Young parents enjoy expat life in Vietnam

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Once we got over that incredible coincidence, I expected one of the standard English teacher expat stories: taking a break from the homeland, doing something different, difficulty finding a job post-graduation, or another similar motivating factor that sent Sean overseas.

I was hanging out in my favourite coffee shop in Da Nang and spotted a rare foreign customer in the place – a young man in his late 20s or early 30s with a Western accent in English. Turned out that Sean Murphy is also from Canada, so we had a lot in common – more than I would have ever guessed!

We actually come from the same hometown in the province of Ontario, Canada, so sitting in a little local coffee shop 15,000 kilometers away is about as likely as being struck twice by lightning in the same place!

Once we got over that incredible coincidence, I expected one of the standard English teacher expat stories: taking a break from the homeland, doing something different, difficulty finding a job post-graduation, or another similar motivating factor that sent Sean overseas.

The real story is much more unique than that. Sean and wife Jazz just picked up and left Canada in 2016 and set sail for Da Nang having never visited the city and with no living experience in Vietnam to bank on.

“We had no jobs, no local knowledge nor any local language skills. We had no friends, job leads, colleagues, or connections. What, me worry?” laughs Sean.

Pulling off a move like that takes a lot of courage but Sean didn’t seem fazed by the obvious obstacles in the way. He was almost nonchalant about it. Then he dropped this little bomb into the conversation:

“Oh, and we brought our 11 month old daughter Georgia with us.”

Dozens of things zipped through my mind: airports, tickets, airplanes, visas, baby food, doctors, landlords, toys, luggage, apartments, leases, playmates. Who would be crazy enough to take on all that?

Well, Sean and Jazz are crazy enough and they’ve made the very most of it.

Sean already had a good chunk of experience overseas including a 3-year stint in Thailand and a 6-month stay in Nicaragua. So did Jazz – in fact, they met in Thailand before returning together to Canada for 5 years.

“I was working on tours in Thailand and Jazz was one of my customers on a multi-week tour. After Jazz returned to Canada, we arranged to meet a month later in the Philippines, then again after that. I already had made job plans in the province of Alberta, Canada, so after a few meetings in Asia we were in the same city all the way back in Canada.”

Sean shares more background: “We’d already had it on our minds to go abroad as English teachers at some point, but the idea hadn’t yet turned into a clear plan. Then I got laid off from my job in the oil industry in Alberta early in 2016, so we agreed that the time was right to make our move overseas.”

They’d seen a documentary about a couple who travelled around Asia with their baby for a year during their maternity which provided much inspiration.

“If they could do it, so could we,” says Sean.

Local lady in Da Nang instantly smitten!

Sean continues: “We considered going back to Thailand because we are both familiar with it. But we did a lot of research and learned that the job market for English teachers in Vietnam was stronger than in Thailand. We also thought it would be good to add a new country to our work and life experience.”

And so it was concluded that Vietnam would be their new home. Then came the task of deciding where to go in Vietnam. After analysis, Da Nang got their vote because the couple feels it is the most liveable city in the country while boasting a strong economy, provincial feel, beautiful skyline, and gorgeous beaches.

So that was that.

“We weren’t totally in the dark about Vietnam. I’d already spent a few weeks researching before travelling around so I had an idea about what to expect. We anticipated a provincial vibe in Da Nang, somewhat laid-back, not a concrete jungle like the biggest cities, and we were right on with that expectation.” adds Sean.

Sean explains how welcoming the locals in Da Nang are with the biggest chore being fielding the endless questions about themselves, their lives, and, of course, what they were doing half a world away with little baby Georgia, now well known in the Internet world as “Our Curious Georgia.”

“People in Vietnam are extra crazy about kids,” says Sean with a grin. “They would just scoop up Georgia while we were in restaurants or parks without a second thought. It took some getting used to, but after a while it was fun and a great way to meet people.”

“All this may sound like nearly insurmountable challenges to you,” he goes on, “but it was easier than we thought, and, oddly, Georgia was more of an asset than an obstacle during our settling in period.”

“We found jobs, apartment, shopping places, and were comfortable in daily life within a month of arriving in Da Nang,” he says “and people were very sympathetic with our situation as young parents with a baby in tow. People were more willing to take an extra step to help us get settled because of Georgia – it was smooth sailing most of the way.”

Sean already had a part-time online teaching assignment and quickly scored another job in a language center in Da Nang. Jazz has part-time jobs as a virtual administrative assistant with two companies in the U.S. and one in Australia. The couple juggles caring for Georgia because of time zones but it works like a charm.

So, after a year and a half in Da Nang, what’s next?

“We’re expecting another baby in August so we’ll leave Da Nang, do some travelling in Asia, and head back to Canada where high quality health care is almost free,” explains Sean.

“We also have a lot of family in Alberta, so it’s once again the right move at the right time,” exclaims Sean.

I was surprised to hear what would be the biggest challenge about returning home: “Friends and relatives will expect us to settle in one spot as they did when Georgia was born,” says Sean. “Even more so with a second child in our family.”

Sean leaned over nearer and in a stage whisper says: “But it’s in our blood now and we have the confidence in ourselves gained by this experience.”

“So don’t be surprised if the two of us meet again in a year or so for coffee again.”

Source: Rick Ellis

​Safety equipment sells like hot cakes in Saigon after deadly apartment fire

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Sales of fire safety equipment have skyrocketed in Ho Chi Minh City following a serious apartment building fire that killed 13 people this week.

Many people in the southern metropolis, most of whom are living in apartment complexes, have started looking for masks, rope ladders, fire blankets, and other safety gear.

The demand for these objects has increased rapidly after a deadly inferno broke out at the Carina Plaza apartment complex in District 8 on Friday, claiming 13 lives and injuring nearly 100 others.

Although there are over 1,000 businesses selling fire safety equipment across Ho Chi Minh City, local residents are still uncertain of how to choose to the best gear as well as how to properly use them.

Long, who is residing on the 12th floor of an old apartment building in Binh Thanh District, said he had spent his weekend browsing for rope ladders and fire escape belts at some nearby stores.

“The Carina Plaza inferno alerted me to how necessary it is to familiarize myself with the fire safety gear,” Long stated.

A gas mask is seen in this photo: Photo: Tuoi Tre

Thanh Nga, a resident in Phu Nhuan District, has purchased a set of ladders for VND100,000 (US$4.4) per meter.

Thuy, who lives in an apartment complex in District 8, said she and her husband had already bought four gas masks at VND400,000 ($17.5) apiece and fire blankets at VND550,000 ($24) on Friday evening.

“These objects are for our safety. I hope we will never have to use them, however,” Thuy remarked.

According to Senior Lieutenant Colonel Luong Nguyen Hoang, director of the 4/10 Fire Equipment Center, which is managed by the municipal fire department, far more buyers have visited the store since the Carina Plaza tragedy.

“This is quite a knee-jerk reaction. People often rush to buy fire safety equipment following a conflagration. Such demand will fall shortly,” Hoang elaborated.

Aside from standard gear, some people are willing to pay higher for products of foreign brands.

Binh, a shopkeeper in Binh Thanh District, advertised a set of fire escape ropes and ladders made by South Korean firm Seohan, which was priced at VND4.3 million ($189).

A resident holds an emergency hammer. Photo: Tuoi Tre

 

 

Source: Tuoitrenews

 

Mobile Wallets And Tech-Savvy Youth Driving E-Commerce Growth In Vietnam

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When it comes to e-commerce in the APAC region, no one beats China for volume and revenue. But China’s e-commerce explosion spawned revolutions throughout the region, and the emerging markets of Southeast Asia are witnessing rapid online sales growth as well.

“Asia has emerged at the forefront of the global digitalization trend, with rapid growth of e-commerce, cross-border e-commerce and innovation,” says Miguel Warren, regional head of South East Asia, Payoneer Philippines. “The growth began with China … Chinese merchants have been leaders in taking advantage of the marketplace model to go global.”

But Payoneer, a digital payments company, is casting its gaze on both China and its southern neighbors. In its recent report, “Digital Economy in Asia: Insider’s Guide into the Global Opportunity,” the company identified key opportunities in places such as Vietnam, Malaysia, Thailand and the Philippines.

“Countries like Vietnam, and the APAC region as a whole, quickly moved to follow China’s lead. In the past couple of years, marketplaces like Lazada, Rakuten, Flipkart and Shopee have made it easy for Vietnamese merchants to sell online within the APAC region, and gave them the experience they needed to further expand around the world,” Warren says. “As these e-commerce merchants have matured, it has led to the explosion of growth we’re seeing now.”

Vietnam shows particular potential in the e-commerce space because of its economics and manufacturing history, Warren says. “Vietnam has a strong culture and a lot of experience with manufacturing and exporting. The local businesses have the foundation needed to produce goods for a global consumer base,” he says. He attributes Vietnam’s e-commerce growth to two additional factors: high internet penetration and an expanding workforce.

Vietnamese officials predict that the country’s e-commerce sector will grow 30-50% per year. Whether that prediction bears out, the appetite for online shopping is growing, and electronics and media and fashion will be key revenue drivers.

A young, tech-savvy market that brings its own set of challenges

In 2017, there were 53.86 million internet users in Vietnam, and predictions show that number reaching nearly 60 million in the next four years. The proliferation of mobile phones have accelerated e-commerce growth there and throughout the region. But mobile wallets play an integral role as well, particularly in developing markets where a high percentage of the population is unbanked. As of 2014, just 31% of Vietnamese held formal bank accounts, which can be a barrier to accessing goods and services.

However, as Garena Group President Nick Nash told McKinsey, mobile and PC wallets make a world of difference to e-commerce growth in Southeast Asia. Even consumers who don’t hold formal accounts can open a digital wallet and top them up via local vendors. The more e-commerce retailers that accept wallet-based payments, the greater access for Vietnamese consumers — and the greater profits for the sellers.

Miguel Warren (left), regional head of South East Asia, Payoneer Philippines, and Payoneer CEO Scott Galit want to capitalize on e-commerce potential in Vietnam. (Photo credit: Payoneer)

It helps that the Vietnamese population skews young. The median age was 30.4 in 2015, and young people here are increasingly educated, worldly and wired. That makes the country all the more attractive to online sellers. “Vietnam has a uniquely young population, and a very internet-connected one. This leads to consumers that are fast to adapt new trends and technologies, and tend to gravitate towards brands that are highly connected and engaged,” Warren explains.” Many are digital entrepreneurs themselves, and have an interest in moving the local business community forward.”

Nonetheless, Vietnam doesn’t offer a straightforward highway to riches. Warren says that despite the enthusiasm of Vietnam’s young and digitally engaged buyers, only 30% of internet-connected consumers have made online purchases. “The challenges and opportunities in Vietnam are closely connected,” he says. “While the Vietnamese population is more comfortable with e-commerce than many other markets, it still has a long path of growth ahead.”

Part of that growth will be accommodating local payment preferences and overcoming consumer skepticism about product authenticity. “Brands that find success in Vietnam will have to put more effort towards building the trust of the consumer,” Warren says. “There also need to be more investment into the logistics and payment infrastructure of the local market.” To that end, Payoneer has been developing on-the-ground partnerships in the country with the goal of building a payment network on which both retailers and customers can rely.

Vietnam still lags behind other markets in terms of e-commerce adoption and customer revenues. But with large e-commerce marketplaces such as Alibaba and Amazon continuing to make forays into the space — not too mention the native company NextTech looking to compete for dominance — it’s clear that e-commerce’s growth in Vietnam has only just begun.

Source: Forbes

Uber agrees to sell Southeast Asia business to Grab after costly battle

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Uber would get a stake of as much as 30 percent in the combined business.

Ride-hailing firm Uber Technologies has agreed to sell its Southeast Asian business to bigger regional rival Grab, a source with direct knowledge of the matter said on Sunday, in what would be the U.S. company’s second retreat from Asia.

The deal, which could be announced as early as Monday, marks the first big consolidation in the industry in Southeast Asia, home to about 640 million people, and will put pressure on rivals such as Indonesia’s Go-Jek, backed by Google and China’s Tencent Holdings.

As part of the transaction, Uber would get a stake of as much as 30 percent in the combined business, the source said. He did not want to be identified as the deal is not public yet.

A multi-billion dollar investment in Uber earlier this year by Japan’s SoftBank Group, already one of Grab’s main investors, had stoked expectations that Uber would consolidate its Southeast Asian business with Grab.

Grab’s deal with Uber would be similar to the one struck in China in 2016, when Didi Chuxing bought out Uber’s China business and handed over a stake in return.

During a visit to India in February, Uber CEO Dara Khosrowshahi had, however, pledged to continue investing aggressively in Southeast Asia, even as the company expected to lose money in the fast growing market.

Both Grab and Uber have raised billions of dollars from global investors to fund their expansion plans, as they offer heavy discounts and promotions to attract both riders and drivers.

Uber declined to comment and Grab, which has an estimated valuation of about $6 billion, declined to comment.

Citing people familiar with the matter, Bloomberg reported earlier on Sunday that Uber had agreed to sell its Southeast Asian business to Grab.

 

 

Source: Reuters

ComfortDelgro Savico Taxi suspends operations due to Uber and Grab

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ComfortDelgro Savico Taxi, a joint venture between Saigon General Services Corporation (Savico) and Singapore’s ComfortDelgro, announced suspending its operations. The movement came after the operations of several traditional taxi firms were impacted by Uber and Grab.

According to Savico, the purpose of ComfortDelgro Savico Taxi’s decision is to look for other business opportunities as well as safeguard the capital that Savico and ComfortDelgro contributed to the joint venture.

Previously, the decision to restructure the firm’s operations was approved by Savico’s shareholders at the annual shareholders’ meeting in 2017. At the time, Savico released that ComfortDelgro Savico Taxi faced difficulties in maintaining its operations due to the competition with Uber and Grab.

According to Savico’s 2017 financial report, the taxi joint venture had total assets of VND92 billion ($4.038 million), however, its after-tax profit was VND235 million ($10,316) only. Previously, in 2016, its pre-tax profit was VND4.1 billion ($180,000), equaling 53 per cent of its plan for the whole year.

Along with ComfortDelgro Savico Taxi, the operations of traditional taxi firms have been seriously impacted by the appearance of Uber and Grab. Notably, in Ho Chi Minh City, half of the taxi firms stopped operations and the number of taxis decreased by 30 per cent. In Hanoi, the number of traditional taxis decreased by 35 per cent.

Two of the traditional taxi firms suffering the most serious impact from Uber and Grab are Vinasun and Mai Linh. Notably, in the nine months of last year, Vinasun reported a revenue of VND2.45 trillion ($107.9 million), equaling 58 per cent of its initial annual target.

In the third quarter of 2017 alone Vinasun reported double-digit losses. Notably, its net revenue was VND547 billion ($24.1 million) only, a record low since the end of 2011.

Besides, it reported a plunge in employees, with a total 10,000 people losing their jobs as of the end of the third quarter of last year.

Mai Linh, in the first six months of last year, reported a net revenue of VND1.72 trillion ($75.4 million), decreasing 5 per cent on-year.

Profit from other activities decreased by 16 per cent, to VND29 billion ($1.29 million), only half of what it was in the first half of the previous year. The number of Mai Linh employees decreased by approximately 6,000 to 24,000, decreasing 20 per cent on-year.

 

 

Source: VIR

Saigon Is Vietnam’s 8th Most Competitive Locality

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The city ranks in the top ten again on the annual Provincial Competitive Index (PCI), which assesses the ease of doing business, economic governance, and administrative reform efforts in each of the nation’s provinces.

The report, released Thursday morning was a joint effort between the Vietnam Chamber of Commerce and Industry (VCCI) and the U.S. Agency for International Development (USAID). For the first time, Quang Ninh Province took the top spot, followed by former-front runner Da Nang, as well as Dong Thap and Long An. Saigon has repeatedly appeared in the top ten, though it has dropped from the 6th place in 2015. Hanoi, on the other hand, is at the 13th spot this time.

The report, which began in 2005, relies on surveys from over 8,000 existing domestic, private businesses, 2,000 newly established enterprises, 1,500 foreign-invested enterprises (FIEs), provincial-level panel data and past survey data. It claims that overall, perceptions of corruption are declining as are burdens of administrative procedures while access to land and security is growing worse. Overall, it claims that nearly every province has seen significant improvement which coincides with increased optimism and interest from foreign investors.

Vu Tien Loc, chairman of the VCCI, summarized the report with the claim that “positive improvements have been the dominant trend in Vietnam’s business environment for the past year.” Bac Lieu and Ha Tinh provinces experienced the most significant improvements.

Saigon’s place on the list didn’t move from last year, despite the concerted efforts of local officials. They had stressed the need for more cooperation between local government officials and businesses as well as improving online services to minimize the need for cumbersome in-person processes and fostering greater trust in legal institutions. The city, however, dropped in its scores related to legal institutions as well as land access and time costs. It improved in business support and proactivity.

Noteworthy national trends include the figure that only 59% of firms paid bribes, compared to 66% last year. Since 2016, there was a 10% increase, to 45%, in private sector respondents who have a positive attitude of provincial governments. In a sign of improved oversight, since last year, the number of firms receiving subject to overlapping regulatory inspections doubled to 26%.

Of course, the report also contains negatives. Some 70% of firms claim that “relationship is important or very important to get access to provincial documents” and only 36% of firms feel confident in going to the courts to settle business disputes compared to 60% in 2013.

In general, the report can be considered a positive attempt for the government to rely on analytics and feedback to locate areas in need of attention. As the document states, “Through its work, the PCI has influenced policy priorities and reform choices, generating momentum for policymakers to improve their reform efforts and even positively alter the daily work and management of local officials.”

Source: Saigoneer

MobiFone and Samsung intensify 5G cooperation

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Samsung Electronics Co., Ltd. and MobiFone Global signed an agreement to boost engineering and commercial cooperation on 4G and 5G networks in Vietnam on March 22 in Hanoi in front of about 100 ICT businesses from Korea and Vietnam.

The event was held by the Vietnam Internet Association (VIA) in collaboration with the Korea National Information Technology Promotion Agency (NIPA). Three other agreements, including a memorandom of cooperation between Mobifone and Korean Tripath on location-based advertisment, a cooperation agreement for a consolidated wireline services between Korean Supernet Company and Newtaco Company, and an agreement on digital conversion solutions between Vietnamese FSI Company and JC1 Company from Korea, were signed.

A representative of Samsung considers 5G network the next big thing that Samsung is launching in many parts of the world with the increasing momentum of the Internet of Things (IoT). He said such a network is also a must for Vietnam as more and more hi-tech tools are applied.

Delivering keynote speeches, both Deputy Minister of Information and Telecommunications Do Minh Hong and Yoo Yong Min, Korean Minister of Science and Information, Communications and Technology, appreciated the joint efforts in building and developing a stronger relationship between the two countries through research and cooperation in the field of IT.

The leaders think Vietnam and Korea should co-operate to confront the 4.0 Industry, confirming that they will sign a memorandum of cooperation between the ministries on March 23 at the Presidential Palace in Hanoi, following Korean President Moon Jae-in’s second official working visit to Vietnam on March 22.

Deuk Jung Kim, vice president at NIPA, told the event that there is huge potential for ICT cooperation between the two sides, citing impressive numbers, like two million Korean visitors arriving to Vietnam, and a 120-time increase in trade volume since 1992 to $60 billion in 2017.

Kim said due to its outstanding human resources in the IT sector, Vietnam has a bright future in the field, adding that the Southeast Asian country was an important partner to Korea.

As a member of the Korean President’s delegation, Kim said Vietnam is the only country that his president has visited twice since he took office last year.

Source: VIR

Twitter CEO Says Bitcoin Will Become World’s ‘Single Currency’ Within A Decade

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Jack Dorsey, the CEO of both Twitter and payment service Square, has said that he sees Bitcoin (BTC) as the world’s – and Internet’s – single future currency, The Times reports today, March 21.

Dorsey believes that Bitcoin’s leading emergence will take “probably over ten years, but it could go faster”:

“The world ultimately will have a single currency, the Internet will have a single currency. I personally believe that it will be Bitcoin.”

At the end of February 2018, Dorsey had previously said that Square will focus on developing more options for interacting with Bitcoin via their Cash App, calling it a “transformation technology for our industry.”

Dorsey did note to The Times that he does not believe that at the moment BTC has the capabilities to become an effective currency, namely as a medium of exchange:

“It’s slow and it’s costly, but as more and more people have it, those things go away. There are newer technologies that build off of blockchain and make it more approachable.”

Last week, Lightning Labs, a Lightning Network (LN) developer, released the first Bitcoin ready LN implementation, making free and instantaneous BTC transactions closer to reality. Dorsey had participated in their $2.5 mln seed finance round, as did Litecoin’s (LTC) creator Charlie Lee.

 

 

Source: Cointelegraph

 

Domestic fashion brands seek foothold in $3.5 billion market

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Domestic brands are expected to have opportunities to prosper in the local market amid the massive arrivals of foreign brands.

Pessimistic forecasts have been given about the fate of Vietnamese fashion brands which have to compete with powerful brands like Uniqlo, Zara and H&M.

Vietnamese brands, such as Blue Exchange, Ninomaxx, PT 2000, Couple TX and Canifa, once dominated the domestic market.

At that time, there were foreign brands in the market, including mid-end brands from Hong Kong such as Bossini and Giordano. Miniso was also present in the market through a franchise contract with Le Bao Minh Company. However, the foreign brands did not affect market share held by Vietnamese brands.

The presence of Zara and H&M has remapped the domestic fashion market. On pre-Tet days in February, customers were seen standing in long queues at Zara and H&M shops, waiting for their turn to buy products.

The Q2 2017 report of BMI, a market analysis firm, showed that Vietnamese customers spend more money on foreign branded goods. The value of the Vietnamese fashion market (clothing & footwear) is estimated at $3.8 billion in 2018, of which expenditures on clothing are $3.5 billion.

Vietnam, which mostly does outsourcing for foreign partners, has never been considered a power in the fashion industry. However, analysts believe that Vietnamese brands will not surrender to foreign brands in the home market because they have certain advantages.

Vietnamese fashion companies have to cement their positions in the market by expanding their distribution networks and carrying out marketing campaigns.

Canifa, a fashion brand better known in the north which became famous in 2000 and began marketing products for children in 2007, recently spent big money on media campaigns. The brand is the sponsor of famous TV shows such as Project Runway and Vietnam Next Top Model.

Doan Thi Bich Ngoc, CEO of Canifa, thinks the weak point of fashion companies is that their shops are mostly located in large cities, which means a limited distribution network.

Nguyen Thi Kim Xuyen, chair of Truong Thang company which owns CoupleTX brand, said one of the priority tasks of the company in 2018 is increasing the number of shops to 60 through franchise contracts.

Chu Phuong Doan from LeFlair said the market is witnessing the appearance of many fashion brands developed by Vietnamese companies, which started business with sales via Facebook and have now decided to open shops. Each of these companies has more than five shops.

 

Source: Mai Nam

A foreign tourist comes back to Vietnam to carry out a promise

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Rita Raisimate, a 26-year-old Lithuanian biker has just come back to Vietnam and shared her goodwill on Facebook relating to volunteer activities.

The young traveler is famous for her stolen-bike story in Vietnam when someone stole her bike in front of her hotel in District 1 the next day after she reached HCMC on July 18, 2017.

After posting her story on social media with a great hope of taking her bike back, the post surprisingly received a bunch of sharings and comments and the local authority immediately started to seek for the robber. Luckily, the police found the suspect and retrieved Rasimaite’s bike. Due to her tight travel schedule, she can not receive her bike but she promised to come back Vietnam as soon as possible.

Rita Rasimaite and her bike on a coastal road.

This time, Rita came back to Vietnam to pick up her bike and posted another post to ask about volunteer organization’s information. She expresses her special love for Vietnam and also her gratitude to netizens who sent her supporting messages and shared her story.

In addition, Rita shows her kindness when sharing her intention of participating in an organization relating to environmental issue and orphans to thank such a “wonderful community”.

Snapshot of her post on “Expats in HCMC” group on March 22

 

Daisy Nguyen

Warburg Pincus sees more deals in Vietnam after pumping in $1 billion:

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Warburg Pincus is finding new investment targets in the consumer, banking and logistics sectors of Vietnam as its economy grows and capital markets develop, said the regional head of the private equity firm which has committed over $1 billion in Vietnam.

“It’s a market that we think there’s a lot of opportunity in,” Jeffrey Perlman, Southeast Asia chief for Warburg, told Reuters in an interview on Thursday. “Four, five years ago, even in Vietnam there wasn’t an understanding of what was private equity and what it will do to businesses.”

Vietnam’s emergence as a large manufacturing destination next to China helped the Southeast Asian nation’s economy grow at 6.8 percent last year, the strongest since 2010. The growth is rapidly building up a huge middle class that is boosting consumer spending in a country of about 100 million.

Its stock index VNI has risen 20 percent this year, the best performance in Southeast Asia, after surging by 50 percent last year.
Perlman said the growth in Vietnam’s capital markets to $200 billion in value from some $35 billion five years ago, was a big draw for global investors, and he expected local regulators to bring in more reforms to develop the markets.

Warburg is the largest private equity investor in Vietnam, which has also seen sizeable investments from rivals KKR & Co. (KKR.N) and TPG.

Warburg’s first Southeast Asian investment was in Vietnamese shopping mall owner Vincom Retail VRE.HM, in which its consortium invested $300 million. Vincom Retail’s shareholders raised over $700 million in November, valuing it at $3.4 billion, helping Warburg more than double its investment.

This month, Warburg announced a $370 million investment in Vietnam Technological and Commercial Joint Stock Bank, a sector Perlman said was set for huge growth. [nL3N1QU3EK]

“You have two-thirds of the population who don’t have a bank account. More than 90 percent don’t have access to credit cards. There is a huge runway in front,” he said.

Though company valuations were high across many markets globally, Vietnam’s strong growth prospects stood out. “You have an ability to potentially pay a fuller price when there’s actually growth underlying the investment,” Perlman said. He did not specify how much more Warburg plans to invest in the country or identify potential targets.

Warburg Pincus’ current seven portfolio companies in Southeast Asia, include a venture with Vietnamese property developer Becamex, Indonesian ride-hailing firm Go-Jek and Singapore-based ARA Asset Management.

 

Source: Reuters

SE Asia Stocks-Fall sharply on U.S.-China trade war worries

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  • Asian shares ex-Japan dip 2.4 pct, steepest drop in 1-1/2 mths
  • Vietnam falls from record, set for first losing session in ten
  • Philippines falls 2 pct, headed for 5th straight losing week
  • Singapore sheds as much as 2.1 pct

Southeast Asian stock markets fell sharply on Friday as U.S. President Donald Trump unveiled a plan to impose tariffs on Chinese goods, bringing the two countries closer to a trade war and unnerving investors across the globe.

China urged the United States to “pull back from the brink”, saying Beijing was not afraid to engage in a trade war should the case arise.

The escalating tensions took a toll on broader Asian shares, which weakened as much as 2.4 percent, the steepest decline in a month-and-a-half.

“Hopefully… some agreement is reached between them in the next couple of weeks,” said Manny Cruz, an analyst with Asiasec Equities Inc in Makati City.

Singapore shares shed as much as 2.1 percent on broad-based losses, with United Overseas Bank Ltd dropping 2.8 percent.

Indonesian shares dipped as much as 2.7 percent, with financials and consumer staples weighing on the benchmark the most.

The index of the country’s 45 most liquid stocks was as much as 3.4 percent lower.

Indonesia should be hardest hit in the region in the event of a trade war due to the export-reliant nature of its economy, said Asiasec Equities analyst Cruz.

The bearish sentiment carried across the Strait of Malacca to Malaysia, where shares lost as much as 1 percent, as financials and telecom services weighed. Genting Bhd fell 1.8 percent.

Vietnam shares retreated from an all-time peak set on Thursday, shedding as much as 2.5 percent. The benchmark was on track to snap a nine-session winning streak. Joint Stock Commercial Bank for Foreign Trade of Viet Nam lost as much as 4.9 percent.

Philippine shares fell below the 8,000 mark for a second time this week, with financials and industrials leading the losses. The index fell as much as 2.1 percent, wiping off most of the 2.7 percent gain in the previous session. Philippine index has lost about 3.3 percent this week, setting it on course for a fifth straight week of losses.

Heavyweight SM Investments Corp fell 3.7 percent while Ayala Land Inc was down 3.3 percent.

By Aaron Saldanha (Reuters)

Vietnam Golf Association’s Union Cup 2018 started

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VGA UNION CUP 2018 is the third golf tournament, organized by Vietnam Golf Association annually.

Throughout the year, golfers from the North and South regions of Vietnam can play in a multi-day tournament format, unlike anything else ever produced for amateur golfers, the key rules will be based on “Match Play” by Foursomes, Four-ball and Single Match.

This year, the tournament takes place at the prestigious Long Thanh’s Golf Club in Dong Nai  from March 21st to 24th. There are 18 golfers, with 8 Foursomes, 8 Four-ball and 12 Single Matches.

Matching plan on March 22th

Moring: Fourballs

1.Nguyễn Hữu Hải – Lê Văn Lân (South) vs Hoàng Quân – Lê Hùng Nam (North)

2. Nông Trung Hiếu – Vũ Phạm Nguyên An (South) vs Đoàn Văn Nam – Lưu Văn Tuấn (North)

3. Nguyễn Ngọc Khôi – Jamie Bảo Nguyễn (South) vs Hà Ngọc Hoàng Lộc – Trần Bình Quang Huy (North)

4. Hoàng Ngọc Quý – Đỗ Duy Hiền vs Thái Trung Hiếu – Trần Thế Cường

Afternoon: Foursome

1. Mai Đức Thuỷ – Trần Anh Linh (South) vs Hà Ngọc Hoàng Lộc – Trần Bình Quang Huy (North)

2. Nông Trung Hiếu – Đỗ Duy Hiền (South) vs Nguyễn Văn Tài – Lê Khả Tuyên (North)

3. Huỳnh Quang Đức – Nguyễn Văn Hưng (South vs Thái Trung Hiếu – Trần Thế Cường (North)

4. Andrew Hùng Phạm – Lê Văn Lân (South) vs Hoàng Quân – Đoàn Văn Nam (North)

Within 3 days, winning team will be the first team reach the score of 14.5, in case more than one team with the same score of 14/14, the champion of previous year would continue being the new one.

– Vietnam Insider

Disturbing footage shows the moments before the fatal Uber self-driving-car crash

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  • Police have released footage from a fatal crash involving one of Uber’s self-driving vehicles.
  • It is believed to be the first time an autonomous vehicle has killed a pedestrian.
  • The video shows the vehicle operator looking away and the pedestrian walking across the road.


Police have released footage from the moments before a fatal crash involving one of Uber’s self-driving cars and a pedestrian in Tempe, Arizona.

The video, captured by the vehicle, shows both the forward view from the front of the car when the pedestrian enters the roadway and the reaction of Uber’s vehicle operator in the driver’s seat directly before the crash, which the footage does not show.

The footage from the interior shows the Uber’s vehicle operator, who was not controlling the vehicle at the time, periodically looking down and away from the road.

The pedestrian emerges from the shadows on the left lane of the road, pushing a bicycle, as the vehicle drives along the right lane.

You can watch the footage below, but be warned that some may find its contents disturbing.

On Sunday at about 10 p.m. local time, one of Uber’s autonomous vehicles hit Elaine Herzberg, 49, in what is believed to be the first time a self-driving vehicle has killed a pedestrian.

Uber has grounded its fleet of self-driving vehicles, and authorities are investigating.

In a statement an Uber representative said: “The video is disturbing and heartbreaking to watch, and our thoughts continue to be with Elaine’s loved ones. Our cars remain grounded, and we’re assisting local, state, and federal authorities in any way we can.”

Police have said the vehicle did not meaningfully slow before the crash. It’s not yet clear whether its sensors picked up Herzberg (lidar, a key technology in self-driving cars that uses lasers to detect obstacles, does not require daylight to function).

Speaking to the San Francisco Chronicle earlier this week, Tempe’s police chief, Sylvia Moir, said: “I suspect preliminarily it appears that the Uber would likely not be at fault in this accident.”

Moir added: “It’s very clear it would have been difficult to avoid this collision in any kind of mode” — autonomous or human-driven — “based on how she came from the shadows right into the roadway.”

By: Rob Price, Source: Business Insider

Top Vietnamese firms among best to work for in the country: survey

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Foreign firms still dominated the top 20, but there were more Vietnamese firms in the top five than ever before.
Vietnamese dairy giant Vinamilk beat four-time champion Unilever to be named the best company in the country to work for last year.

It was followed by Nestle, Vietnamese telco giant Viettel and Vietcombank in the 2017 “Best Places to Work” survey, marking the very first time Vietnam has had three local firms in the top five of the annual survey conducted by solutions firm Anphabe.

Unilever did not appear in the top 100.

The survey was the largest ever conducted, collecting feedback from a pool of 62,268 respondents and data from 50 interviews with CEOs and human resources managers.

The results have been verified by market researcher Intage Vietnam.

In general, foreign firms continued to dominate the ranking, accounting for 14 of the top 20.

In January last year, Vietnam was ranked among the best destinations for a successful expat career thanks to a good work-life balance and employment benefits, according to HSBC.

The London-based bank’s Expat Explorer survey questioned 26,871 expats from more than 100 countries and territories between March and May 2016 about their careers and personal finance, as well as the economic, cultural and quality of life in their host countries.

The survey placed Vietnam 19th overall, just above Japan.

Top 100 list:

Source: Vnexpress, Anphabe

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