Registration is open until April 30 for an annual business start-up contest oganised by the Business Start-up Support Centre and the HCM City Young Businesspeople Association.
Vietnam Start-up Wheel 2018 will be a forum for contestants to present innovative business start-up ideas and business strategies and mobilise funds for projects.
Unlike previous years, the sixth edition of the competition is open to contestants of all ages and nationalities who have a start-up in Việt Nam, according to Trương Lý Hoàng Phi, director of BSSC.
It also encourages science researchers at institutions and schools, whose studies are feasible, practicable and lend themselves to commercialisation, and overseas students with start-up ideas for doing business in Việt Nam to take part.
The organisers expect to receive 1,000 start-up ideas and projects. A qualifying round will reduce the number to a maximum of 100 for the semi-final.
The final round in August will see 10 projects compete.
There will be a first prize worth VNĐ200 million (US$8,771) for an existing company that is less than five years old and another worth VNĐ150 million for startup individual/group, two second prizes worth VNĐ70 million each, and two third prizes worth VNĐ40 million each.
The organisers will also award prizes to most creative project, most-liked project and most outstanding project by students.
The winners will also have a chance to get investment, sponsorship and consultancy from experienced entrepreneurs to convert their start-up ideas/products into reality.
They will also get the opportunity for approaching local and international investment funds and receive training in running a start-up business from prestigious entrepreneurs.
IMF projects Viet Nam’s GDP growth by 6.6%
In a recent report, the International Monetary Fund (IMF) projected Viet Nam’s economy to grow by 6.6 per cent this year and by 6.5 per cent in 2019. — Bizhub
Cement exports surge as China’s production drops
Vietnam’s cement industry saw strong growth in cement exports in the first quarter of this year as many Chinese cement factories shut down due to pollution and power shortages. — VietnamPlus
Property tax law out of National Assembly’s next year agenda
There has been no official proposal for the submission of the draft law on property tax to the National Assembly to date, according to the NA’s General Secretary Nguyen Hanh Phuc. — The Hanoi Times
Vietnam’s socialist dream hits on hard times
Vietnam’s leading politician Nguyen Phu Trong had some advice for his socialist cousins during a recent visit to Cuba. — Asia Times
Hanoi has recently reviewed activities of the People’s Inspection Board and Community Investment Supervision Board in the first quarter of 2018. — The Hanoi Times
Vietnam raises US$1.95 billion from G-bond so far this year
The State Treasury of Vietnam mobilised over VND44.4 trillion (US$1.95 billion) via Government bond (G-bond) auctions in the Hanoi Stock Exchange (HNX) since the beginning of 2018. — Nhan Dan Online
Vietnam should add more countries to visa-free list: insiders
The Ho Chi Minh City Tourism Association has called on Vietnam’s tourism watchdog to seek government approval to renew a nearly-expired visa-free travel policy with better conditions and more countries on the list of beneficiaries. — Tuoi Tre
Central provinces target 2.5 million tonnes of rice in upcoming crops
The Ministry of Agriculture and Rural Development (MARD) has asked South Central and Central Highlands provinces to strive to produce at least 2.5 million tonnes of rice in this year’s upcoming crops. — VietnamPlus
Vietnam still living on FIE exports
The saying ‘The first month (of the Lunar Year) is the time to play’ is no longer true in the global era. — Vietnamnet Bridge
Korean new investment wave begins in Vietnam
There has been a new investment wave from South Korea to Vietnam, especially after the two countries reached cooperation agreements during a recent visit of Korean President Moon Jae In to the country. — The Hanoi Times
Fruit exports chief concern for provinces
The northern provinces of Bac Giang, Hung Yen, Hai Duong and Son La have proposed boosting exports of litchi and longan to foreign markets, including China. — Bizhub
Vietnam gearing up for upcoming lychee and longan harvests
The Ministry of Agriculture and Rural Development (MARD) held a conference on April 18 to discuss measures to promote the sale of lychees and longans, both on the domestic market and abroad, in the upcoming months. — Nhan Dan Online
Vietnam, Myanmar agree to bolster trade, investment
Vietnamese Prime Minister Nguyen Xuan Phuc and visiting State Counselor of Myanmar Aung San Suu Kyi agreed on Thursday to further deepen bilateral trade and investment. — Xinhua
Vietcombank earns $7.5m by divesting Orient Commercial Bank stake
Vietnam’s largest lender by market value, Vietcombank (VCB), has earned approximately VND172 billion ($7.56 million) by offloading its entire stake in Ho Chi Minh City-based Orient Commercial Bank (OCB). — DealStreetAsia
10 years after settling down in Vietnam, this photographer has paid tribute to the land that changed his life.
Justin Mott first set foot in the Vietnamese capital Hanoi in 2006 to carry out a project aimed at helping Agent Orange victims. He said he didn’t think that his life would turn around in an unfamiliar country, but he found “true” inspiration from his photography job that earned him global fame.
His camera captures the breathtaking natural scenery and rustic life in Vietnam for global travel magazines.
Recently, he unveiled a private project called “As Above So Below,” featuring a collection of photos he shot during his 10-year journey in Vietnam.
He said the project has been an opportunity to express his love and gratefulness to the country that inspired his work and contributed to his successful career.
A flea market in the northern province of Ha Giang taken by a flycam.
Moc Chau District in the northern mountainous province of Son La is one of the first three destinations he stopped at to start his photo collection. He said he was impressed by the serene atmosphere and unhurried pace of life in Moc Chau.
During his latest trip to Phu Quoc, he got the chance to explore more of the island off the southern province of Kien Giang.
The island has been hailed by the photographer on his personal page for its crystal blue waters, white sands, age-old fishing villages and fish sauce producers.
He has been living and working in Vietnam for 10 years, and is growing in stature across Southeast Asia.
Vietnam stock indexes have gained new highs recently. However, the rise of large-cap stocks has stalled, while mid-caps are attracting cash flow again after a correction period.
A report found that mid-cap stocks had the highest growth rate in the first six months of 2017, by 33 percent, higher than the 20 percent growth rate of VN30 and the 20 percent of small-cap. However, both small- and mid-cap stocks later experienced a correction period until October and only increased again in November, thus curbing the growth rate in 2017.
By contrast, the VN30 stocks have maintained an upswing since August 2017, becoming an important driving force for the VN Index to overcome the resistance threshold and gain new peaks.
However, commercial retaliatory actions by the world’s two biggest economies, the US and China, have increased the risk in the global stock market, and may weaken the large-cap’s growth motive.
The high sell demand put pressure on large-caps when the VN Index surpassed the 1,200 point threshold. However, this is also a great opportunity for cash to flow to mid-caps and small-caps after taking profit with large-caps.
In a bull market, bluechips always lead the market trend. As the stocks have large capitalization values, the stocks have big impacts on the indexes. So the price increases of the stocks will push the indexes up and bring optimism to investors.
As a result, the cash flow will begin to head for stocks with smaller capitalization values and push the price grounds up.
Analysts all say that the small- and mid-caps have been leveling off over the past six months, so they would bounce back soon.
Analyses show that the mid-cap and small-cap P/E ratio are 13 and 11, respectively, much lower than the VN 30’s P/E. With such a big gap, the cash flow will inevitably head for mid- and small-caps.
The high trading of small- and mid-caps is the major motive maintaining high market liquidity. However, analysts say, the cash flow will be selective and will go to the stocks of companies which expect to have satisfactory business results in the first quarter of 2018.
Some real estate stocks have seen prices escalating significantly in recent months as the land price continues to rise. The CEO Group share price has exceeded the resistance area of VND11,000 per share and soared to VND16,000. The upward trend only began in late March, which means that the price soared by 50 percent within a month.
The price of Kinh Bac Urban Development (KBC) has also increased since early April, now hovering around VND13,000 per share.
For those seeking languid bliss and holistic wellness in unabashed comfort, it doesn’t get better than this.
The last time I was at a resort that promoted healthy living and mindfulness, the spa director came up to my table at dinner, looked at the pile of food on my plate and said in what I later decided was an unnecessarily passive-aggressive tone: “Did you know that in its natural state, your stomach is the size of your clenched fist?”
I paused chewing the bland chicken salad and gave her announcement some resentful thought.
“So, your stomach has to really stretch to fit in all the food on your plate,” she went on, just in case I had missed her point.
I checked out the next morning. Nobody rains on this buffet parade, I muttered. And I have steered clear of spa resorts ever since.
Until, that is, an opportunity came up recently to stay at Amanoi and try out one of its immersion programmes.
WELCOME TO THE PROGRAMME
The hilltop central pavilion. (Photo: Amanoi)
Set on a 42ha slice of mountainous terrain in a vast national park on the edge of an isolated white-sand beach overlooking Vinh Hy Bay, Amanoi – a blend of Sanskrit and Vietnamese for “peaceful place” – more than lives up to its name.
Like a tectonic jigsaw, its architect Jean-Michel Gathy has quietly inserted 36 dark grey pavilions and villas into the rocky promontory and thick evergreen vegetation. From a distance, the sweeping low-eaved Vietnamese-styled roofs blend into the granite formation, looking for all the world like super-chic Wakandan space-crafts that have just paused a while to refuel.
It is, in other words, the ideal, soothingly calm setting in which to tackle your various emotional, mental and physical ailments through one of three holistic programmes. Eastern Approaches to Weight Management dismantles dietary, health and lifestyle barriers; Movement, Mindfulness and Stress Control promotes an internal focus to blunt high stress lifestyles; whilst Longevity, Rejuvenation and Detoxification reduces toxins and physiological wrinkles caused by the modern environment.
Sounds like a lot of new age babble, I know. Then I heard that one guest stayed 19 days and lost 10.5kg.
Residence pool lounge and dining area. (Photo: Amanoi)Cliff pool. (Photo: Amanoi)
Of course, you don’t have to sign up for any programme. You could just as easily collapse under an umbrella and lie by one of two Instagrammable lap pools to soak up the fresh sea-tinged air, snorkel in the coral water, be waited on by one of the 250 smartly dressed staff, or just nap the day away in your vast, high-ceilinged bedroom furnished with soft fabric, cool stone, and warm wood underfoot.
Or you could, as I did, find yourself in the quiet and austere office of Dr Lucas Hausler, the resort’s East Asian Immersion Program Director, getting a pre-check-in TCM diagnosis.
A QI AND YANG DEFICIENCY
Apparently, I presented a mild case of liver congestion with an underlying qi and yang deficiency of the spleen and kidney. He prescribed a daily tonic of six herbs that included cinnamon tree bark to warm the yang, ginseng to boost metabolism, and atractylodes to strengthen digestion, alongside a daily regime comprising a morning movement session, an hour with a specialist therapist, an afternoon spa treatment, and a full-day menu of specially curated meals that were loaded with quality complex carbs and proteins, and healthy fats.
Meditation at the yoga pavilion. (Photo: Amanoi)
“We’ll make variations and modify the herbal formulas as the immersion progresses and the patterns of disharmony in the body and mind begin to shift,” Hausler told me, even as I wondered if working at Amanoi was the secret behind his amazingly lustrous hair and enviably even tan.
The three days passed with a soothing cinematic quality with no scheduled activity ever repeating itself. And so, one morning brought Shyam, a compact, gentle man with such kind eyes. He glided down a dramatic flight of stone steps from the main spa building to the open-aired pavilion that floated over a mirror-flat lake fringed with lotus and water lilies, for one of the best yoga sessions I have ever experienced.
Another morning brought a masterclass on meditation, though a highlight was the hypnotherapy session to improve my memory of faces and names with visiting specialist Toby Maguire (no, it wasn’t Spider-man, and yes, it really does work).
Spa treatments were always scheduled for the afternoon. Rough skin patches were scrubbed with a black sesame paste, and a sea-salt and honey mix, and soothed with Nha Trang mud. Knotted muscles were rolled with heavy bamboo sticks, pores steamed open in the hammam and then sealed in a cold plunge pool.
PEACE, CONTENTMENT AND CALM BENEVOLENCE
The greatest surprise was the quality of the meals. My customised plant-based menu was conceived to avoid acrid flavours that affect the liver and stir the emotions, with every dish giving lie to the myth that healthy food is tasteless and bland.
Vietnamese congee arrived laced with goji berries and Chinese dates; salads were spiked with sweet grapes and lavender-dusted feta; zucchinis were julienned to resemble pasta and these were tossed with a vividly red puttanesca sauce, or thrown into a noodle salad of jicama roots, banana flowers and a tart honey mustard dressing.
Champagne breakfast by the beach. (Photo: Amanoi)Vietnamese tea cakes. (Photo: Amanoi)Vietnamese cuisine. (Photo: Amanoi)
Late one afternoon, Hausler took us on a leisurely 20-minute hike up Goga Peak for a wraparound view of green-shrouded mountains, and turquoise-hued sea and sky that stretched clear to the horizon. High above us, a flock of swifts darted and dived. He pointed at a promontory. “They nest in the sea-caves down there, and on that side, in the mountains, you’ll find Iberian bears, deer antlers, and wild boars.”
He said something else, but I was distracted by the sunset and feeling very happy.
Sunrise from Goga Peak. (Photo: Amanoi)
Long after we checked out of Amanoi and came home, the memory of that moment still colours my days – a mix of peace, contentment and calm benevolence. Of long languid sun-lit days and warm starry nights whose sky was like black velvet dusted with talcum powder. Supple and limber mornings; pampered afternoons.
And not once was there any mention about the size of my stomach.
HCM Stock Exchange (HoSE) has received an application from Techcombank to list more than 1.16 billion shares on its bourse.
According to HoSE, Bản Việt Securities Company has been selected as the consulting institution for Techcombank’s listing.
Techcombank last week also launched the nation’s biggest initial public offering (IPO) that aims to raise as much as $922 million and has attracted global funds as cornerstone investors.
Reuters had reported that Techcombank was offering shares at a price range of VNĐ120,000-128,000 per share (US$5.27-$5.62), which is expected to raise between $864 million and $922 million.
Singapore wealth fund GIC, Fidelity Management and Research, and Dragon Capital are among the funds coming in as cornerstone investors.
Techcombank’s IPO, scheduled in June, will be larger than Warburg Pincus-backed Vincom Retail’s IPO last year, which raised some $700 million.
The IPO is expected to value the bank at some $6.1-$6.5 billion, ranking it among the 10 largest listed local companies.
The lender got a boost last month when Warburg Pincus agreed to invest more than $370 million in the bank in the largest-ever private equity investment in Việt Nam.
According to a source with knowledge of the transaction, the demand from cornerstone investors is so strong that some 76 per cent of the IPO is being allocated to such investors, much higher than in other IPOs.
The source said investors were keen to put in money in one of the fastest-growing banks in Southeast Asia while the country’s strong economic growth had also attracted a range of international investors.
“Techcombank is focused on retail and fee income, a story that long-only funds are keen to play,” said the source on condition of anonymity.
The 25-year-old bank provides a broad range of banking products and services to more than 5.4 million Vietnamese customers. It has an extensive network of 315 branches across the country.
Passengers buying train tickets 20 days in advance of their journey will have the price reduced, ranging from 20 per cent to 50 per cent, the Sai Gon Railway Transport JSC has announced.
The promotion applies to trips of more than 1,000km on the Thong Nhat (North – South) route and TPHCM–Hue route at Sai Gon Train Station.
Passengers booking train tickets 20 days before the departure date will enjoy a cut of 20 per cent to 30 per cent, on routes from HCM City to the central provinces of Quy Nhon, Nha Trang and Quang Ngai.
Price reductions will not apply for passengers on air-conditioned four sleeper-seat cabins.
Tickets can be returned or exchanged 72 hours prior to the departure date. In case of exchange, passengers have to pay 20-50 per cent of its value, depending on the route.
Groups of over 10 passengers will see their ticket prices cut by 3-12 per cent.
In addition, travel companies participating in the domestic tourism stimulus programme for 2018 will be offered a reduction of 10 per cent to 40 per cent.
The travel companies will receive an additional discount of 10 per cent if they book tickets 30 days in advance for groups of more than 10 passengers.
The reduction in ticket prices will continue until December 26, except during holiday periods from April 25 to May 1, and from August 30 to September 3.
New schedules
Ha Noi Railway Transport JSC (HARACO) will change its timetables of trains SE1, SE2, SE3 and SE4 linking Ha Noi and HCM City beginning on May 15.
Accordingly, SE1 will depart at Ha Noi Railway Station at 10.20pm daily; SE2 will leave Sai Gon Railway Station at 9.55pm daily; SE3 will depart at Ha Noi station at 7.30pm daily; and SE4 will leave Sai Gon Railway Station at 7.45pm every day.
In addition, some trains will change their pickup schedules at transit stations.
HARACO has also launched a promotion for groups of passengers from 3 per cent to 7 per cent beginning this summer.
Purchases made from May 24 to August 12 by groups of 20-50 people will be reduced by 3 per cent, and for groups of 51-100 people, 5 per cent. Groups of over 101 people will see a cut of 7 per cent.
Depending on total number of people in each group (excluding tour guides), a discount will also be offered for their tour guides.
A group of 20-50 people will receive a discount for a tour guide, while a group of 51-100 people will have a reduction for two tour guides. Groups of over 101 people will enjoy a discount for three tour guides.
Each tour guide will receive a 70 per cent discounted ticket price.
More promotions
Earlier, Việt Nam Railway announced its new promotions for 2018.
Accordingly, passengers who are Vietnamese heroic mothers or who took part in national liberation before the August revolution (19/8/1945) will receive a 90 per cent discount off train ticket prices.
A 30 per cent discount will be given for those who are war invalids, policy beneficiaries, Agent Orange victims and people with disabilities.
There will also be a discount of 25 per cent for children 6 to 10 years old; 15 per cent discount for those 60 and above; and 10 per cent discount for students at vocational schools, high schools, colleges, universities and academies (excluding postgraduate students).
Children under six years old accompanied by an adult will travel free of charge. There is a limit of two children per adult.
If you are looking for a quiet place to relax for the upcoming national holidays (April 30-May 1), Bai Mon beach, Xuan Dai Bay, and Vung Ro Bay in Phu Yen province are ideal destinations for you to discover.
Located in Hoa Tam commune, Dong Hoa district, Bai Mon beach is known for its pristine beauty. There is a fresh-water stream to the west of the beach, which is hidden behind the leafy canopies of the Bac Deo Ca virgin forest. Visitors to Bai Mon can take a refreshing dip in the sea and purchase fresh seafood direct from fishing boats.O Loan is a brackish water lagoon at the foot of Quan Cau Pass. The lagoon is surrounded by a series of small hills. Seen from Quan Cau Pass, O Loan Lagoon looks like a phoenix spreading its wings. Visitors should try the delicious blood cockles here.Ghenh Da Dia is categorized as one of the natural wonders of Central Vietnam, as the rocky plate reef 50 meters wide and over 200 meters long is made up of thousands of basalt columns. It is a must-visit destination for tourists, as in addition to looking like a giant beehive rising from the turquoise waters; the area also boasts many clean beaches and small fishing boats bobbing on the sea.Hon Nua is an attractive beach thanks to its clean waters and beautiful views. Visitors will be far away from city life, making it a perfect choice to unwind from the stress and chaos of the daily grind.Dai Lanh Cape will astonish visitors with its serene beauty as the first rays of sunlight light up the new day. Walking the trail to the lighthouse, you can gaze out at the vast blue sea as ships slowly chug along, marvel at the strange shapes of rocky outcrops, and listen to the sound of ocean waves crashing on the shore.Vung Ro used to serve as an important port on the Ho Chi Minh trail at sea. It has 12 small beaches, each with unique characteristics. Visitors can rent boats from fishermen to explore the sea or conquer the picturesque Da Bia Mountain.Located 50 km north of Tuy Hoa city, Xuan Dai Bay covers 13,000 hectares. Around Xuan Dai Bay, there are several sites for tourists to discover. The bay inspires tourists with its sandy beaches, the most beautiful of which is Binh Sa or Long beach.
The Ho Chi Minh City Tourism Association has called on Vietnam’s tourism watchdog to seek government approval to renew a nearly-expired visa-free travel policy with better conditions and more countries on the list of beneficiaries.
Visitors from Britain, Germany, France, Italy and Spain have enjoyed visa exemption, with an allowed stay of 15 days for each entry, when traveling to Vietnam since July 2015, when the year-long policy was introduced.
Following the first renewal in June 2017, the policy is due to expire by June 30, 2018.
As the expiration date is drawing near, the Ho Chi Minh City tourism association has suggested that the policy be extended, with a longer validity and length of stay.
The policy should be effective for five years, with an allowable stay per entry of 30 days, the association said in a proposal submitted to the Ho Chi Minh City administration and the Vietnam National Administration of Tourism (VNAT).
Tourists in Ho Chi Minh City.
The association also suggested that Vietnam relax visa rules for more countries, including Australia, New Zealand, Canada, India, Austria, the Netherlands and Belgium.
Arrivals from these markets and their length of stay and spending in Vietnam have been on the rise, Nguyen Thi Khanh, deputy chairwoman of the association, explained.
Vietnam and Australia have recently established a strategic partnership, so “the rapid exemption of visa requirements for this market will be a great contribution to promoting the tourism development of the two countries,” Khanh added.
Call for improvement
The visa-free travel policy has boosted arrivals from the five European countries to Vietnam by 13.8-29 percent over the last year.
Despite being considered a success by the VNAT, the program is being criticized by local tour operators for its yearly renewal requirement, and the short length of stay and validity.
Another obstacle is that once leaving Vietnam, visitors who arrive on the visa-free policy can only return 30 days after their exit.
These shortcomings of the visa waiver have been leaving travel agencies treading a fine line when targeting potential markets, according to industry insiders.
This is not the first time the issue of visa policy has been raised.
Earlier this year, the Ho Chi Minh City administration also suggested that the visa waiver for the five European countries should be valid for five years. More ideally, Vietnam should exempt visa requirements for visitors from these markets.
European tourists usually set their travel plans as early as one year in advance, so a short visa-free travel policy discourages them from choosing Vietnam as a destination, according to travel experts.
Other industry insiders say the visa-free program should be given to the ten countries with the largest number of arrivals to Vietnam, or the top ten nations with the highest per capita income in the world.
Vietnam received a record 12.9 million international visitors in 2017, raking in some VND510 trillion (US$22.36 billion) in tourism revenue.
With more relaxed visa policies, Vietnam could become a popular destination, capable of competing with other regional tourism spots, according to experts.
As of April 2018, the Southeast Asian country only offers visa exemptions for citizens from 23 countries and territories.
To put this in perspective, other popular tourist destinations in the region, including Singapore, Malaysia, Indonesia, and the Philippines, have visa waiver policies for 160-169 countries.
Two of China’s biggest e-wallets have joined the mobile payment market in Vietnam.
There are now about 20 e-wallet service providers in Vietnam, including well-known names such as Momo, Ngan Luong, VTC Pay and Payoo
However, there is no official report from the State Bank about the number of Vietnamese e-wallet users. The agency said 3 million wallets had been issued in Vietnam by the end of September 2016. Service providers estimate that 10 million wallets are in use in Vietnam.
Analysts say this is a modest figure compared with the great potential of the market. But they say the market will heat up soon as the two Chinese players have arrived.
After the visit of Alibaba’s owner Jack Ma to Vietnam in late 2017, the Chinese group signed a strategic cooperation contract with Vietnam’s NAPAS to bring Alipay e-wallet to Vietnam.
With cooperation among NAPAS, banks and Alipy, sellers in Vietnam will accept payment in Alipay wallet made by Chinese visitors for goods and services in Vietnam.
Sources said that the service will be launched this year.
WeChat Pay has announced a plan with Vietnam’s VIMO e-wallet which will accept payment of Chinese travelers.
VIMO.vn will be the first payment intermediary allowing Chinese travelers to use WeChat Pay in Vietnam dong at shops accepting VIMO in Vietnam.
The cooperation does not include WeChat Pay’s use of VIMO’s banking connections to process payment transactions between Vietnamese consumers and businesses.
Thirty percent of total foreign visitors in Vietnam in 2017 were Chinese.
Current laws do not allow foreign e-wallets to operate in Vietnam independently. They can only be resent in the market through cooperation with Vietnamese companies.
An analyst said that Alipay doesn’t compete directly with Vietnamese e-wallets, but it could be a potential threat.
He went on to say that in the future the licensing policy may change and Vietnam will open its doors widely to foreign e-wallets that will provide services to Vietnamese customers as well.
Banking experts said there are favorable for mobile payments to develop: the retail market and e-commerce are thriving, while bank cards and smartphones are more popular.
According to the State Bank of Vietnam, the number of cash payment transactions decreased from 14.02 percent in 2010 to 11.45 percent in August 2017.
The presence of fintech firms has also helped the mobile payment market. More than 30 fintech firms were established in Vietnam as of 2016, two-thirds of which provide mobile payment services.
Based on the latest data from the World Bank, Vietnam ranked 62th on the list of poorest contries in the world
Last year, we spent a month travelling through Ethiopia. Growing up in the eighties, we were only too aware of the struggles Ethiopia had faced historically: political unrest, civil war and, of course, famine.
However, in 2017, Ethiopia had the fastest-growing economy in the world and was named by Lonely Planet as one of its Best in Travel countries of that year. Change is happening, but it’s still slow.
Figures suggest that around a third (33.5%) of Ethiopia’s population still lives in poverty. Despite the good press, the country still faces political instability, civil unrest and abject hardship.
Major international organisations assess a country’s wealth using different factors. One criterion commonly used – including by the World Bank – is GDP per capita based on purchasing power parity (PPP).
PPP is the alternative to using market exchange rates. The actual purchasing power of any currency is the quantity of that currency needed to buy a specified unit of a good or a basket of common goods and services. PPP is determined in each country based on its relative cost of living and inflation rates.
Therefore, using PPP GDP (GDP per capita based on purchasing power parity) it is possible to assess each country and rank the poorest countries in the world. International dollars are used as a global currency for comparison.
POOREST COUNTRIES IN THE WORLD
Africa dominates the ranking of the poorest countries in the world. The first non-African country on the list is Haiti, ranked 17th.
Some smaller territories such as Monaco or Andorra are not included in the ranking. Additionally, some countries (particularly those locked in ongoing conflicts) do not have sufficient data available to be ranked.
In the last few days, US George Washington International School (GWIS), which has been an educational partner of Newton Grammar School in Hanoi, has been reported to use fake identity information. It is believed the school neither exists nor is legally approved in the USA.
The report of the Hanoi Department of Education and Training for the cooperation between GWIS and Newton Grammar School also indicates that despite having seemingly proper legal documents and attractive school introduction, GWIS in fact does not have any teachers, students, or even lawful quality verification from the US Government.
Hence, to guarantee Vietnamese students’ rights, the MOET asked the departments of Education and Training in Ho Chi Minh City, provinces of Quang Ngai, Phu Yen, Binh Dinh, Dak Lak, Dong Nai, Ba Ria Vung Tau, Dong Thap, and Vinh Long to immediately stop the partnership with GWIS in accordance with the current law and timely prepare, if needed, a suitable solution for students who are participating in the collaboration program .
In addition, the ministry asked Hanoi Department of Education and Training to conduct a proper inspection and handling of the situation between the two schools. It also requested Hanoi authorities to check the teaching curriculum of the bilingual program for the subjects of Math, Science, and English in the collaboration program between the two schools, while determining who was responsible for such the scandalous cooperation in order to deal with them compliant with the Vietnamese law.
By PHAN THAO – Translated by Yen Nhi, First published on SGGPNews
In Vietnam’s Da Nang City, the Golden Bay hotel has done what can be called stuff of dreams. The President Suite in the hotel has a bathtub made of gold. And not just the bathtub, the toilet, bathroom sinks and even the kitchenware is also made of gold. Here’s a sneak peek inside the Danang Golden Bay’s rooms and the golden marvels inside:
As per the hotel’s website, the idea was to combine the philosophy of feng shui, the idea of gold and the aim to bring the real hospitality.
The hotel offers a majestic view of Han River, East Sea and Son Tra Peninsula. It is 2.5 km away from the My Khe beach which has been named among one of the six most beautiful beaches in the world.
It has four President Suites that are located on the 28th floor of the hotel.
The hotel is owned by the Hoa Binh Green Corporation which is as per the website one of the top five groups in Vietnam. Apart from the hotel rooms, the property also has two-bedroom residence apartments. On TripAdvisor, the hotel has been given five stars with no bad reviews as yet.
The hotel was officially thrown open on October 1, 2017 and it currently holds the World Record for ‘The world’s highest and largest 24K gold infinity swimming pool’
A night’s stay at this hotel can set you back by Rs 8,500 to Rs 15,700 depending upon your room requirement.
(Picture: Reuters | Information: Danang Golden Bay website/World Records Union -Worldkings)
A short train journey from Hanoi, Cat Ba and its neighbouring islands offer a lesser known, laid-back alternative to the country’s famous collection of karst islets.
I spend the journey from the Chinese border lying on a bed, softly rocking with the motion of the overnight train. The air conditioning hisses overhead and the carriage smells of the wood that bedecks the interior. Outside, bats are navigating the purple sky as the world slowly turns invisible.
A fellow traveller is snoring gently as I dip into my guidebook and the prospect of Hanoi, enticed by the urban delights – the cool boutiques; Dong Xuan Market, where, apparently, everything that breathes (or once breathed) is on sale; and Hoan Kiem Lake, overlooked by the moss-manicured Turtle Tower.
The Vietnamese capital proves faithful to its contrarian promise – a fiery, contemporary city still awash in history. There’s enough great food to clog the most efficient of metabolisms yet the galleries, from hipster haunt Manzi to the prestigious Vietnam Fine Arts Museum, are widely distributed, providing worthy partitions to those belly bulging banquets.
A restaurant in Hanoi, the capital of Vietnam. Picture: Thomas Bird
Despite Hanoi’s many charms, the warning in the guidebook that every other person is hawking Halong Bay package tours proves prophetic. Images of the iconic limestone islets furnish the walls of tour operators, hotels and even restaurants along the scooter-terrorised streets of the romantic Old Quarter – a place half frozen in Indochine time.
The allure is hard to ignore, yet online complaints of overcrowded harbours and unseaworthy boats temper the temptation. The instinct to look where the crowds go, then promptly head in the other direction serves me well in the capital, where the backstreets are possessed of as much interest as the major sites, so I wonder how to apply the same logic to Halong.
Returning from a lively show at Hanoi Rock City one evening, a serendipitous scene unfolds as a fellow traveller staying at my hotel recommends Cat Ba Island: “Better man, no mob,” is how the old man, who sports a Gandalf-style beard, puts it.
The following day, reading up on the island over a hangover dissolving Hanoian breakfast – an egg coffee accompanied by a coriander and soft cheese baguette – I learn that Cat Ba is located on the southeast periphery of the Halong archipelago and is, by all accounts, far less hurried than Halong City, which has become a neon light for karaoke moths who fly from China and Korea seeking seafood and a good singsong. Better still, it is served by the train; a far more congenial mode of transport than a Southeast Asian bus tarring up the highway.
The Hai Phong railway station in Hanoi. Picture: Thomas Bird
It’s an early start. We crawl out of Ga Hanoi heading eastward as the morning sun irradiates the backstreets, our locomotive worming slowly through the cluttered centre before a more linear passage traverses the Red River along the Long Bien Bridge. From here, it’s a gentle ride across the northern delta plain as we make for the coast.
The railway dates back to colonial times, as is evident when we’re delivered to a peach-coloured, quintessentially French station in Haiphong. This industrial city on the cusp of Vietnam’s boom economy is laced together by broad boulevards and imbued with a Mediterranean pace of life, evident in a plethora of congenial coffee shops.
Caffeine levels duly restored, I taxi to a roadside ticket booth, and mime myself passage to Cat Ba aboard a rusty ferry. Our vessel inspires little confidence but the hop to the island is brief, the estuary millpond flat.
Distance is seldom the best measure for travel, anyway, as the short cruise cures the air of smog and transforms the setting into an arcadia of tree-carpeted hills. Half the island is national park – a protected habitat of countless indigenous plant and animal species, including the Cat Ba langur, which is among the rarest primates in the world. Even in the human-inhabited areas, man’s influence is largely limited to gravel roads and the occasional tumbledown village.
Accommodation huts at the Cat Ba Mountain View Guesthouse. Picture: Thomas Bird
The Cat Ba Mountain View Guesthouse is a roadside resort 3km out of Cat Ba Town as the crow flies. Set at the foot of a towering limestone column, my temporary home conjures up a humbling sense of perspective while the thatch-roof bungalow I’m housed in is satisfyingly rustic.
The “budget” ranking of the guest house, however, is challenged at the top of a hillside staircase, where a pool and bar afford evening swimmers stupendous views of the sunset across the bay. My lodgings may be humble but the vista is five-star.
The principal means of getting around Cat Ba is on two wheels. It’s not quite Easy Rider, but US$5 earns the right to drive an automatic Honda moped with some dodgy breaks for the day. It’s well worth the risk as there’s not much traffic, and a host of natural wonders to absorb, especially around the Kim Giao Forest.
A beach on Cat Ba Island. Picture: Thomas Bird
In the densely wooded Cat Ba National Park, I find myself engaged in a sweaty hike, following vague signposts and overgrown trails to a hilltop pavilion. Above the tree line is a panorama of cone-shaped hills.
I motor through the afternoon along island roads, down lanes, past fruit plantations, strange caves and beaches, without a destination in mind.
Dogs bark to signal my arrival at the roadside Jungle Bar, a tree sheltered lodge populated by tattooed millennials and gap-year volunteers who chug cans of Bia Ha Noi while lounging around in hammocks discussing the woes of the world. The German bartender, with a head of thick dreadlocks, notes proudly, “There’s no Wi-fi here”, as she serves me a leafy glass of green tea.
“My love of travelling to islands amounts to a pathological condition known as nesomania, an obsession with islands,” writes Paul Theroux. “This craze seems reasonable to me, because islands are small self-contained worlds that can help us understand larger ones.” Cat Ba is such a world; introverted yet emblematic, a geographic manifestation of the internal and external paths played out by the traveller in chorus.
Cat Ba Island’s main town. Picture: Alamy
Inevitably, given the island’s size, I eventually find my way to Cat Ba Town; a fishing harbour turned poor-man’s Kowloon. Beyond the town, the road leads to the stunning beaches at Cat Co, which sit before limestone pillars that tumble into jade waters on the edge of the Gulf of Tonkin.
Cat Ba is just one of many hundreds of atolls that comprise the Cat Ba and Halong archipelagos. To indulge my nesomania further, I join a band of French holidaymakers on a cruise through Lan Ha Bay, between free-standing rock towers and floating fishing villages.
At Cam Lagoon, we drop anchor and are told we can have a swim before lunch. My companions are concerned about “la medusa” – the jellyfish we’ve seen floating past. But, I reason, this world of rock and water has been forged over 500 million years, and existed long before humans ever walked the Earth. If travel is about perspective, Cat Ba has taught its lesson.
Bank to list on April 19, with shares starting at VND32,000 ($1.4).
There will be 555 million TPBank shares listed on the Ho Chi Minh Stock Exchange (HSX) on April 19 at a starting price of VND32,000 ($1.4) per share, according to an official announcement from the bank at a roadshow on April 12 in Hanoi.
The starting price of VND32,000 puts TPBank’s market capitalisation at VND17.76 trillion ($779.29 million), making it the eighth-largest listed company on the country’s stock market.
“TPBank plans to pay dividends to shareholders in 2018 from profits in 2017 at a rate of over 8 per cent,” deputy Chair Do Anh Tu told the roadshow. “It is also completing a sale of 15 per cent of shares to domestic and foreign investors through the issuance of individual shares and will distribute bonus shares to shareholders at a rate of 20 per cent, from the surplus in this issue.”
He emphasized that it’s high time for the bank to list on HNX because Vietnam’s stock market in general is positive and bank stocks are leading the market. There are many foreign investors interested in picking up TPBank shares, he added.
TPBank was established in 2008 as Tienphong Bank. In 2012, Do Minh Phu and his brothers bought back nearly 20 per cent when the bank increased its capital under a restructuring plan approved by the prime minister and the State Bank of Vietnam (SBV). Thanks to Phu’s leadership and that of the Board of directors and Board of Management, by mid-2015 the bank had recovered from its accumulated losses and had become a successful concern.
The International Finance Corporation (IFC) became a shareholder in TPBank in 2016, with a 4.99 per cent holding. The PYN Elite Fund also outlaid nearly $40 million on securing a stake of 4.99 per cent.
With the aim of becoming the leading bank in Vietnam, TPBank has invested strongly in technology and continually launched new products and services, such as TPBank eBank, eBank Biz, and TPBank QuickPay. It was the first bank in Vietnam to successfully introduce a 24/7 automated banking modelTPBank LiveBank and has received positive feedback from users. The bank had nearly 60 LiveBank points nationwide as of March 31. The TPBank QuickPay app, for conducting money transfers via QR codes, has also brought many benefits to customers of all ages.
TPBank’s business has been growing and recording positive results over the last three years. The bank was the strongest in Vietnam during the 2014-2017 period based on growth rate, asset quality, capital size, and position according to rankings from international credit rating agencies. Total assets grew significantly, by nearly 63 per cent.
The morning session closed, TPB is the only bank increased in term of share price.
Banks’ stock price on April 19, 2018
This was first published on Vietnam Economic Times