to the Vietnamese government earlier this year that its proposed board members for Sabeco had not been accepted.

However, last month, a senior financial executive at Sabeco had said that ThaiBev’s proposed members would be able to join the board and that the process had been delayed due to “complicated procedures”.

At a voting on Monday, shareholders approved the addition of ThaiBev’s representatives to the Sabeco board, said the Sabeco source, who has knowledge of the matter but did not want to be named due to rules on talking to media.

One of the three newly elected board members is Singaporean Koh Poh Tiong, board director and adviser of Fraser and Neave Limited, according to the source and local media reports.

Fraser and Neave is owned by Thai magnate Charoen Sirivadhanabhakdi, who also owns ThaiBev, maker of Chang beer.

Sabeco and ThaiBev did not immediately respond to phone calls seeking comment.

ThaiBev won an auction in December to buy the stake in Sabeco, which sells brands such as Saigon Beer and 333. It bought the stake for US$4.84 billion, or about 320,000 dong per share.

Sabeco shares closed down 2 per cent at 217,500 dong, while the overall market ended down about 4 per cent.

- Reporting by Khanh Vu; Editing by Himani Sarkar | This was first posted on Reuters

Techcombank Is Said Poised to Price $922 Million IPO at Top End

Advertisements

Techcombank, the Vietnamese lender backed by Warburg Pincus, and some existing investors are poised to raise about 21 trillion dong ($922 million) in a domestic initial public offering, people with knowledge of the matter said.

The bank is planning to price the sale of 164.1 million shares at 128,000 dong each, the top end of a marketed range, said the people, who asked not to be identified because the details are private. It previously offered the shares at 120,000 dong to 128,000 dong apiece, according to terms for the deal obtained by Bloomberg earlier.

A $922 million deal would be Vietnam’s biggest initial equity offering ever, surpassing mall operator Vincom Retail JSC’s sale in October, data compiled by Bloomberg show.

Singapore sovereign fund GIC Pte and Fidelity Investments agreed to participate in the Techcombank IPO as cornerstone investors, the deal terms showed earlier. Dragon Capital, Vietnam’s biggest fund manager by assets, and Capital Group Cos. also agreed to buy stock in the offering.

Techcombank, formally known as Vietnam Technological & Commercial Joint Stock Bank, aims for its shares to begin trading June 4, the terms show. An external representative for Techcombank said she couldn’t immediately comment.

Morgan Stanley, Viet Capital Securities JSC and Deutsche Bank AG are arranging the offering.

 

By Joyce Koh, this was first posted on Bloomberg

Expats confused over Vietnam’s profile picture requirement for phone users

Advertisements

Some have no idea about the requirement, others find it invasive while network providers can’t guarantee help in English.
Expats are having issues with Vietnam’s new regulation which asks phone users to submit a profile picture to their network provider.

The Ministry of Information and Communications requires mobile subscribers to provide photographic proof of their identities before April 24, or they will be locked out of their network.

Ryan, 28, is a Briton working in Hanoi. He had no ideas about the new regulation until VnExpress International contacted him because the profile photo request was sent to his phone in Vietnamese.

“I’ve never had to do this in the U.K. or in any other countries I’ve travelled through,” Ryan said, adding that he finds the requirement “invasive”.

In light of recent data breaches by companies as large as Facebook, Ryan is concerned that his information could fall into the wrong hands. “I don’t know if I could trust my network provider with my information,” he said.

The government claims the requirement will result in better control of network subscribers and prevent spam accounts.

But while network providers claim user data will only be used to manage subscribers as stated by law, experts believe the regulation has loopholes that could be taken advantage of.

The images could slip through the network security holes, a scenario in which the responsibility of the network provider has not yet been clearly defined, said lawyer Vu Tien Vinh.

A photo taken by a customer and sent to a network provider cannot be authenticated, Vinh added.

Having been to many Asian countries, Mark from Canada finds the regulation odd. “Why would a phone company need my photo?” he said.

Ryan and Mark are not the only expats who are having issues with the regulation. Many foreigners are also confused as local mobile operators don’t seem to provide the assistance they need.

On Saturday, customer service centers of all major network providers were packed with customers coming in to have their photos taken.

Amid the chaos, employees at the centers suggested that foreigners could bring in their passport, or take a photo of their passport and submit it to the companies’ websites. But, they could not guarantee there would be anyone who speaks English available to help.

Vietnam has 118.7 million mobile subscriptions, according to official data and there are 82,000 foreigners living and working in the country. As of last week, at least 38 million mobile phone users have not provided adequate personal information to network providers, said Nguyen Duc Trung, a senior telecommunications official at the Ministry of Information and Communications, as cited by Tuoi Tre.

Mark is one of them. The 35-year-old is not planning to do anything yet. “I’ll see if they actually lock my account,” he said.

By Dat Nguyen, first posted on VNExpress

Vietnam Morning News – April 23

Advertisements

Estimated Reading Time: 5 minutes

Vietnam’s HDBank to absorb PGBank in merger
HDBank’s shareholders approved on Saturday a plan to merge with the unlisted Petrolimex Group Commercial Joint Stock Bank (PGBank) as it seeks to expand operations in the country.
– Vietnam Insider

Reforms improve Vietnam’s credit access
Administrative reforms have contributed to improving the country’s credit access in recent years, making it rank among the top 30 economies with the best Getting Credit Index, Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu said.
— The Hanoi Times

Ministries speed up streamlining of regulations
Ministries have continued accelerating administrative reforms to aid businesses in their operations.
— Bizhub

Changes in target markets worry wooden furniture exporters
Wooden furniture manufacturers have been warned that they will face more trade barriers as export markets have applied new policies to restrict imports.
— VietnamNet Bridge

VN’s waterway logistics in deep trouble
Việt Nam’s maritime and inland waterway transport continue to suffer from the lack of sustainable inland ports and planning for container depots.
— Viet Nam News

Samsung To Expand Production Facilities In Vietnam Yet Again
South Korea’s electronics major Samsung Electronics Co. is determined to further expand production in Vietnam, co-CEO Koh Dong-jin told Vietnamese Prime Minister Nguyen Xuan Phuc on April 20, according to Reuters.
— Vietnam Insider

Vietnam equity: second to none amid global volatility
Global stock markets have been volatised through the first quarter of 2018. However, amid the fluctuations, there are always investment opportunities hidden amid the crisis and one of them is the Vietnamese stock market.
— The Nation

Vietnam: Vegetables and fruits among key export items
Following a bumper season in 2017, import/exports continued to increase sharply in the first three months of 2018.
— Fresh Plaza

Branding critical amid FTAs
National branding must accommodate international integration and sustainable export development, according to experts at the annual brand forum organised on Friday by the Viet Nam Trade Promotion Agency (VIETRADE) under the Ministry of Industry and Trade (MoIT).
— Bizhub

Vietnam Digest: VIISA to invest in Batch 3 startups; Adventus buys Danang land
Vietnamese accelerator VIISA will invest $15,000 each across four startups from its third batch while Singapore-based Adventus Holdings has acquired a land plot in Danang area.
— DealStreetAsia

Vietnamese potato brand to fight Chinese fakes
Vietnam’s Lam Dong Province has approved a programme to construct a Da Lat potato brand to prevent farmers from selling cheap Chinese potatoes disguised as potatoes from Da Lat.
— Fresh Plaza

Property market remains attractive to investors
The real estate market continues to be attractive to investors, but the level of competition would be much higher this year and the following years.
— Bizhub

Follow us: @vietnaminsider.vn on Facebook

Topshop Topman Saigon Centre overcharged an expat US$ 9,000 for a bill worths US$125

Advertisements

Local media and social network communities today mentioned a lot about an expat in Vietnam, who purchased 03 pair of pants at Topshop Topman fashion shop at Saigon Centre, HCMC. The bill showed that, he had to pay 2,607,000 (about $125), but the cashier of Topshop Topman charged his credit card for the amount of $9044,00 for 3 pair of pants. He hadn’t known until next day, and it wasn’t easy for him to get the money back.

Full story from Keenan Nathan on Vietnam is Awesome FB Group as below:


Hello fellow Expats , Just had to come on here and warn you all..

April 16th, i went to Saigon center to do some shopping and stopped at Topshop Topman to get a few items.. after looking around, i ended up getting 3 pair of pants for the amount of 2,607,000 VND and left the shop somewhat happy of my new skinny jeans. As i was at the cashier, the girl waited until my vietnamese friend stepped away to look at clothes to ask me, where i was from and how long i was in VN. I answered i was from California. She smiled said Cali was a beautiful place and proceeded to bill me and sign the receipt.

Last night, getting ready to check and pay my credit card bills, i was stunned.. The scam was soo big that it was actually ridiculous.

Topshop cashier number 01030 charged my credit card for the amount of $9044,00 for 3 pair of pants. ???

This afternoon, my friend and i returned to the store to complain and as we arrived , it was the same girl at the cash register and she tried to run away.. we caught her and told her we will call the cops if she doesn’t bring the manager immediately.

She had deliberately charged my credit card that amount believing i was flying out of Vietnam soon and would have not noticed it until i was in the US.

Long story short, after 2 hours of threatening and yelling the manager tried to explain to me that they looked on the internet to find me and told me they had noticed the big amount being charged but thought i had left the country.. I told them why didn’t they cancel the amount, they all nervously smiled and said they will reverse that amount back to my account. My bank is aware of the fraud and already reported them.

Folks, i understand this is a beautiful but yet a “survival mode” mentality here in vietnam, but be aware of this kind of credit card scamms..

It was not the first time they did this at this Topshop location to foreign customers.
Today was a lady also complaining of being overcharged for an item she bought..

I have to return tomorrow to pick up the form stating their overcharged and promise to refund…

Hope my post will avoid fellow expats from being robbed..

Vietnam is still a beautiful country with beautiful people… Hope remains in humanity ?

 

The original bill is just VND2,607,000,but the cashier charged his credit card VND206,007,000

 

The cashier changed his credit card more than USD9,000 (MAI SON is the owner of TOPSHOP in Vietnam)

 

Comments from expats’ community to the TOP SHOP fanpage

Source: Vietnam is Awesome FB Group

Vietnam’s HDBank to absorb PGBank in merger

Advertisements

Vietnam’s Ho Chi Minh City Development Joint Stock Bank, better known as HDBank, said its shareholders approved on Saturday a plan to merge with the unlisted Petrolimex Group Commercial Joint Stock Bank as it seeks to expand operations in the country.

The merger is scheduled to take place by August this year, the bank said in a statement.

Each share of Petrolimex Group Commercial Joint Stock Bank, or PGBank, will be converted into 0.621 HDBank share, it said, adding that HDBank will issue 300 million new shares for the conversion.

The merger will enable HDBank to expand its client base, including with Vietnam National Petroleum Group, which holds a 40% stake in PGBank and a share of around 50 percent of Vietnam’s retail-transport fuel market.

The shareholders also approved a pretax profit target of 3.92 trillion dong ($172.15 million) for this year, a 62.2 percent increase from last year.

HDBank, a retail bank whose vice chairwoman is Nguyen Thi Phuong Thao, the billionaire founder and chairwoman of Vietjet Aviation, is targeting to grow total assets to 242.87 trillion dong by the end of this year, up 28.3 percent from end-2017.

HDBank, which listed its shares on the Hochiminh Stock Exchange in January following a $300 million IPO in November, reported pretax profit of 1.045 trillion dong in the first quarter this year, up 170 percent from a year earlier.

($1 = 22,771 dong)

Reporting by Khanh Vu Editing by Shri Navaratnam | This was first posted on Reuters

Couple killed Vietnam veteran, burned body in front of kids, police say

Advertisements

A couple arrested in central California in the torture and killing of a 70-year-old Vietnam War veteran made their children watch as they burned the man’s body, authorities said.

Stacie Mendoza and Jose Mendoza tortured Kenneth Coyle on April 5 to get him to reveal his bank account details and passwords. After torturing him, the Mendozas allegedly beat and suffocated him to death in his house in the small city of Hanford, said Police Capt. Karl Anderson.

A few days later the couple and their three children drove the body to nearby Madera County, where they burned it while their children watched, the San Francisco Chronicle reported Wednesday.

“We know the children were taken to where the body was burned and watched the body burn,” Anderson said.
Anderson said Coyle, a retired contractor for Naval Air Station Lemoore, first met Stacie Mendoza at a Hanford restaurant where she worked as a waitress. As their relationship developed, she started getting access to his bank account and getting money from him, authorities said.

The couple then went to his house and tortured him to get more money out of him.
“They restrained him on a bed and beat him to get access to his bank account information, passwords and other account information,” Anderson said.

Coyle died of “blunt force trauma and suffocation,” he said.

After getting rid of Coyle’s body, the Mendozas returned to his house last week to steal more things and were spotted by property managers, who called police. Officers tracked Coyle’s cellphone to the couple’s home in Fresno.

These undated photos provided by the Hanford, Calif., Police Department show Stacie Mendoza and her husband Jose Mendoza. Authorities said they have arrested the couple in the torture and murder of a 70-year-old Vietnam War veteran , who then had their children watch as they burned the man’s body. Hanford Police Captain Karl Anderson says the pair tortured Kenneth Coyle on April 5, 2018, to get him to reveal bank account information, passwords and other financial information. (Hanford Police Department via AP)

Police later arrested them at a restaurant near Los Angeles International Airport. Jose Mendoza had Coyle’s credit card and a plane ticket to his native El Salvador when he was arrested, officials said.

Source: The Associated Press, this was first posted on Review Journal

Vietnam’s Danang begins makeover into ‘smart city’

Advertisements

FPT aims to tackle traffic jams while revamping farms and hospitals

Vietnamese information technology leader FPT looks to turn Danang into a “smart city” in two years, focusing on fields such as agriculture, medicine, energy and traffic.

The company plans to spend 15 billion Vietnamese dong ($658,000) on pilot projects in the country’s third-largest metropolis over the next year, aiming to begin smart city operations in 2020. FPT and the city of Danang signed a memorandum of understanding Thursday.

Bringing smart technologies to Danang likely will boost the Hanoi-based company’s “internet of things” business. “The internet of things holds the key to growth,” FPT Chairman Truong Gia Binh said.

FPT will work to prevent traffic jams on Danang’s streets through real-time monitoring of roads and management of traffic signals. The company also plans to introduce an electronic patient record system for hospitals as well as a crop management tool for farmers. Technology would be used in responding to natural disasters such as tsunamis and floods as well.

In 2016, the company opened an IT hub in Danang, where it employs 10,000 engineers. Danang offers cheaper labor costs than Hanoi or Ho Chi Minh City, and its abundance of science and engineering schools helps FPT secure talent. The city’s potential as a tech hub continues to grow as companies from Japan, Europe and the U.S. start to gather.

Plans to create smart cities are underway in other parts of Vietnam. Hanoi is slated to become a smart city by 2023 with help from a public-private partnership between Japan’s trade ministry and companies such as Sumitomo Corp. and Mitsubishi Heavy Industries. Ho Chi Minh City has teamed with the real estate arm of Singaporean conglomerate Keppel to develop smart technologies.

 

By ATSUSHI TOMIYAMA, Nikkei staff writer

Saigon has one of the best nightlife in Southeast Asia: Rough Guides

Advertisements

Nightlife in the megacity has something for everyone, be it partying hard or watching the skyline with a cocktail.
Respected travel site Rough Guides just released a list of eight best night experiences in Southeast Asia, and Ho Chi Minh City is named THE place to delve into bars and clubs.

“When the sun goes down, the bustling energy of southern Vietnam’s megalopolis transfers to its many clubs and bars,” Rough Guides says.

Customers have their temperature measured before entering a bar on Bui Vien Street in District 1, Ho Chi Minh City on May 9, 2020. Photo: Ngoc Hien / Tuoi Tre

If you’re thirsty for a chic experience of Saigon’s nightlife, put on your best dress or suit and head to the rooftop Chill Sky Bar in District 1, one of the city’s most popular and fancy spots.

It stays open from 5:30 p.m. till small hours the next morning, offering a dusk till dawn-ish view of the city, fabulous cocktails and a small but exciting music scene to check out.

The U.K travel site also named Saigon Acoustic Bar in District 3 as a great rendezvous for a night out with pop-rock cover bands, while Carmen Bar in District 1 offers an odd selection of Spanish flamenco played by skilled Vietnamese musicians.

For a casual good time, the plastic tables along Bui Vien are a must, Rough Guides said, calling it the “Beer Street” of the city’s backpacker district.

Tourists crowd the Bui Vien Walking Street, located within the so-called ‘backpacker area’ in Ho Chi Minh City. Photo: Huu Thuan

Bui Vien is part of the city’s famous backpacker precinct that is closed to vehicles on weekends. It has drawn much attention from nomads with its bustling and energetic atmosphere, where they wander into the world of beer clubs, bars and pubs, shaking up the night in loud music, blink lights and cheers.

Other best night experiences in the region that are named on the list are music scene in Malaysia’s Kuala Lumpur and Sarawak, an overnight stay at Thailand’s most populous city The Big Mango or dance parties in Malaysia’s Penang.

Or, visitors can grab a bite at Myanmar’s former capital Yangon, indulge in street life and live music at Yogyakarta’s Malioboro strip in Indonesia and dive into Singapore’s art hub Kampong Glam.

Saigon, Vietnam’s biggest commercial center, is one of the most popular destinations in the country. Official data showed that it received 6.4 million foreign arrivals in 2017, a 22 percent pickup from the previous year.

The city hopes to receive seven million foreign visitors this year.

- By Nguyen Quy | This was first posted on VNExpress

Samsung Electronics to expand production in Vietnam

Advertisements

Samsung will recruit more Vietnamese employees and develop electronics in smart cities in Bac Ninh province and other places, according to a statement posted on the government’s website.

Samsung Electronics Co. is determined to further expand production in Vietnam, co-CEO Koh Dong-jin told Vietnamese Prime Minister Nguyen Xuan Phuc on Friday.

Samsung will recruit more Vietnamese employees and develop electronics in smart cities in Bac Ninh province and other places, according to a statement posted on the government’s website.
Samsung is the largest foreign investor in Vietnam and accounts for around a quarter of the country’s total export revenue.

Phuc told Koh that Vietnam is always willing to create the most favourable conditions for Samsung to develop in the country, the statement said.

Samsung has invested $17.3 billion in eight factories and one research and development centre in Vietnam, turning the country into its largest smart phone production base, the government said.

Exports from Samsung Electronics’ factories in Vietnam totalled $54 billion last year, it said.

- This was first posted on Reuters

Dirty business: The hidden workers who deal with waste in Vietnam’s capital

Advertisements

Workers collect, classify and recycle all kinds of waste just to earn a little bit extra.

Minh has lived in Hanoi for 10 years, but still doesn’t speak fluent Vietnamese.

He comes from an ethnic minority group based in the north of the country, but moved down to the capital to earn a living as a waste disposal worker in a residential building.

Minh does not get the chance to practice his Vietnamese very much because concrete walls separate him from the rest of society, and the only connection he has with other people is a waste pipe.

Minh does not know exactly how old his two sons are. All he knows is that they quit school early to follow him in the waste business.

Minh’s wife and older son clean up the bunker of garbage under a residential building in Hanoi. Photo by VnExpress/Do Manh Cuong

Leaving his home in the mountainous province of Ha Giang, 300 kilometers (186 miles) north of Hanoi, Minh now works in a hot and suffocating basement collecting waste to sell for recycling as a source of income for his family.

Nhu, Minh’s wife, and their older son also help out.

On a hot summer’s day in Hanoi, when rotten garbage is spilling out of the carts, a new bag of waste flies down the pipe sending rotten food, pottery and diapers into the basement.

With dirty water splashing on his shorts, Minh’s son silently kicks a soft drink can outside, where his younger brother is waiting to collect plastic, metal and paper for recycling.

Minh’s youngest son recycles the waste. Photo by VnExpress/Do Manh Cuong

Like many other low-income countries, Vietnam spends big on collecting and transporting waste, and the cost for waste collection makes up more than 80 percent of the total sum it spends on waste treatment, according to the World Bank.

But only 46 percent of the waste is properly categorized and treated.

Developed countries spend 10 percent on collection thanks to the application of machinery, and 90 percent of the waste is processed correctly.

Nam, another refuse worker in Hanoi, and his wife, Tuoi, came from a remote village in Nam Dinh Province, more than 62 miles south of Hanoi. The city’s environment office gave Tuoi an official job while he failed to receive an official contract. He works as a freelance collector and gets paid directly from the workers that “hire” him, without insurance or benefits.

When he first started collecting waste, the foul was unbearable, he said.

It was in the hot summer of last year, he was pushing bags of waste when one of them split and started leaking. The stench practically stunned him, and he skipped meals that day.

“I was a farmer and I’m used to the smell of mud, soil and fertilizer, but I’ve never experienced anything like that.”

It took Nam two months to adapt to the new job, and now he’s impervious to the waste.

Nam as a waste collector on the street of Hanoi. Photo by VnExpress/Do Manh Cuong

These migrant waste collectors in Hanoi are typical portraits of a workforce that has been acting as the backbone for the waste system in big cities around Vietnam, the world’s 34th biggest economy. They are paid to collect waste, but at the same time, they have found themselves an extra source of income through recycling, and that extra cash is available due to the vast amount of plastic used in Vietnam.

Vietnam is one of the biggest consumers of plastic in the world, standing at 17th out of 109 countries, according to the World Bank.

In 2015, the nation was named among five countries that dump more plastic into the oceans than the rest of the world combined. Ocean Conservancy, an environmental non-profit organization, said in a report that 60 percent of the plastic trash flowing into the seas originates from fastest growing economies in China, Indonesia, the Philippines, Thailand and Vietnam.

“These countries have recently benefited from significant increases in GDP, reduced poverty and improved quality of life,” the U.S.-based organization said. “However, increasing economic power has also generated exploding demand for consumer products that has not yet been met with a commensurate waste-management infrastructure.”

In 2014, the country threw out 12 million tons of solid waste, and it is estimated that urban areas alone will be dumping 22 million tons per year by 2020, according to the Ministry of Natural Resources and Environment.

At the same time, Vietnam is also struggling to collect its waste. Only 40 to 60 percent of waste ends up in dumps, while the rest is discharged into canals and rivers that flow into the sea, said the organization.

“A system for classifying waste does not exist in Vietnam. We tried to develop a project for that but it didn’t work,” Tran Thi Quoc Khanh, a member of the Committee of Science, Technology and Environment under the country’s legislative National Assembly, told VnExpress.

The stories of Minh, Nam and their children reflect the country’s failure to find an effective way to collect and treat waste.

The project that Khanh mentioned was financed by Japan back in 2004 when Hanoi started to classify waste in three different categories, but it quickly disappeared.

“Workers throw all the trash into their carts eventually, so there is no need for classification. We just put our garbage in a plastic bag and throw it away,” one Hanoi resident told local media.

It is impossible to recount the number of times authorities have talked about “mechanizing,” “automating” and “improving the efficiency” of waste collection over the years.

And in the eyes of an insider like Nam, the situation is the same as it has always been. “People put everything into a bag, and in some cases, there is even no bag at all,” he says, showing his hands scarred by broken glass.

“It would be unfair to blame it all on local residents when there is only a trashcan in front of their house without any spaces for classification,” Khanh says.

“The city is in dire need of an effective waste collecting and classifying system, even if it costs a lot,” she adds.

But whatever the authorities are planning right now will be a story for the future, maybe even the distant future, given all the failed projects Vietnam has tried to implement.

For now, collecting, classifying and recycling waste are still a manual job done by silent workers who have to struggle day by day to get used to the odor, the cuts on their hands and whatever mixture of so-called organic and inorganic trash they have to search through to find something to sell.

On the International Womens’ Day last March, Nam managed to buy a red rose for his wife with money he earned from selling scrap. He had to put in an extra VND7,000 for the VND35,000 flower though.

But his attempt to add color to life was not taken so well. His wife, who came home past midnight that day, believed that the money could have been spent on a decent meal with meat.

Source: Hoang Phuong/Duc Hoang (Vnexpress)

Exit mobile version