The island district of Lý Sơn, 30km off the coast of Quảng Ngãi Province, will open a night market for tourists on the island in May
Vice chairwoman of the district’s People’s Committee, Phạm Thị Hương said that the night market will be located in front of Mường Thanh Lý Sơn Hotel in An Vĩnh Commune.
Hương said the market, which will run from 6pm until 10,30pm daily, will host 40 pavilions selling souvenirs, dried seafood and specialties of the island as well as an entertainment centre.
She said a lack of night entertainment and shopping service has hampered tourist attraction.
Last year, Lý Sơn Island and An Bình islet hosted more than 200,000 tourists.
The island has 18 hotels, guesthouses and homestays providing accommodation for 1,000 tourists at present.
The islanders of Lý Sơn offer local cuisine and garlic and onion farming experiences for tourists during a sea trip from Sa Kỳ port in summer.
Islanders harvest onions on Lý Sơn island, off the coast of Quảng Ngãi Province
Lý Sơn and a vast coastal area of Bình Sơn District are being considered as a site for a Global Geo-Park for approval by UNESCO.
It has been well-known as the ‘King of Garlic’ in Vietnam with 21,000 inhabitants, most of whom make their living from farming garlic and spring onions and fishing.
The islands and a vast coastal area of Bình Sơn District may receive Global Geo-Park recognition from UNESCO.
According to archaeologists, Lý Sơn Island is a dormant volcano. The terrain of the island was created from eruptions 25 to 30 million years ago, leaving landscapes with rocks, caves, cliffs, rock arches and a lake.
The island has abundant relics related to the Sa Huỳnh, Champa and Đại Việt (or Great Việt) cultures that existed on the island for thousands of years.
Islanders still preserve the annual Hoàng Sa festival to pay tributes to local men who enlisted in the Hoàng Sa flotilla hundreds of years ago.
The flotilla was set up under the Nguyễn dynasty to patrol the Hoàng Sa (Paracel) and Trường Sa (Spratly) archipelagos and salvage goods from the many wrecks, catch fish and maintain a Vietnamese presence over the area.
The festival, which includes a requiem for those who had died on the sea patrol missions, a procession of four supernatural creatures and the release of lanterns, has been recognised as the National Intangible Heritage.
If you drop into a bar after work in the Western world, most patrons unwind while quietly sipping a drink over subdued conversations with soft music in the background.
I was wandering around central Da Nang early one evening and heard a huge racket coming from a shop – someone won big in the lottery, family squabble, or a crime underway? It was really loud, then I could also hear a lot of clinking bottles and shouting, so as I turned the corner and the shop came into view I realized it was a bar!
Bullseye! Just what I was looking for!
If you drop into a bar after work in the Western world, most patrons unwind while quietly sipping a drink over subdued conversations with soft music in the background.
In Vietnam, the end of the afternoon atmosphere in a local bar is more like a hotly contested football match or a scene from a back room gambling den out of the movies. It’s hopping in all directions!
The customers laugh and roar, hollering out orders to the service crew on the fly. “Hey, bring us some ice and another plate of cold cuts!” The servers sprint around balancing all the orders and serving in record time, not a precious moment to spare.
The clientele was all men – in groups except for me. Sometimes I’ve visited with a local buddy or two but usually alone. Ironically, it’s where I do my best reflecting on life despite the noise and distractions. Also, if I go alone I always meet lots of people – or, better said – lots of people meet me.
The patrons are excited to be out of work with the gang, but also need to get home early, so they drink at a hearty pace and the noise level increased with every passing round of beer.
They usually order beer by the box of 24. Why bother fooling around with a few bottles at a time?
There is no menu or price list posted anywhere, but everyone knows what’s offered and at which price. There is no music nor television, and hardly anyone is looking at a smartphone. Occasionally a phone rings and someone jumps up from a table and sprints into the street away from the din, possibly to offer excuses: “Still working on that report honey, be home soon!”
Most of the staff are on consignment from a local beer company – several young women buzzing around in green uniforms, adding ice cubes to keep the beer chilled, serving food, and schlepping around those boxes of 24.
The patrons are seated in tiny plastic chairs at low tables, like little children in school. At first it seemed odd, but it creates an aura of intimacy and friendship because everyone is clustered around the low-slung table.
Those tiny plastic chairs look innocent enough but can be dangerous, particularly for oversized Westerners like me. One time I leaned back to get something out of my pocket and the rear legs collapsed in an instant – beer bottle catapulted in one direction, glass in another, plate of food yet another, and I ended up on the floor.
Customers and staff rushed over to pick me up off the floor and asked if I was OK. It sure is an easy way to meet new people and never be forgotten! They wanted to call an ambulance until I convinced them all I needed was a replacement for the beer.
I learned a lesson that day and since then put one chair on top of another so I get a double layer of stability.
Random people wander in and out: a cigarette promotion girl wearing a hairband shaped like bunny rabbit ears, several lottery vendors, then a snack vendor toting a basket who gets scolded by the bar owner. He doesn’t like competition in his place.
Featured food includes black preserved eggs, known locally as “bách nhật trứng” (100-day eggs) served with pickled onions, dried shrimp, and spicy chili peppers. The egg comes out smooth, a bit chewy, and rich, perfectly complementing the flavour of beer.
Another favourite is “mực khô,” dried octopus cut into strips. The mực khô stinks up the whole place with an aroma of fish sauce while being heated but don’t let that put you off. It’s about the same texture as a rubber tire, but it’s just right with some chili sauce, so don’t let that put you off either. Just be prepared for extensive gnawing and chewing – if you’re short of time best to skip the mực khô because it’s a long battle to get through it.
The most popular snack served is a plate of cured meats and fermented pork sausage meticulously wrapped and folded in banana leaves and served with raw garlic and a pepper/salt mix. It’s called “nem chua” – sour, pungent, spicy, and therefore delicious with a beer. Beats salted peanuts or chips every time.
And that’s when it usually happens: I order the nem chua, squeeze the head of garlic in my fist, then peel the first garlic toe and pop it in my mouth. By the time I unravel the nem chua from the banana leaves, dip it in the salt and pepper and bite off a chunk, a local has appeared by my side.
Nearby customers are watching me out of the corner of their eyes – very discreetly – but I can feel their glances, my senses now trained.
Is that white guy really going to eat the nem chua?
Damn right I do, as well as the raw garlic, just for good measure.
The customers are business people for the most part, so they’ve learned English in school, but maybe not had many chances to practice. Da Nang is still provincial so there are not that many Westerners in the city center, and practically none that go to the local Happy Hour Beer joints, so it’s a great opportunity to make contact.
This time a man pulled his chair up very close to mine and sat down, then out came the phone equipped with translation software, and away we went. The conversation was spirited yet choppy to say the least, but neither of us cared, it was fun to meet and make contact.
Many of these locals have never been outside Vietnam because international tourism is expensive for the average person, so they are doubly curious about life abroad.
The local man’s eyes widened as I explained that I’ve travelled extensively and lived in many parts of the world, and I see Vietnam is going great places and enjoying increased attention as a destination.
He looked at me in disbelief when I tell him the problem will be that Vietnam will become very popular so the challenge in the future will be to find new and interesting places to visit that are not overrun with foreign tourists. Domestic tourism has also skyrocketed as the living standard constantly inches up in Vietnam.
That’s just what he wanted to hear but I’m not sure he really understood all that progress comes at a cost, there will be pressure on infrastructure, services, and prices as time goes on.
I rhymed off a couple of meaningful statistics such as international tourist arrivals, which were up 25% in 2016 over 2015, and closer to 30% this past year over 2016.
At that rate, they’ll be 20 million foreign visitors annually in just a couple of years.
Things will change in a very big way in Vietnam – there is no way to avoid it if the number of visitors triples within the span of a few short years.
It’s naive to think that things won’t change because there is no way around it, but some traditions don’t die.
I’m quite sure we’ll still be able to enjoy nem chua and a cold beer in those little Happy Hour places in the coming years no matter how much Vietnamese tourism grows.
For many visitors to Tra Que Village, meeting its oldest living couple is a real privilege.
It is not because they rarely come out of their little house near a lagoon – they always show up when tourists stop at their vegetable farm. Rather, both of them are so old it is hard to believe they are still incredibly fit and astonishingly mobile.
Le Van So, 94, is a petite man with long white beard and short grey hair. His wife Nguyen Thi Loi, 88, is a smiley, lean-framed woman with no teeth.
Le Van So, 94, poses with his wife Nguyen Thi Loi, 88, inside their house in Tra Que, a small village on the edge of Hoi An that is known for its organic vegetables. (Photo: Pichayada Promchertchoo)
They are probably the most popular couple in this small suburban neighbourhood on the banks of De Vong River, if not in the whole city of Hoi An where their portraits can be found on the walls of local restaurants.
Every day Le Van So and Nguyen Thi Loi wear their ‘non-la’ – Vietnamese conical hats – and brave the sun to show eager tourists around their manicured vegetable farm with unflagging energy. Both of them enjoy posing for selfies with visitors, whose presence makes them beam with pride over their produce – a diverse selection of aromatic herbs and fresh green vegetables grown without chemicals for restaurants in the city.
Le Van So, 94, and wife Nguyen Thi Loi, 88, pose for photographs in front of their vegetable farm in Tra Que Village. (Photo: Pichayada Promchertchoo)
Nguyen Thi Loi and her husband owns an organic vegetable farm in Tra Que Village, a popular tourist attraction on the edge of Hoi An. (Photo: Pichayada Promchertchoo)
“The vegetables from Tra Que Village taste better than those from other areas,” Le Van So said, while resting on a long wooden armchair next to his wife in their living room. Framed photographs of them laughing and smiling at each other hang on the walls.
“Our village is rich with alluvial soil. That’s why our vegetables are delicious.”
Tra Que Village is known for its high-quality, chemical-free vegetables. A lot of its produce is used in restaurants and households across Hoi An. (Photo: Pichayada Promchertchoo)
Born to a family of farmers in Tra Que, Le Van So started farming at the age of 10. Like other villagers, he uses a kind of seaweed found in the river and lagoon to fertilise his vegetable beds.
According to the 94-year-old, the seaweed manure gives Tra Que’s vegetables richer aroma and a more distinctive taste compared to those grown elsewhere. Farmers use the seaweed all year round, mixing it with the soil and planting vegetables on top.
“Vegetables from Tra Que Village are the best and our farms are very popular among tourists,” Le Van So said. “Locals’ lives have also improved a lot.”
However, Le Van So and other residents of Tra Que Village did not take up organic vegetable farming until about 20 years ago, when the Vietnamese government redesigned the local landscape for community tourism.
From a rough terrain full of wells and ponds, the area was levelled and distributed to local residents who wanted to participate in the programme. Many families shifted their focus from rice cultivation to organic vegetable farming, which gradually grew into a popular tourist attraction in Hoi An.
An organic vegetable farm in Tra Que Village. (Photo: Pichayada Promchertchoo)
The village is located about three kilometres away from Hoi An’s city centre and can be accessed by bicycles. Here, visitors can try their hand at farming in a traditional way with local families, take part in cooking classes using organic vegetables from the gardens or simply take a stroll around the cultivation area.
Since its introduction in 2000, community tourism has transformed not only the life of many residents of Tra Que but also their farming method.
Villagers in Tra Que only use natural products in their vegetable cultivation, including seaweed harvested from the river and lagoon. (Photo: Pichayada Promchertchoo)
“We started using the seaweed as natural fertiliser instead of chemicals. Instead of using chemical pesticides, we spray our vegetables with natural products such as ginger, chili and garlic,” said farmer-turned-restaurant owner Le Van Bay.
“Thanks to the community tourism, vegetables here have become more valuable than before.”
Besides organic farming, the government-backed tourism programme has also brought the residents of Tra Que new business opportunities.
Nguyen Thi Loi in her organic vegetable farm. (Photo: Pichayada Promchertchoo)
Le Van Bay’s restaurant is one of some 30 eateries that has cropped up in the village over the past two decades. He cooperates with tour agencies and welcomes up to 60 customers on a daily basis. Besides serving them organic Vietnamese food, he also offers a cooking class and foot massage with local herbs.
Income from selling organic vegetables and other tourism businesses has sent his four children to school and ridded his family of poverty.
“Life used to be so tough for us. Now, we’re much better off,” he said.
Across the road, a group of foreign tourists and their Vietnamese tour guide have just arrived at the old couple’s farm.
Le Van So and his wife pose for a selfie with a tourist. (Photo: Pichayada Promchertchoo)
Spotting the visitors from their living room, Le Van So and Nguyen Thi quickly grab their hats and shuffle outside to greet their guests.
“You’re all very lucky today,” the tour guide said with a big smile on his face. “You get to meet the oldest living couple of Tra Que Village.”
Standing in front of their beautiful vegetable garden, the elderly couple’s faces crease into cheerful smiles as they get ready for selfies with the tourists.
Conglomerate Vingroup has announced its entry into the pharmaceutical industry with its Vinfa brand.
Along with pharmaceutical research, manufacturing, trading and export-import tasks, Vinfa will focus on the preservation, research and development of traditional Oriental medicines with origins in Vietnamese herbs.
Following the success of the Vinmec Medical System and realising the expansion plan in the healthcare sector, Vingroup has established Vinfa Joint Stock Company in the pharmaceutical business, along with an investment to build Vinfa Drug Research and Production Centre in Gia Bình District, Bắc Ninh Province. With a total investment of VNĐ2.2 trillion (US$97.7 million), the project’s first phase will be built in an area of nearly 10ha following international standards, including research, production, logistics and support works, according to Phan Thu Hương, chairman of the Vinfa’s Board of Directors.
With investment from Vingroup, the entire production process at Vinfa will be equipped with the latest and advanced technologies to optimise the efficiency and quality of pharmaceutical products.
The objective of the Vinfa Drug Research and Production Centre is to produce and sell good-quality Oriental and Western medicines to serve the domestic and export markets.
Vinfa will also focus on the production of health food, vaccines and medical equipment of international standards to better meet the high demand for healthcare and treatment of people.
In addition to exploiting the country’s precious herbal resources, Vinfa plans to promote co-operation with prestigious pharmaceutical production industries from the United States, Europe and Australia. The aim is to receive consultancy, technology and technical expertise as well as facilitate the import of raw materials and products.
The group says the operation and quality-control process at Vinfa will have three core criteria: best-quality products, highly skilled and dedicated staff and striving towards professionalism.
“The investment in the pharmaceutical production plant is considered a new step forward for Vingroup’s strategy of expansion in the healthcare sector to realise the mission of ‘Better Life for the Vietnamese’. Through Vinfa, we want to research, produce, import and export the best-quality products while preserving and developing precious medicinal herbs and traditional medicines of the country,” said Hương.
Construction of the drug research centre is scheduled to begin in the third quarter of 2018.
Box:
According to the World Health Organisation (WHO), more than 80 per cent of the world’s population use traditional medicine, especially herbal products, including developed countries. In Việt Nam, medicines from local herbal plants account for at least 30 per cent. The country has nearly 4,000 of more than 12,000 flora species, many of which are considered rare, such as Ngọc Linh ginseng, Vũ Diệp ginseng, Hoàng Liên Sơn Panax pseudoginseng.
However, despite its abundant source of medicinal herbs, Việt Nam is still in the group of 17 countries that have a developing pharmaceutical industry (pharmerging countries), with nearly 55 per cent of the country’s drug demand being met by imports. Việt Nam especially has to import large quantities of specific drugs that are patented and costly.
In 2016 alone, Việt Nam imported some US$2.5 billion worth of pharmaceutical products, with nearly $200 million worth being imported from France, Germany and the United States.
(According to a report of the Vietnam Industry Research and Consultancy Joint Stock Company).
The stock market has shown positive reactions to the disclosure of the government’s intention to slash the corporate income tax (CIT) from 20-22 percent to 15-17 percent.
Prime Minister Nguyen Xuan Phuc made the announcement at a recent event, saying the move will help make Vietnam one of the most competitive economies in the region.
However, details about the cut are still unclear. The HCM City Securities Company (HSC), in its latest report, commented that small and medium enterprises (SMEs) could be the first beneficiaries, recalling a series of ministries’ moves in the past.
Phuc’s announcement coincides with information that the Ministry of Finance (MOF) in August 2017 suggested slashing the CIT rate to 15 percent for micro enterprises and 17 percent for SMEs.
Micro enterprises have annual turnover of less than VND3 billion.
SMEs refer to enterprises with no more than 200 workers with an insurance policy and annual revenue of VND3-50 billion.
The draft decision on tax reduction compiled by MOF says that the preferential CIT rates of 15-17 percent will not be applied to businesses organized under the parent-subsidiary model in which holding companies hold 25 percent or more shares of subsidiaries.
The draft decision on tax reduction compiled by MOF says that the preferential CIT rates of 15-17 percent will not be applied to businesses organized under the parent-subsidiary model in which holding companies hold 25 percent or more shares of subsidiaries.
HSC believes that the tax reduction will not have a big impact on the tax collections, but will bring significant economic benefits.
HSC says SMEs account for 95-97 percent of total number of registered businesses, but the SMEs with revenue of less than VND50 billion only pay VND7 trillion in CIT annually.
The figure is equal to 3.5 percent of total revenue from CIT collections and 0.8 percent of total revenue from tax collections.
The stock market bounced back after the announcement as investors hope large corporations will also enjoy the tax reduction.
“Investors do not question the sphere of tax adjustment, believing that sooner or later, it will be applied to all kinds of businesses,” HSC commented.
Nguyen Duc Thanh, general director of Tanimexco, said businesses will have more capital for re-investment, and will be able to reduce the number of loans.
Tanimexco has to pay VND10 billion in CIT a year, and if the company has a 15-17 percent CIT rate, it would save VND2-3 billion a year.
Nguyen Tri Hieu, a finance expert, commented that the tax reduction, if applied only to SMEs, will be significant. He thinks it would be better to apply to all businesses, including large corporations.
A California fitness center in District 7, Ho Chi Minh City is being accused of fraud by selling years-long membership despite knowing its locations would be closed after April.
Hundreds of clients who have paid large sums for membership ranging from five years to a lifetime in duration are being asked to train at a different location, much to their displeasure.
The Cali Centuryon Central, located at the Crescent Plaza building on Ton Dat Tien Street in District 7, is among the most modernly equipped locations of the fitness and yoga franchise.
A big loss
Nguyen Thi Tram Anh, a resident in District 7, said she had bought a lifetime California membership at Cali Centuryon Central for VND215 million (US$9,460).
Inside the California fitness center at the Crescent Plaza building in District 7, Ho Chi Minh City. Photo: California Fitness and Yoga
In addition to the initial payment, she is subject to a yearly fee of VND5.6 million ($246) to maintain her membership card.
Anh also paid for a personal trainer with whom she still has 104 outstanding training sessions, worth around VND50 million ($2,200).
She was therefore frustrated to be given only a month’s notice about the center’s closure at the end of April, and that members like her would have to train at a different location in the California franchise.
“I paid for membership at this gym because it is only a short walk away from my house,” Anh said.
“If I’m forced to train in a different district, I won’t go because it is too far.”
According to another member Pham Thu Ha, the fitness center had made no mention of their upcoming closure when persuading her to buy a five-year membership just recently.
“If they cannot keep the current location in operation, they have to make a refund,” Anh said.
“They have no right to force us to train at a different location.”
Membership at Cali Centuryon Central can cost 3-5 times more than in other locations of the California fitness and yoga club due to its better equipment, infrastructure and service, Anh explained.
In total, Anh estimates that there are around 500 members who have paid to train at the location for five years or longer, not to mention many other short-term members, who would be affected by the gym’s closure.
End of tenancy
Randy Dobson (wearing a suit), chairman of CMG, addresses a crowd of California fitness and yoga club members during a dialogue about the closure of its location at the Crescent Plaza building in District 7, Ho Chi Minh City. Photo: Tuoi Tre
CMG, which operates California centers in Vietnam, will have its lease for the Crescent Plaza location terminated after April 30 as it has failed to secure another lease term.
Despite having received a letter from their landlord confirming this termination on March 21, CMG continued to sell memberships of five years, ten years or even a lifetime of training at Cali Centuryon Central to unknowing clients after the date.
“How is it any different from a fraud?” said Bui Thi Thanh Huong, a California member who is calling for signatures on a petition demanding that the company explain their wrongdoing.
Her petition has received over 200 signatures from fellow gym goers, but no response from CMG has been made.
Meanwhile, a CMG representative told Tuoi Tre (Youth) newspaper that an official written response will be sent to its members on Monday, and that it would do its best to protect clients’ rights.
The representative explained that the company did not inform its members of the closure earlier because it was “confident” the lease could be negotiated for extension.
“New members who recently entered into contracts with us will be considered for a refund,” the representative said.
Chill out and be yourself at this chaotic space in southern Vietnam.
The Merriam-Webster dictionary defines the word “bohemian” as “a person (such as a writer or an artist) living an unconventional life usually in a colony with others.”
Bohemians do not want to conform to any establishment of political or social viewpoints. Often thought of as outsiders, Bohemians just want to be treated as creative individuals who lead free and unorthodox lives.
This philosophy has been successfully adopted at a café named Bohémiens in the port city of Vung Tau, southern Vietnam. The coffee shop’s chaotic artistic design full of irrelevant elements offers an escape for those who want a place where they can fit in, just the way they are.
The shop captures people’s attention with colorful graffiti, different sized chairs and plants growing out of old tires.
The limited space is filled with paintings, pictures and repainted window shutters.
The balcony offers a relaxing atmosphere with green plants enjoying the sunlight.
The second floor is painted yellow and customers can sit on Japanese-style mats around small tables.
The room is filled with items that bring a feeling of nostalgia such as an old sewing machine, an old TV and weighing scales often used by street vendors.
An old transformer also makes up part of the decor.
Bohémiens cafe offer drinks at affordable prices starting from VND15,000 ($0.6).
Through their user data business, Facebook and Google in 2017 embraced a quarter of the $100-billion global online advertising market, according to statistics of data analytics company Experian.
Facebook’s algorithms can draw up an accurate picture of billions of people’s hobbies and consumption habits. This also helps Facebook attract a huge number of businesses to advertise on the platform.
With an average of 68 “likes” per user, Facebook can easily tell users’ political orientations and hobbies, and 150 “likes” are apparently enough for Facebook to understand users’ personality better than their parents. Furthermore, with over 300 “likes,” Facebook knows users better than their partners, according to the investigation of US-based Vice Media LLC, a company specialised in digital media and broadcasting.
“Facebook is free, but we have to pay with our own information,” said Viviane Reding, member of the European Parliament.
In Vietnam, the public trading of Facebook user data is nothing new, especially since Facebook has become popular in the country.
Vietnam is the ninth hardest hit country by the Facebook data leak scandal
All Vietnamese users’ information is commonly up for sale on webpages and forums for advertising and marketing products.
According to Facebook’s latest announcement, Vietnam remains the ninth country in terms of the number of users’ data leaked, with nearly 430,000 users.
In addition, the total number of people’s personal information leak in the recent Facebook scandal hit 87 million, with the US in the lead with over 70 million people.
Korean-backed Shinhan Bank Vietnam Ltd. today announced coach Park Hang Seo and U23 captain, Luong Xuan Truong to be the brand ambassadors of Shinhan Bank in 2018.
After U23 Vietnam’s excellent performance in the recent Asian Football Confederation (AFC) U23 Champions Finale, coach Park Hang Seo and Luong Xuan Truong have become the icons of inspiration, evoking the determination to follow the passion and dreams in Vietnamese football fans.
Having coach Park Hang Seo and Luong Xuan Truong as its brand ambassadors, Shinhan Bank wishes to continue spreading this positive attitude for life “Dare to set big goals and be committed till the very end, your efforts will be paid off. Shinhan Bank commits to accompany the valued customers in the journey to achieve their next big goals”.
That is the underlying message Shinhan Bank would like to deliver to its customers through this campaign.
Korean coach Park Hang Seo has led the National Football Team, U23 Football Team and Vietnam National Olympic Team since October 2017.
He was highly respected for his tactical skills and talent ability in using players smartly on the field. This was significant contribution to bringing U23 Vietnam the glorious runner-up position in AFC Cup after just three months taking the role as a coach.
Coach Park Hang Seo also receives overflowing love and admiration from the media and football lovers in Vietnam for his resolute leadership on the field but open and friendly style in everyday life.
Being a valued and loyal customer of Shinhan Bank in Korea, coach Park Hang Seo now is very eager with his new role with Shinhan Bank Vietnam.
He shared, “To me, Shinhan Bank is not only a reliable financial partner from Korea, but also a hometown fellow who accompanies me in many of my activities in Vietnam. Taking the role as the brand ambassador for Shinhan Bank, I hope to promote the Korean values and positive inspirations to the Vietnamese people.”
Together with the miraculous achievement of U23 Vietnam, Luong Xuan Truong also left strong impression as a capable captain with immense talents and consistent performance.
His audacious fighting spirit and determination have become “catalysts” that inspire the historic and captivating performance of U23 Vietnam.
Coming from Hoang Anh Gia Lai – Arsenal Football Academy (JMC), and having two years playing for Incheon United and Gangwon Football Club in Korea, Xuan Truong has embraced a bold playing style with discipline and positive attitude to face challenges head on.
In his role as the brand ambassador of Shinhan Bank for two consecutive years, Xuan Truong wishes to inspire Shinhan’s young customers to have determination and commitment to achieve their big goals in life.
“As a leading bank in Korea, Shinhan Bank is an entrusted banker for our strong, transparent and reliable financial strength; as well as our constant efforts to improve the banking quality,” said Shinhan Bank Vietnam CEO Shin Dong Min. “Meanwhile, coach Park Hang Seo and captain Luong Xuan Truong are highly respected by Vietnamese football lovers for their fighting spirit and strong commitment for their big goals, which inspire and create a solid foundation for the team to make their historic achievement. These are the common values that connect us in this collaboration.”
Together with choosing brand ambassadors to inspire positive lifestyle for the customers, Shinhan Bank is constantly striving to launch new financial products and services, as well as expand its existing network in Vietnam to serve customers even better.
Within April 2018, Shinhan Bank has launched simultaneously four new branches and transaction offices in Ho Chi Minh City and Hanoi, bringing the total number of branches and transaction offices to 30 across the country.
The Ministry of Finance (MOF) wants the State Bank of Vietnam (SBV) to instruct commercial banks to withhold taxes from transactions with Facebook and Google, but SBV said it is not authorized to do so.
MOF has vowed to collect tax from Google’s and Facebook’s earnings in Vietnam, and is drafting a regulation on tax management over e-commerce activities.
Under the draft regulation, cross-border services must make payments via the national payment portal NAPAS. This will allow taxation agencies to control revenue from services to collect taxes.
The tax payments will be carried out under the withholding mode. Tax amounts will be deducted from revenue when making payments via NAPAS.
SBV’s Governor Le Minh Hung said MOF has the legal right to issue regulations, guide tax declarations, and report and collect tax. SBV doesn’t have the right or skills in this field.
Under current laws, credit institutions can deduct customers’ money only if they have consent from customers or receive instructions from agencies, he said.
MOF needs to release legal documents with detailed guidance on the issue, he added.
Lawyer Truong Thanh Duc believes that MOF’s idea is a good solution allowing it to collect tax from Facebook and Google, which remains an impossible mission at this time.
However, Duc said that MOF would try to differentiate the nature of payment transactions via banks.
In many cases, payments are made for goods purchases, not for ads on Google and Facebook. If the nature of the transactions cannot be clarified, this will lead to overlapping taxation.
Lawyer Tran Xoa from Minh Dang Quang Law Firm, said that it is not feasible to ask banks to deduct money from customers’ accounts when making cross-border transactions.
If remitting money via banks, individuals will have to prove the legal purposes of the transactions. But internet banking remittances via cards to pay for goods and services have no limit.
No official report about the amount of taxes that Google and Facebook have evaded in Vietnam exists, but experts say it is huge.
Deputy PM Vu Duc Dam cited official reports as saying that 67 percent of Vietnamese use the internet, with 60 percent using social networks.
Foreign social networks account for 95 percent of market share, search engines 98 percent and e-commerce 80 percent.
The revenue from ads that foreign companies, especially Facebook and YouTube, can collect is estimated to amount to 80 percent of total revenue. In 2017, they earned $320 million from the service.
Sending their portraits to network operators may help subscribers in Vietnam prevent their accounts from being blocked as a new decree on mobile phone user registration takes effect later this month.
Mobile phone users in the Southeast Asian country have been notified via text message that they need to add a portrait to their account registration, or risk having it disabled in the next two weeks.
Under Government Decree 49, coming into effect on April 24, all mobile subscribers have to register for an account with accurate information, including their name, ID number and a portrait.
While users have long been required to register for a mobile account using their real personal information, the photo requirement is meant to put an even tighter control on the use of improperly-registered SIM cards to spread spam messages, according to regulators.
After April 24, any account without the proper registration information will be blocked from making phone calls or sending messages.
Mobile carriers in Vietnam have rushed to notify their customers of the new rules, when the deadline is only a fortnight away.
Users are supposed to physically visit transaction spots of their own carriers to take the photo, as online submission is not allowed.
New SIM cards of different mobile carriers are seen in this photo taken in Ho Chi Minh City. Photo: Tuoi Tre
“Customers are advised to visit our transaction locations countrywide for support,” a representative of military-run Viettel told Tuoi Tre (Youth) newspaper.
“An accurate account registration will help customers protect their mobile phone numbers and allow the network carriers to better manage their data and fight against improperly-registered SIM cards.”
Viettel has trained its employees to help subscribers with the photo taking task, and also pledged to send mobile working teams to public places or remote areas to help customers there, according to the representative.
A Vinaphone representative also confirmed to Tuoi Tre the company has sent messages to customers to brief them on the new rules and suggest that they visit the nearest stores to complete registration.
Vinaphone users are advised to compose a new text message with the content “TTTB” and send it to 1414 to check if their accounts are properly registered.
Only users who receive this message need to pay attention to the new rules
A Vinaphone call center employee told Tuoi Tre News on Monday that only subscribers who receive the reminder message should be worried about their account registration.
“If you don’t receive this message, it means your account is adequately registered and you don’t need to take any further step,” she said.
Asked how Government Decree 49 will affect foreign subscribers who reside in Vietnam, the Vinaphone employee told Tuoi Tre News that they are supposed to register using information on their passport, and “have to take the photo as per regulations.”
Worries remain
The requirement that mobile phone users have to submit their portrait was first introduced in 2017, sparking widespread concerns among subscribers.
“I don’t know why the mobile carrier needs that extra photo when I have already submitted a scanned copy of my ID card, which includes my photo, during registration?” a user named Bui Van Hoa questioned.
People have criticized that it is a waste of time for them to skip work to visit transaction spots of the mobile companies to have their photos taken.
“This is so low-tech as we will have to queue in line for our turns, which we obviously don’t have time to do,” Hoa said.
“Won’t mobile carriers allow subscribers to do the photo submission online?”
Hai Ha, another subscriber, said that mobile carriers should not worry that subscribers will send fake photos if they are allowed to do it on the Internet.
“For their own rights and interests, I believe users will upload their genuine photos to complete registration,” she said.
Bui Hoai Vu, a subscriber in Ho Chi Minh City, doubted that the new step will improve protection for mobile users.
“Even when people are required to register for a new SIM card with accurate information, such nuisances as spam text messages or improperly registered SIMs remain rife,” he said.
Since 1989, Operation Smile has transformed the lives of more than 40,000 children and teenagers in Vietnam by bringing back the smiles to their faces, but there are so many more to be helped. In 2018, the organization is targeting to bring 3,000 new smiles to Vietnamese children with facial deformities.
To raise funds to help even more children smile for the first time, Operation Smile Vietnam is holding their Charity Auction and Gala called “Summer of Love” on May 19th at Sheraton Saigon Hotel. Most corrective operations only take 45 minutes and cost as little as VND 7 million, but many families are unable to cover the costs . With Operation Smile relies on support from dedicated philanthropists who want to help end this cycle of suffering. With sponsorship packages from VND4 million or just donate the artworks and precious objects, anyone can help provide often life saving surgery to under-privileged children in Vietnam.
Operation Smile Vietnam’s “Summer of Love” Charity Auction and Gala takes place from 06:30PM, on May 19th at Sheraton Saigon Hotel. For more information on reservations and sponsorship packages, artworks and precious objects donation, please contact: giang.tran@operationsmile.org , or call Direct Line: +84 28 2222 1008. Visit the official fanpage at https://www.facebook.com/operationsmilevietnam
Singapore’s sovereign wealth fund GIC has reduced its ownership in Vietnam’s budget airline VietJet Air (VJC) to 4.97 per cent and is no longer a major shareholder of the carrier.
In a disclosure to Ho Chi Minh City Stock Exchange, GIC said it sold 265,900 shares of VJC to bring down its stake from 5.03 per cent earlier.
Meanwhile, Sovico Holdings, 52 per cent owned by VietJet Air CEO Nguyen Thi Phuong Thao, registered last month to buy additional 13.67 million shares of the low-cost airline.
If successful, Sovico will increase its holding from 4.56 per cent currently to 7.59 per cent. Going by the current stock price of VND203,000 ($8.98), Sovico is expected to spend approximately VND2.8 trillion ($123.2 million) to up its ownership in the airline.
Nguyen Thi Phuong Thao directly owns 39.6 million shares, equivalent to an 8.76 per cent stake, in the airline. Sunflower Sunny Investment Company Limited, wholly-owned by Thao, currently is the largest shareholder of VietJet Air with 129 million shares, equivalent to a 28.57 per cent stake.
HD Bank, of which Thao is the permanent vice-chairman, also owns a 5 per cent stake in the carrier. VietJet’s $170-million IPO, which attracted buyers like BNP Paribas, Deutsche Bank and JP Morgan, was Vietnam’s first internationally marketed and at that time, its largest initial public offering. GIC was the only foreign major shareholder in the company at that time. Local legislation defines a major shareholder as one with at least 5 per cent stake and voting rights.
The low-cost carrier’s total net revenue in 2017 stood at nearly VND42.258 trillion ($1.8 billion), a year-on-year increase of 53.7 per cent. Its pre-tax profit was approximately VND4.755 billion ($211.3 million), up 75.9 per cent year on year.
Forest destruction at Van Phong Bay in the south-central coastal province of Khanh Hoa has become rampant following the government’s approval of the Bac Van Phong Special Economic Zone according to local authorities.
Addressing a meeting on April 6, vice chairman of Van Ninh District People’s Committee, Tran Ngoc Khiem said that they have set up an inspection team to prevent forest destruction on local islands following news that dozens of hectares of forests have been destroyed.
“We’re also trying to recover the land illegally taken from forests,” Khiem stressed.
It is said that land prices in Van Ninh District have soared after the government allowed Khanh Hoa Province to develop the master plan for Bac Van Phong Special Economic Zone late last year.
An anonymous leader in Van Gia Town said that they are seeing more people from Hanoi and Ho Chi Minh City coming to buy land in the area.
“Land plots along the beaches in Van Gia Town are now priced at as high as VND100 million (USD4,407) per square metre,” he said.
More real estate agents have been set up to serve the market and there are 15 agents operating in the small Van Gia Town now, the official added.
According to the district’s vice chairman Tran Ngoc Khiem, the land fever has been reported over the last few months in some communes including Van Thanh, Van Thang and Van Gia Town.
“We have instructed leaders of these communes to intensify land management in the area to prevent illegal transactions,” Khiem said.
Van Phong Bay covers 150,000 ha including 80,000 hectares water surface and 70,000 hectares of coastal land. It has been described as one of the best natural bays in Southeast Asia and has the potential to become an international transit hub.
Last August, Prime Minister Nguyen Xuan Phuc approved a proposal to allow Khanh Hoa Province to develop the master plan for Bac Van Phong Special Administrative-Economic Zone.
According to the Khanh Hoa Provincial People’s Committee, they are planning to build the Bac Van Phong Special Administrative-Economic Zone on the whole area of Van Ninh District. The zone is expect to cover around 111,000 hectares with one town and 12 communes and a population of over 131,000 people.
Moody’s Investors Services -Global credit rating firm – has upgraded Vietnam Prosperity Bank (VPBank: VPB)’s baseline credit assessment from B3 to B2, and its counterparty risk assessment from B2 to B1.
In addition, Moody’s kept VPBank’s rating on long-term foreign-currency deposit unchanged at B2, while raising its outlook from ‘stable’ to ‘positive’.
This was the second consecutive year Moody’s has assigned a positive assessment for VPBank’s ratings.
The baseline credit assessment reflects the bank’s sound credit profile, as well as its probability of a bank’s standalone failure, absent external support. This rating is based upon macroeconomic, financial and asset quality factors.
The counterparty risk assessment evaluates the risk of a partner engaging with that bank.
The Moody’s upgrade took into consideration VPBank’s significant improvement in financial strength, operating efficiency, profitability, as well as growth potential.
VPBank’s return on assets (ROA) ratio increased from 1.7 per cent in 2016 to 2.3 per cent in 2017, outperforming many other Vietnamese banks. Its pre-provision operating profit jumped by 56 to 57 per cent in the past two years.
Moody’s praised the bank’s expansion in business scale and its leading position in the consumer finance market, which has generated high profit margins and contributed to VPBank’s strong earnings.
It reported a record revenue and profit in 2017, with VNĐ25.03 trillion (US$1.1 billion) in total revenue and VNĐ8.13 trillion in pre-tax profits, up 48 per cent and 65 per cent against 2016, respectively.
Also, the lender’s charter capital climbed from VNĐ9.18 trillion to over VNĐ15.7 trillion.
The risk-weighted asset (RWA) rose from 8.5 per cent in 2016 to 12.1 per cent by the end of 2017. This improvement is attributed to additional share issues, stock dividends and bonus shares, increasing retained earnings and reducing average loan growth to 26 per cent, from 41 per cent, in the 2013-16 period.
VPBank is one of the top five commercial joint stock banks, in terms of lending and mobilising deposits.
