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

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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

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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

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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

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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

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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

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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’

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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

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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

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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

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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)

Vietnam calls for peace efforts after Chinese military aircraft reported in troubled waters

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Chinese military aircrafts were allegedly spotted on a Spratly reef claimed by Vietnam in January.

Vietnam’s foreign ministry on Thursday dismissed any activities in the East Sea without Hanoi’s consent as illegal, regarding recent reports of new Chinese military aircraft in the region.

Activities conducted in the Spratly and Paracel Islands without Vietnam’s authorization are “completely invalid and illegal,” the ministry’s spokesperson Le Thi Thu Hang told reporters, as questioned over reports on Wednesday that China has sent two military aircraft on the Spratly’s Mischief Reef, which is claimed by Vietnam.

Hang said Vietnam has sovereignty over both archipelagos as defined in accordance with the 1982 United Nations Convention on the Law of the Sea.

“We expect countries to contribute positively to the maintenance of peace, stability, security, safety, freedom of navigation and overflight in the East Sea,” she said, using the Vietnamese name for what is known internationally as the South China Sea.

The Philippine Daily Inquirer on Wednesday published pictures allegedly taken in January that it said showed two military transport aircraft on the tarmac of Mischief Reef, which Vietnam calls Vanh Khan.

The reef is one of seven artificial islands developed by China in the Spratly Islands, which is claimed by Vietnam as well as the Philippines. The alleged presence of military aircraft on the reef has raised concerns that China is militarizing the disputed islands.

China claims almost the entire South China Sea, a strategic waterway where about $3 trillion worth of sea-borne goods pass every year. Brunei, Malaysia, the Philippines, Taiwan and Vietnam also have conflicting claims in the sea.

Source: Vnexpress

Making pho in Hanoi is an art, eating it is a logistical matter

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‘I eat the noodles very quickly so they don’t swell and lose their original texture.’

I left Vietnam for Paris in 1968 and have not returned since.

I arrived in Hanoi very early on the morning of March 20 to cook a special meal to celebrate the 45th anniversary of French-Vietnamese diplomatic ties at the French embassy.

The first thing I did was stroll around the neighbourhood on Tran Hung Dao Street, where dozens of small food stalls were serving breakfast to dozens of people, either standing or squatting, before they headed to work.

I’d been walking for about 15 minutes when the delicious smell of pho stopped me, and I couldn’t help myself, even though I’d already had breakfast at the embassy. I ate on the pavement, sitting on a very uncomfortable stool at a low table. The taste of the soup and long lost memories overwhelmed me and were telling me: “Welcome home.”

The following day, Van Anh and Sylvain Bournigault, epicures and wine merchants, took us for a late lunch at my request to the best pho in town.

We went to Ly Quoc Su. The shop is small and simple, but we ate outside on the pavement opposite railway arches painted with contemporary artworks that I liked very much.

The bowls were enormous and the broth very strong, with the right balance of the spices and super concentrated, probably because we were the last customers and it had time to reduce. It was very flavorful, with penetrating and persistant marine aromas. Did they make it with dried earthworms sa sung as my grandmother told me about 60 years ago?

The beef was thickly sliced, very tasty and abundant; the noodles were soft, thin, tender and very silky on the tongue, much more than the ones we find in Europe. On another plate were the lime, chili, coriander, mint and sawtooth coriander.

I always have a kind of ritual when I eat the pho that I cook – which I cannot do in Hanoi – because I want to experience the genuine local soup without interferring.

I eat two small bowls, never a big one.

For the first one, JUST the broth the noodles and the cooked meat. For the second one, I add thinly sliced raw beef, which changes the clarity and the taste of the soup. Then I gradually add the onions, herbs, the chili etc.., and only a little lime for the last three spoonfuls.

I always taste in order the broth, the noodles and the beef, then I mix them together on my spoon, three times. I was surprised to find metal spoons in Hanoi, instead of china. Then I eat the noodles very quickly so they don’t swell and lose their original texture. This is also a reason why I prefer two small bowls to one big.

My uncle Chau from Nam Dinh Province told me that the best and original pho can be found in his home town. The next time I travel to Vietnam, I will definitely be going to Nam Dinh.

We are not sure when or where pho was created, if it has links to the French pot au feu, or to Chinese noodles, but I was thrilled by all the pho I tried in Hanoi, thanks to the atmosphere, the heartiness, the sincerity and the generosity of the people who make, sell and eat it.

Robert Vifian stands in front of his Vietnamese restaurant in Paris in a photo supplied to VnExpress.

*Robert Vifian left Saigon in September, 1968, at the age of 20. He is now owner of Tan Dinh, a Vietnamese restaurant in Paris, which will be celebrating its 50th anniversary this June.

Vietnam, Japan audit agencies urged to lift cooperative ties

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President of the Audit Commission (AC) of Japan Teruhiko Kawato has suggested Vietnam and Japan elevate bilateral audit cooperative relations to a new height.

President of the Audit Commission of Japan Teruhiko Kawato (L) and Auditor General of the State Audit Office of Vietnam Ho Duc Phoc in a recent meeting in Japan – Source: VNA

In a recent interview, Kawato highlighted the close cooperation between the AC and the State Audit Office (SAV) of Vietnam and their efforts to urge audit agencies in Asia to enhance international links.

According Kawato, the AC and the SAV has built close cooperative ties, and Vietnam’s economy is strongly developing, especially in infrastructure development – a crucial field of the auditing activities.

He stressed that the collaboration between the two agencies through capacity development and research activities has proven effective and the partnership should be developed to a new level.

Kawato expressed his belief that Vietnam, as the Chair of the Asian Organization of Supreme Audit Institutions (ASOSAI) for the 2018-2021 tenure, will successfully host the 14th Assembly of ASOSAI in September 2018. Japan, as the Capacity Development Administrator of ASOSAI, will strongly support Vietnam, he affirmed.

During the interview, Kawato also emphasised that ASOSAI aims to promote cooperation and mutual understanding among its member supreme audit institutions (SAIs) through sharing experience and knowledge in financial supervision.

The organization has also worked to enhance the quality of auditing activities through bettering auditors’ capability and supporting member SAIs, he added.

The AC President also highlighted the increasingly important role of audit institutions, saying that ASOSAI wants to make effective contributions by improving its member audit bodies’ capacity after studying their needs.

Kawato said that in order to develop the economy smoothly, transparency and accountability of administrative agencies are indispensable, and auditing bodies are responsible for assuming this important role.

Vietnam stocks recover on strong bargain hunting

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Vietnamese shares rebounded on Friday morning as investors began bargain hunting, but the growth seemed unsustainable towards the afternoon session.

The benchmark VN Index on HCM Stock Exchange was up 0.48 per cent to close at 1,099.91 points. It had fallen by 5.1 per cent in the previous two sessions and dropped as much as 1.51 per cent in the morning session.

The HNX Index on Ha Noi Stock Exchange rose 0.43 per cent to end at 131.61 points, recovering from a two-day decline of nearly 2.4 per cent.

The market trading condition was balanced, with 201 gaining stocks, 198 decliners and 110 stocks ending flat.

More than 162.6 million shares, worth VND6.64 trillion (US$295.2 million), were traded on the two local exchanges.

Strong bargain hunting for stocks by investors, which had fallen sharply in the previous two sessions, helped pick up shares in 13 of the 20 sectors on the stock market.

Large-cap stock in the VN30 Index was also lifted by strong purchasing power, going up 0.52 per cent to 1,071.66 points, with 24 of the 30 largest stocks by market capitalisation advancing.

Among the 20 sectors, the banking-finance sector was among those posting the highest growth of share prices. Indices of the insurance, banking and brokerage sectors were up by at least one per cent each.

The financial-banking stocks where prices drove up included Vietinbank, Bank for Investment and Development of Viet Nam, Vietcombank, Bao Viet Holdings, Saigon Securities Inc. and IB Securities Co.

The UPCOM Index on the Unlisted Public Company Market added 0.20 per cent to 57.92 points, up from its previous two-session fall of 2.6 per cent.

The afternoon trading session starts at 1pm.

This was first posted on  VNS

In Vietnam, a mega casino rises with the help of a Macau junket company

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The $4 billion Hoiana project is expected to extend across almost 1,000 hectares.
Along a three-kilometer (2-mile) stretch of coastline in central Vietnam, construction cranes are digging up mounds of sand and rubble where the country’s biggest casino is set to open next year.

When completed, the $4 billion Hoiana project will extend across almost 1,000 hectares, and also include shops, restaurants, golf courses and water parks.

Driving the project is Suncity Group Holdings Ltd (1383.HK), which has made billions luring high-rollers – mainly from China – to the baccarat tables in the Chinese territory of Macau.

Vietnam is betting big on developing a gambling industry, targeting the Chinese tourists who have been flocking to the country in recent years.

In addition to Hoiana, two other casinos, one in Van Don in the northern province of Quang Ninh, and one on Phu Quoc island in the south, are also under construction. The two projects will be part of a pilot program that would allow Vietnamese citizens to gamble at casinos for the first time.

Hoiana will be the first casino owned by SunCity, which will have a one-third stake in the project. VinaCapital, a Vietnamese investment management and real estate firm, and the Hong Kong-based VMS Investment Group will also have similar-sized stakes.

“The government really wishes to bring tourism here,” said Henry Tam, project director of Hoi An South Development, the local company which is building Hoiana. He added that development of the area would also include a school and sports stadium for local residents.

“This is a 15-20 year project,” he said. “The area is four times the size of Macau’s Cotai strip.”

The Hoiana project comes with challenges. Local Vietnamese will not be allowed to gamble at the casino and operations are subject to Vietnam’s uncertain regulatory environment.

Competition around Asia is also heating up, with Macau, the world’s largest gambling center, building more resorts, and South Korea and the Philippines expanding their casino footprints. Other countries like Singapore also compete in the sector.

Ho Tram, a multi-billion dollar casino project located a two-hour drive from Ho Chi Minh City, had construction delays and financing problems before it opened in 2013. The casino – which is owned by Asian Coast Development, headed by the hedge fund manager Philip Falcone – has struggled to attract foreign gamblers to its remote location.

There are fewer than 10 casinos in Vietnam, mostly smaller ones outside major cities. At present, only foreign passport holders can enter and gamble in them.

Suncity executives are optimistic for Hoiana, citing strong government backing, local support through VinaCapital and large-scale infrastructure works like the four-lane highway that will connect it to Danang’s international airport 40 kilometers away.

And they are pinning their hopes on Chinese tourists. In 2017, Vietnam welcomed four million Chinese visitors, up 49 percent from the previous year.

The first phase of the project, which includes a 140-table casino and a golf course, is due to open in 2019. The second phase, which will add a lagoon, water park, second golf course, entertainment village and four more beach resorts, is slated to open by 2023.

Anthony Chiu, Suncity’s chief financial officer, said the cost of the first phase was $650 million, of which VinaCapital, Suncity and VMS have put in around $70 million each, with the rest coming from bank financing.

Companies associated with Chow Tai Fook Enterprises, headed by the Hong Kong billionaire Henry Cheng, are building 100 villas and a 1,176-room hotel as part of the first phase.

In addition to Hoiana, Suncity has also signed a management service agreement for the Van Don project in the north.

Van Don is scheduled to open in 2019 according to Suncity but details are scarce on the nature of the development. Foreign investors are required to invest over $2 billion in order to qualify for casino licenses.

Las Vegas operators including Las Vegas Sands (LVS.N) have been interested in setting up in Vietnam for several years. But Sands has said it would only invest in a casino if locals were allowed to gamble there.

Casino expansion

For Suncity, the stakes are high in Hoiana.

Booming gambling revenues in Macau have created enormous wealth for junket operators like Suncity, who bring in players from mainland China and collect their debts.

But as tighter regulatory controls and a lack of space crimps further development in Macau, junkets have been trying to expand overseas.

Their role remains critical for Asian casinos eager to attract Chinese players, as gambling debts are not legally enforceable in China.

Suncity is responsible for all the casino operations in Hoiana, including bringing in VIP players.

Macau’s government will also soon be deciding on whether to allow new contenders to set up casinos in the glittering enclave once the six existing licenses start to expire from 2020.

Suncity’s 34 percent stake in Hoiana will help position it as a contender for a casino license in Macau, said Grant Govertsen, an analyst at Union Gaming in Macau.

Suncity’s executive director, Andrew Lo, said Hoiana also gave the company an opportunity to be in control of an operation rather than just a service provider.

“I think it’s a very good investment,” he said. “Our marketing strategy is that we will become the entertainment hub of the Danang and Hoi An area.”

Source: Reuters

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