Travel back in time with these shots of Vietnam’s capital 60 years ago

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Hungarian photographer Rév Miklós tells a vivid story of Hanoi through the photos he took during a trip in 1959.

Dong Xuan Market, still one of the busiest markets in Hanoi today, in 1959. Rév Miklós was born in 1906 in Sátoraljaújhely and died in 1998 in Budapest. When he visited Hanoi in 1959, Miklós was president of the Association of Hungarian Photographers.

 

The corner of Trang Tien and Hang Bai near Hanoi’s iconic Hoan Kiem (Sword) Lake.

 

A panel encouraging agricultural development stands by Hoan Kiem Lake.

 

Hang Buom Street in Hoan Kiem District. It used to be home to the Chinese community in Hanoi.

 

Hang Bac Street is still famous for its silver jewelry today.

 

Grandpa and grandson have a drink in the Old Quarter, a part of Hanoi that has been in existence since imperial times as early as the 16th century.

 

Two boys watch a movie at a mobile cinema on the street.

 

A flower market on Hang Khoai Street.

 

A street vendor in the Old Quarter.
Two women ride bicycles wearing ao dai, the traditional Vietnamese long dress. These photos appear in a photo book by Rév Miklós that was published in 1960 in Budapest.
Many parts of the Old Quarter still look the same today.

 

 

Source: VNExpress

Online retail market may fall into Chinese hands: experts

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Three giant e-commerce corporations, Alibaba, Tencent and JD.com of China, have arrived in Vietnam.

There are no official figures about e-commerce market share for the last two years. However, Lazada was considered the leader with 30% of market share.

Alibaba in mid-2016 spent US$1 billion to acquire 51% of Lazada, which was called South East Asia’s Amazon.

In mid-2017, Alibaba poured another US$1 billion into Lazada to raise its ownership ratio to 83%.

Meanwhile, JD.com in late 2017 injected money into Tiki, and Tencent, a Chinese technology group in the world’s top 10, a big shareholder of Shopee.

According to Google, Lazada, Shopee and Tiki are three of the four most searched e-commerce websites in Vietnam.

Vu Vinh Phu, a retail expert, voiced concern about the presence of foreign e-commerce giants, which could ‘crush’ Vietnamese companies.

He stressed that Vietnam needs to learn lessons from the retail market. Many foreign retail chains have entered Vietnam and expanded their networks in the domestic market, such as Lotte, Aeon and MM Mega Market.

The same thing may happen in the online retail market.

“We must not let the grass grow under our feet,” Phu said, adding that the government needs to create a fair business environment and control trading activities to ensure the healthy operation of the market.

Meanwhile, deputy chair of the Vietnam E-commerce Association Le Hai Binh said he does not think the presence of foreign giants in Vietnam is a problem.

“The presence of foreign companies in Vietnam will benefit consumers as goods supply will be more plentiful, product quality will be better, and consumers will be able to receive better post-sale services,” Binh said.

“Most Vietnamese companies focus on niche markets and target specific groups of customers,” he said.

E-commerce is a ‘boundless business’. In the past, Alibaba with online trading floors in China such as AliExpress and Taobao, have sold goods to Vietnamese, but they are not managed by Vietnamese agencies, and do not pay tax. Vietnamese buyers do not want to receive high-quality post-sale services.

“As Alibaba has officially entered Vietnam through Lazada, Vietnamese customers can enjoy better services, while the ‘game’ will become fair as it also has to pay taxes like Vietnamese companies,” Binh said.

According to MOIT, Vietnam’s e-commerce revenue was US$5 billion in 2016, twice as much as the US$2.2 billion in 2013, accounting for 3% of total turnover from goods and services.

With the predicted growth rate of 35% per annum, or 2.5 times higher than Japan, the market value is expected to reach US$10 billion by 2020.

 

 

Source: VNN

Honor aims to break into Vietnam’s top 3 smartphone brands

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Vietnam’s crowded smartphone market has just become even more cut-throat with the arrival of Huawei Group’s Honor, which debuted last week. The brand also announced strategic collaborations with Vietnamese partners.

The new phone series, which are named Honor 9 Lite and Honor 7X are priced between VND5 million and VND7 million ($219 and $306) and mark Honor’s first venture into the booming Vietnamese market. The Huawei-owned smartphone brand did not hide its ambition to become Vietnam’s top 3 smartphone brand in 2020, following Apple and Samsung.

The brand calls itself a “young, fun and innovative partner of young Vietnamese consumers,” targeting the price-conscious and trendy millennials in the ASEAN’s fast-growing economy.

Following the trend, Honor makes sure to emphasise the prowess of its smartphone cameras: competitive dual-lens 13MP + 2MP cameras on both the front and back of the phone.

“Vietnam is one of our key target markets in Southeast Asia, a strategic ground for Honor to continue offering the best state-of-the-art products and innovations,” said Akin Li, president of Honor in Southeast Asia.

Honor reveals the list of its strategic partners from across the globe

To boost its growth in Vietnam, Honor has announced strategic a partnership with Vietnam’s top gaming firm VNG, the distributor of the popular battle royale game Rules of Survival. Other partners include Singapore’s IGG, distributor of real-time strategy game Lords Mobile and the action-packed game inspired by manga series Honkai Impact 3, as well as Bigo Live, an app for live-streaming services.

Honor phones are also available for sale on top e-commerce websites such as Lazada, Shopee or Tiki, with flash sales to attract the first customers.

Customers try out the new Honor phones

Upon entering Vietnam, Honor and Huawei will have to compete with fellow Chinese rivals such as Oppo, Xiaomi or Vivo. While Oppo goes down the celebrity endorsement route, Xiaomi chose to partner with Digiworld, a domestic distributor, to conquer the Vietnamese market.

According to market research firm GfK, 13.6 million smartphones were sold in Vietnam in the first 11 months of 2017, an increase of 3.1 per cent compared with the same period of 2016. The top selling brands are Apple’s iPhone, Samsung’s Galaxy series, and Oppo.

 

 

Source: VIR

Vladimir Putin wins Russian election with 74% of vote

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Result expected to be declared valid despite ‘some irregularities’ – extending Putin’s time in office to nearly a quarter of a century.

Vladimir Putin cruised to victory in Sunday’s presidential elections in a result that was never in question. His fourth term as president will extend until 2024, making him the first Kremlin leader to serve two decades in power since Josef Stalin.

With results still coming in, Putin looked set to exceed expectations by clinching more than 73% of the vote.

Putin 4.0: as Russian president prepares for fourth term, what next?
Read more
Turnout, which was seen as a measure of the Kremlin’s legitimacy in this uncompetitive campaign, was close to 60% as of 9pm GMT. The Kremlin had hoped to match the 65% who cast votes in 2012 and had initially sought 70% turnout.

“Thank you for your support,” Putin told crowds on Manezhnaya Square just under the Kremlin walls, wearing a black down jacket with a fur hood. “Everyone who voted today is part of our big, national team.”

Asked by a journalist about whether he would consider future runs for president, he responded: “What you’re saying is just silly … what, am I going to sit here for 100 years?”

Asked about the poisoning of Sergei Skripal in Britain, he said Russia did not currently have chemical weapons and it would be “nonsense” to think Russia would launch such an attack in the lead up to an election. Putin said that if the substance used in the attack had really been a military nerve agent, then it would have killed anyone targeted on the spot.

Russians had a choice of eight candidates, including the Communist Pavel Grudinin, whose title to a former state fruit farm has made him a millionaire, and Ksenia Sobchak, the daughter of Putin’s political mentor, who presented a liberal programme.

Putin’s campaign chairman declared turnout to be high and needled London by suggesting that may be a rally-round-the-flag response by voters to the accusations over the Salisbury attack.

“Right now the turnout numbers are higher than we expected. We need to thank Great Britain for that because once again they did not consider the Russian mentality,” said the campaign chairman. “Once again we were subject to pressure at just the moment when we needed to mobilise.”

Russian voters go to the polls – in pictures
Turnout was the main focus of the campaign in recent weeks, with the Kremlin launching a broad get-out-the-vote campaign, which included selfie contests and raffles of iPhones and even cars for voters. The opposition declared a boycott and sent observers across the country to monitor the voting process.

Monitors organised by opposition leader Alexei Navalny and others complained of ballot stuffing and other methods of increasing turnout in Sunday’s votes, but an official from Russia’s elections committee said no serious violations had taken place.

By: Andrew Roth, The Guardian

After 5 years of studying millionaires, I learned there’s a particular type of habit that will keep you from getting rich

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  • Author Tom Corley spent five years studying the habits of the rich, which he chronicled in his best-selling books.
  • He found many common habits among rich people, including reading, emphasis on building relationships, setting goals, and taking calculated risks.
  • Many people who never get rich often have something he calls “do-nothing habits,” like not reading daily, not networking with successful people, and not prudently investing money.
  • It’s not just what you do, but what you choose not to do, that determines your success.

I spent five years studying the daily habits of hundreds of rich people. In my bestselling books, “Rich Habits” and “Change Your Habits, Change Your Life,” I shared some of the important findings from that study.

During my research, I learned that the self-made rich adopted specific habits that enabled them to achieve their dreams and their goals. This included things such as:

  • Experimentation: Trying new things in order to uncover an innate talent or passion.
  • Reading: 30 minutes or more every day for self-education.
  • Building rich relationships: Forming connections with the right people — other future millionaires.
  • Goal-setting: Pursuing goals that are stepping stones to your dreams.

Taking calculated risks: Not being afraid to take the type of risk that requires you to do your homework before investing your money.
There are many others (over 300!) but I think you get the idea — the rich are habit-driven.

My research also led to another proprietary discovery. Those who were not rich also had habits. However, many of those habits were “do-nothing habits”:

  • Not reading to learn is a habit.
  • Not exercising every day is a habit.
  • Not eating healthy is a habit.
  • Not pursuing your dreams is a habit.
  • Not creating and pursuing goals is a habit.
  • Not returning phone calls immediately is a habit.
  • Not waking up early to pursue self-improvement is a habit.
  • Not saving money is a habit.
  • Not prudently investing your savings is a habit.
  • Not being frugal is a habit.
  • Not doing more than you are paid is a habit.
  • Not avoiding time wasters is a habit.
  • Not doing what needs to be done (procrastinating) is a habit.
  • Not networking with other success-minded people is a habit.
  • Not making happy birthday calls is a habit.
  • Not making life event calls is a habit.
  • Not taking personal responsibility for your life is a habit.
  • Not volunteering for a worthwhile charity is a habit.
  • Not being charitable with your money is a habit.

Many people have do-nothing habits. As a result, many people struggle in life. Some struggle financially, some struggle with poor health, and some struggle with their relationships.

Do-nothing habits are like a mirror: They reflect back the life you have chosen for yourself through inaction. Oftentimes, it’s not what you do that determines the circumstances of your life — it’s what you choose not to do.

By: Thomas C. Corley, Contributor

Source: This Insider

RoK President to pay State visit to Vietnam

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President of the Republic of Korea (RoK) Moon Jae-in and his spouse will pay a State visit to Vietnam from March 22-24.

The visit will be made at the invitation of Vietnamese President Tran Dai Quang, announced the Ministry of Foreign Affairs.

Vietnam and the RoK set up diplomatic ties on December 22, 1992. The two countries elevated the bilateral relationship to the level of strategic partnership in 2009.

According to Vietnam’s General Department of Customs, two-way trade between Vietnam and the RoK hit 61.5 billion USD in 2017, a year-on-year increase of 41.3 percent.

Vietnam’s exports to the RoK reached 14.8 billion USD, while its imports from the East Asian country stood at 46.7 billion USD, up 30 percent and 45.3 percent against 2016, respectively.

The two countries have set a target of 100 billion USD in two-way trade by 2020.

The RoK was the second largest foreign investor in Vietnam last year, just behind Japan, with total registered capital of 8.49 billion USD.

In terms of accumulative investment, the country ranked first among 125 countries and territories investing in Vietnam, with total investment capital of 57.7 billion USD by the end of December 2017.

Source: -VNA

Startups call for investment at Global Demo Day 2018

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10 outstanding startups from both Korea and Vietnam will gather and shine in Korea – Vietnam Start-up Pitching Event and Routable Event, taking place consecutively on 22nd March and 23rd March in Hanoi.

The annual event, jointly organized by the K-ICT Born2Global Centre (B2G) and the Vietnam Silicon Valley Accelerator (VSVA) offered opportunities for startups to find investors and receive experts’ advice on refining their business models.

Detail information about upcoming events:

Event 1: Korea-Vietnam Startup Pitching Event 

Time: 1:30 PM, 22nd March 2018

Venue:  Crystal Hall, 2nd floor, Hanoi Grand Plaza Hotel, 117 Tran Duy Hung, Trung Hoa ward, Cau Giay Dist., Hanoi

Event 2: Roundtable 

Time: 2:00 PM, 23rd March 2018

Venue:  VSV Corner, 24-26 Ly Thuong Kiet Str., Hoan Kiem Dist., Hanoi

K-ICT Born2Global Centre (B2G) is one of the global IT promotion and SME support organizations operated by the Republic Korean Ministry of Science. Their Centre’s primary goal is to deliver value-added localization services to Korea’s emerging technology companies who seek presence in global markets.

Vietnam Silicon Valley Accelerator (VSVA) is the first accelerator in Vietnam and now still is the leading and most active early-stage funding in Vietnam.

 

 

Edited: Daisy Nguyen

Vietnam Online Business Forum opens

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The Vietnam Online Business Forum (VOBF) 2018, the second of its kind, opened in Hanoi on March 14 to the welcome of investors following the 2017 success.

The VOBF will also come to Ho Chi Minh City on March 16.

In his opening speech, head of the Ministry of Industry and Trade’s Department of E-Commerce and Economy Dang Hoang Hai said after two decades of the Internet’s presence in Vietnam, e-commerce has been exploding and become popular in the lives of businesses and people.

Statistics showed that e-commerce has grown over 20 percent, and particularly 25 percent in 2017 – among the world’s fastest.

Hai hoped that the forum, with the participation of prestigious exerts at home and abroad, will discuss new e-commerce trends, outstanding technologies and innovative business ideas.

The E-Business Index released by the Vietnam E-Commerce Association (VECOM) showed that online retail and marketing, tourism and payment saw the most impressive growth. Specifically, online retail revenue increased by 35 percent while shipping services revenue grew from 62 percent to 200 percent.

The National Payment Corporation of Vietnam reported that online transactions using domestic cards in 2017 rose by nearly 50 percent in volume and 75 percent in value year-on-year. Several affiliated marketing companies posted 100-200 percent growth.

According to the VECOM, the rate of room reservations via online travel agents increased by over 30 percent annually from 20 percent in 2016, pushing the online tourism earnings by more than 50 percent.

Dang Thuy Ha, Director of Consumer Behaviour Research at Nielsen Vietnam, said nearly 4 billion people worldwide are forecast to subscribe to Internet by 2020. Trends such as Big data, virtual reality technology, sharing economy and cashless payment will be increasingly popular. Revenue from sharing economy is expected to near 300 billion USD by 2025.

There are 59 million Internet subscribers in Vietnam now while 91 percent of the population used smart phones, nearly 80 percent of them live in rural areas. The Vietnamese spend 25 hours per week on average on the Internet.

VECOM Chairman Nguyen Thanh Hung said Amazon will officially enter Vietnam this March, firstly launching a project with VECOM to support small and medium-sized enterprises.

VECOM General Secretary Tran Trong Tuyen commented that Amazon’s penetration into Vietnam will facilitate the development of eco-system, sales solutions and logistics services, as well as bring goods to consumers at more competitive prices.

Vietnam’s e-commerce market is forecast to see intense competition this year, he said.

Source: VNA

LGBT in Vietnam: a promising path toward equality

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Vietnam is playing its part in the worldwide trend of fostering an open-minded public attitude to the LGBT community with several steps toward marriage equality and a growing number of local residents willing to offer their indiscriminate support for homosexual celebrities.

Decades ago, sexual orientation was a hot button issue in the Southeast Asian country, where anyone who wished to break from traditional gender norms risked public and familiar condemnation.

Several stories reported by Tuoi Tre (Youth) newspaper demonstrated the risks faced by children who came out to their families, including the pressure to hide their sexual identities, heavy criticism, and a fear for their personal safety.

The current Vietnam, however, is beginning to open its arms to all, regardless of sexual orientation.

A supportive community

On March 9, a transgendered Vietnamese singer was crowned Miss International Queen 2018 in a two-week pageant held in the seaside city of Pattaya, Thailand.

Huong Giang, the newly appointed beauty queen, overcame scores of transgendered contestants to reach the top of the podium, earning praise by LGBT and non-LGBT people alike from her homeland.

In Vietnam, public support for this community not only manifests itself in such beauty competitions, but in social campaigns as well.

VietPride is a popular event in Vietnam, offering a platform for the LGBT community to spread a positive message of self-affirmation and acceptance.

The 2016 VietPride was co-hosted by groups in Hanoi as well as the U.S. Embassy in Vietnam.

Ted Osius, the U.S. ambassador to Vietnam at the time, put the embassy’s support behind the event to spur a positive shift in the perception of the LGBT community in the country.

The former ambassador also led 1,000 young Vietnamese on a city-round bicycle tour meant to show support for the LGBT in the nation.

VietPride 2017 saw over 2,000 youths gather on Nguyen Hue Pedestrian Street in Ho Chi Minh City to spread a message of acceptance and self-respect.

LGBT college student Tran Quang Thien said: “I felt so at home joining the parade because I felt comfortable just being myself surrounded by so many like me.”

Mai Thuy from Tay Ninh Province, northwest of Ho Chi Minh City, acknowledged that the Vietnamese society is developing a much fresher view of the LGBT community.

“I think we should not discriminate against them [the LGBT],” Thuy said while attending VietPride 2017.

“We should show them empathy and encouragement.”

Rights groups in Vietnam are also playing their part in the newfound confidence emanating from the country’s LGBT community, particularly when it comes to denouncing attacks from the media.

Tao Quan, an annual Lunar New Year comedy show broadcast by VTV, Vietnam’s national television channel, raised eyebrows amongst LGBT supporters during its 2018 program by allegedly portraying the LGBT group in a negative light.

The Institute of Society, Economy and Environment (iSEE) voiced their objection against the show and demanded an omission of all LGBT-related jokes.

Numerous Tuoi Tre readers also aired their disapproval of the controversial program.

“On Lunar New Year’s Eve, we rural people have nothing to watch except the VTV program, but disappointingly, it was full of discriminative language,” a reader named Tam opined.

“That’s why the kids here grow up prejudiced against their LGBT peers. Some of them [the LGBT] resort to quitting school or even committing suicide.”

Same-sex marriage legal? Well, it’s NOT banned!

One factor contributing to the rising comfort levels of the LGBT community might be polls revealing the positive shift in public attitude.

The Institute of Sociology, the Healthy Strategy and Policy Institute, and iSEE ran a government-supported nationwide poll on public opinion about same-sex marriages in 2013.

Results revealed the majority (72.7 percent) of interviewees said that legalizing same-sex marriage would not negatively affect the family lives of those involved, and 33.7 percent advocated the policy change.

Not surprisingly, those who know a homosexual were twice as supportive of making same-sex marriages legal than those who have never come into contact with an LGBT person.

This large-scale study preceded a shift in the country’s law regarding the matter.

Before 2014, the Vietnamese Marriage and Family Laws considered same-sex marriage an illegal offense. Offenders might face a fine of VND100,000-500,000 (US$4.5-22).

In 2014, however, the amendments to Point 2 of Article 8 in the Vietnamese Marriage and Family Laws stated, “The State shall not recognize marriage between persons of the same sex,” and the fine was lifted following Decree 110/2013/ND-CP.

In other words, same-sex marriage is no longer an illegal act, but still lacks government recognition.

Aside from the lack of legal protection from the state, same-sex couples can now enjoy a public wedding ceremony and live together without government intervention.

Source: Tien Bui

Retail chains seek more workers as Amazon prepares to arrive

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Vietnam, a promising retail market for retailers thanks to its young population and economic growth, faces a lack of qualified workers for the sector.

The Vietnam E-commerce Association (Vecom) confirmed that Amazon, at a Vietnam Online Business Forum on March 14, will kick off a cooperation program with Vecom to help small and medium enterprises (SMEs) sell products through Amazon.

The decision by Amazon shows the great potential of the market, the second market in South East Asia that Amazon has chosen for development.

Before Amazon, Lazada entered Vietnam, and now holds 1/3 of the online shopping market share. Alibaba spent $1 billion to acquire a controlling stake in Lazada, realizing its plan to conquer the South East Asian market.

However, analysts say that retailers are facing a big problem – the lack of qualified and capable workers. At a meeting of CEOs from the retail industry held recently, the CEOs spoke about the lack of qualified personnel.

“It has been very difficult to find workers in recent years,” said Trinh Lan Phuong, CEO of BiBomart, distributor of products for mothers and kids.

BiBomart was established in 2006 with initial investment capital of VND130 million. Ten years later, it was valued at $142 million and reported revenue of over $100 million from 150 shops.

Phuong said in the 2009-2014 period, the retail chain had three big problems – finance, staff and administrative systems. She said the market promises great potential and the company wants to expand, but the lack of capable workers has hindered the plan.

Phuong wants well trained workers to become retailers. But in Vietnam, there is no school that provides workers to the retail industry.

“In Vietnam, most capable students continue study at university after finishing high school and they want well-paid office jobs after graduation. In their eyes, sales is just a job for the short term,” she said.

Dinh Thi My Loan, chair of the Vietnam Retailers Association, said in Vietnam retail is not considered an occupation. “Vietnamese think retailers are just intermediaries who make money from ‘slave trading’,” she said.

Personnel has also been a difficult issue for Tiki. “The biggest problem is not investment capital. If we do well, we will be able to call for capital easily. But it is difficult to find talented people,” Tran Ngoc Thai Son, Tiki’s CEO, said.

Source: VietNamNet

EuroCham White Book calls for market reforms

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The European Chamber of Commerce in Vietnam (EuroCham) announced the publication of the 2018 White Book on Trade and Investment Issues and Recommendations yesterday, in cooperation with the Vietnam Chamber of Commerce and Industry (VCCI).

According to the 2018 White Book, Vietnam is an attractive destination for foreign direct investment, thanks to a number of legislative changes such as reducing tariffs, easing licensing conditions for foreign workers, tax incentives for business expansion or removal of corporate taxes.

The book also makes recommendations in terms of healthcare, agriculture, food and nutrition, consumer choice, sustainability and efficiency, as well as legal, tax and customs, from the addition of statutory representation to single member limited liability companies or the construction of a sustainable energy roadmap to attract new investments, to the enforcement of intellectual property rights.

In its 10th edition, the bookmarks not only 30 years of European foreign direct investment into Việt Nam, but also 20 years since the establishment of EuroCham.

The book brings up perspectives from EuroCham member companies, demonstrating European businesses’ aspirations of supporting the Vietnamese Government in developing sustainable business models that contribute to building a thriving business environment, for the benefit of businesses, investors and the public.

It focuses on market improvements, clean energy development, rights and laws for foreign workers clarification, facilitates the registration and enforcement of intellectual property rights and addresses specific sectoral issues such as reducing the tax burden on alcohol and providing advice on safety measures in the automotive sector.

Speaking at yesterday’s launch event, Deputy Prime Minister Vương Đình Huệ said that Việt Nam appreciated EuroCham’s growth, which has helped boost Vietnamese GDP growth, investment and employment, as well as bringing economic and financial institutions closer to international standards.

The Deputy PM agreed that though there may be some technical issues in the White Book that still need to be amended, the Government of Việt Nam would continue to recommend short and long-term solutions to meet European and Vietnamese businesses’ requirements across all sectors.

Huệ also asked EuroCham to actively participate in the process of ratification of the Vietnam-European Free Trade Agreement (EVFTA) to implement it as soon as possible.

With two-way trade increasing more than 12 times, from US$4 billion in 2000 to over $50 billion in 2017 and thousands of EU investment projects already in place in Việt Nam, a comprehensive FTA was yet another step to bringing the bilateral relationship to a new height, creating and maintaining a free trade and investment environment, Huệ said.

He stressed that the EVFTA’s ratification and implementation would be an important message from the EU and Việt Nam to the world, showing determination on both sides to create and maintain free trade and investment in the face of emerging protectionism.

Gellert Horvath, EuroCham’s chairman, expressed his belief that the EVFTA is not only a reference agreement in the process of global trade integration through the reduction of tariffs and strong commitments, but also proof that Europe is a trusted partner for Việt Nam, helping to promote sustainable development for comprehensive and socially responsible enterprises.

Horvath said European partners were committed to strongly supporting Việt Nam in the process of modernisation and integration into the world economy, motivating its industries to develop and enhance the quality of its exports.

Ambassador Bruno Angelet, head of the Delegation of the European Union to Vietnam, said that Việt Nam had become a strategic partner of Europe, whereas the latter could help the former achieve its goals of sustainable economic growth.

 

Source: VNS

TPBank to announce pre-listing shareholder profiles

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The Tiên Phong Joint Stock Commercial Bank (TPBank) will finalize the list of shareholders on March 21 before the bank lists its shares on HCM Stock Exchange (HOSE).

From March 20, the Vietnam Securities Depository will stop receiving trading orders for TPBank shares so that the bank can complete its listing proceedings.

In November 2017, TPBank proposed shareholders to approve its listing on HOSE. The bank also planned to sell 33.5 million shares or nearly 5 per cent stake to foreign investors and 54.1 million shares or 8 per cent stake to local investors.

In December 2017, HOSE announced it had received the listing filing from TPBank.

Under the filing, TPBank will trade 555 million shares and issue an additional 29.2 million bonus shares, taking its market capitalisation to VNĐ5.84 trillion (US$259.5 million).

The listing is expected to raise more than $100 million for TPBank from both local and foreign investors.

According to TPBank’s financial report of 2017, its total assets increased 17 per cent year on year to VNĐ124 trillion, while total lending rose by 35.7 per cent annually to VNĐ62.7 trillion.

The bank’s total net revenue added 49.5 per cent year on year to VNĐ3.17 trillion, and its post-tax profit reached VNĐ963 billion, a yearly increase of 70 per cent.

In addition to TPBank, some other joint-stock commercial banks also plan to trade shares on HOSE, such as Techcombank and Vietnam International Bank.

 

 

Source: VNS

Vietnamese survivors remember My Lai massacre with horror and confusion

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Some people are trying to let things go, but others say they will never forget.

Ha Thi Quy, 93, a survivor of the My Lai massacre, remembers the tragedy that killed her mother and daughter. Photo by Pham Linh

It was the sweet potato harvest season, so Ha Thi Quy woke up early to find a good spot in the village to dry slices of the delicately flavored tuber to sell.

She noticed some American soldiers in the village, but that didn’t alarm her.

“There are no Vietnamese troops here, so why should they start shooting?” Quy recalled her self-assurance in a bitter question that she still has not found the answer to.

The My Lai Massacre, named after the fated village in the central province of Quang Ngai, left 504 civilians dead and crystal clear images embedded in the minds of the few who survived, many of whom still have no space in their hearts for forgiveness. Not yet.

The Unites States committed the mass murder weeks after the Tet Offensive, when more than 80,000 soldiers from the north and the Vietnam National Liberation Front (NLF) launched surprise attacks on more than 100 cities and outposts in Saigon and throughout southern Vietnam on January 30, 1968.

American intelligence believed that the guerillas who had attacked them had taken refuge in My Lai.

Captain Ernest Media of Charlie Company ordered his troops to target the village and kill anything “walking, crawling or growing,” according to records.

The soldiers entered the village on the morning of March 16, finding only civilians, mostly women and children.

The villagers were South Vietnamese, nominal allies of the Americans, and were completely unprepared for an attack.

Quy said that she told the American soldiers there were no North Vietnamese troops in the village, but they refused to listen.

They broke her water jar, smashed her pots and turned their guns on her, her mother, her daughter and a relative, forcing them to walk into an open field.

Her 17-year-old daughter was clinging on to her for fear of being shot dead.

But Quy remained calm at that moment, still innocently thinking of the American soldiers she had met before who had done nothing bad to her.

This time it was different. “I’d never seen such brutality.”

The U.S. Army’s Criminal Investigation Division later confirmed there had been deadly shootings, mutilations and multiple rapes of women and children.

At 93, Quy can still count the dead people that she knew on her fingers, including her mother and daughter.

She survived by hiding under a pile of bodies, bleeding with injuries to one leg and her buttocks. She was pulled from a ditch by a little girl who had left the village that morning to go to a market several kilometers away, only to return to chaos, her house burned down and her mother nowhere to be found.

Quy’s memories of that fateful day come with a mixture of smells: fragrant young rice, burning houses, dried potatoes and the stench of blood.

Do Ba, another survivor, also remembers the sweet potatoes.

The 9-year-old was carrying his younger brother around the village, with sliced sweet potatoes laid out to dry on every corner, when helicopters suddenly appeared in the sky “like dragonflies”.

“The gunfire sounded like thunder,” Ba said.

His mother and brother were killed in a series of gunfire.

Eventually more American soldiers arrived and plucked him up from a pile of corpses, but put him down twice as they continued searching for survivors. It was only when they picked him up the third time that Ba felt safe, that they were not going to kill him.

He was flown to Chu Lai, around 50 kilometers away, for emergency treament, and then taken to his relatives’ home several kilometers away from My Lai.

Ba went back to school but dropped out after ninth grade and went to work in Saigon where he got caught up in the rat race and little time to think about the past. But every March, the memories return as if it was yesterday.

Do Ba tells his My Lai story in front of photos of a relative and his two American “dads”, Hugh Thompson and Lawrence Colburn, who saved him from the massacre. Thompson died in 2006 and Colburn in 2016. Photo by Pham Linh

During a commemoration of the event in 1998, Ba was put on a flight to Da Nang, where the American troops first arrived for the Vietnam War. There, he met two of the three American men who had saved him.

They were Hugh Thompson and Lawrence Colburn, but with his poor English, Ba just referred to them as “fat Dad” and “thin Dad”, a way to remember the men who gave him a second chance at life. The other man, Glenn Andreotta, died several weeks after the massacre.

Thompson, then a warrant officer one, was flying a helicopter with door-gunner Colburn and Andreotta as his crew chief, when they witnessed what was unfolding in My Lai. They reportedly tried to call off Charlie Company from the lethal assault, and finally managed to save more than 10 people.

On the 30th anniversary of the massacre, the three were decorated with the Soldier’s Medal, the United States Army’s highest award for bravery not involving direct contact with the enemy.

Ten years later, the My Lai survivors received an apology from Ken Schiel, one of the soldiers who fired at them.

“I was part of the Americans that landed here in the helicopters. And I want to apologize to the people of My Lai,” Schiel said as he visited a museum dedicated to the victims of My Lai in December 2008.

“Before we came to Vietnam you almost did not even think of Vietnamese as people,” Schiel, who was 19 when he was sent to the Vietnam War, told Al Jazeera. “I was a soldier following orders.”

He has not returned since, and nor have any other American soldiers involved in the massacre, including Lieutenant William Calley.

Calley, a platoon leader, was the only soldier convicted of the mass murder, although 26 were charged with criminal offenses. He was found guilty of killing 22 villagers and was originally given a life sentence, but served only three and a half years under house arrest after President Richard Nixon commuted his sentence.

He made a public apology while speaking to a small group near a military base in Georgia in late 2009.

“There is not a day that goes by that I do not feel remorse for what happened that day in My Lai,” he said, as cited by the Columbus Ledger-Enquirer. “I feel remorse for the Vietnamese who were killed, for their families, for the American soldiers involved and their families. I am very sorry.”

‘Forgive, but not forget’

Slide

L: Two Vietnamese children lying on the ground in My Lai on March 16, 1968. Photo by Ronald Haeberle

R: A man rides a motorbike in My Lai in March 2018 as two women chat by the lane. Photo by Pham Linh

More than 60 American veterans who were not involved in the massacre are expected to visit My Lai this year for the 50th anniversary of that tragic day.

A monument that once accused “The United States Empire” of the atrocity has been has changed to simply say “American soldiers”.

“They came here when they were in their twenties. Now they are all over 70, if they are still alive. There’s not much left to hate,” Ba said.

Do Ba works on his farm in Quang Ngai Province. Photo by Pham Linh

The My Lai survivors do not find it easy to let things go, at least while they can still recall the images and can illustrate the atrocity with body language.

But they agree that it’s time for a change.

Man, Ba’s neighbor, held out his arms to mimic a gun as he listed nearly 100 family members who were killed.

“I used to get furious when I saw an American. But it is a new era, you cannot integrate if you carry hatred.”

Letting go is harder for the mourning mothers.

“The government has forgiven them, so I guess I am going to have to as well,” Quy said with a chuckle. “I’ll forgive, but not forget.”

Truong Thi Le, another survivor, who lost 11 family members, cried during most of her story, saying she still feels “hate”.

Truong Thi Le cries as she remembers the 11 family members lost in the My Lai massacre. Photo by Pham Linh

Le and her youngest son survived that day by managing to find a place to hide. “He was crying so loudly I had to tell him to stop or they’d shoot us,” she said.

She held him in front of her “dead” house until a young man from a nearby village came to take them away. She only returned after the Vietnam War ended, fearful of more attacks.

“The Americans who did not shoot at us have come to visit. The ones who did have not,” the 89-year-old woman said.

 

 

By: Pham Linh

Source: Vnexpress

Peer to Peer lending increasingly popular in Vietnam

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Peer to Peer, or P2P lending, became more popular over the last year with the establishment of many online lending companies.

In 2012, P2P outstanding loans worldwide totalled $1.2 billion, while the figure rose to $64 billion in 2015 and is expected to reach $1 trillion by 2025.

A big advantage of the P2P model is the high information security level based on BigData technology which encrypts, stores and controls customers’ information.

Analysts said with the advantages of the model, plus current conditions in Vietnam, P2P could replace black credit, or lending at very high interest rates, which is illegal in Vietnam.

According to the World Bank, 79 percent of the population in Vietnam cannot access official financial services.

A banker estimated that nearly 100 P2P lenders have opened in the last few years.

Some P2P lending companies in Vietnam are said to have abundant capital as they have received foreign capital.

The ease in accessing P2P loans has led to increasingly high demand in Vietnam.

An advert of huydong.com, a lending arm of Finsom JSC, said the company generates capital from the public at the interest rate of 10-20 percent per annum (2-3 times higher than the lending interest rate set by banks), while borrowers have to pay interest rates 1-5 percent higher per annum.

Besides huydong.com, people can also borrow money from online lending companies Tima, SHA and Mobivi at interest rates of 20-30 percent per annum, including fees.

A representative of Tima, a P2P lender running ad campaigns in HCMC, in said the company received 1,000 applications for loans a day in late December.

The company plans to provide the service nationwide and upgrade its capability to deal with 10,000 applications per day.

To date, 5,000 lenders nationwide have been providing loans on the Tima finance trading floor which has 800,000 clients. Tima has successfully connected lenders and borrowers who have made transactions worth a total of VND15 trillion, or $700 million.

In Vietnam, as P2P is still not officially legal, the companies in the field usually register as investment consultancy firms.

Economists are cautious about P2P, especially after China’s recent statement on eliminating 157 online lending companies and keeping only one state-owned company.

The interest rates quoted by the companies were around 10 percent per annum, but real interest rates were 40 percent.

In Vietnam, interest rates applied by some online lending institutions are up to 50-70 percent per annum.

Source: VietNamNet

Consumer credit market sees more M&A deals

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The increased presence of foreign investors in M&A deals of finance companies shows the attractiveness of the consumer credit market.

Vietnam is among the countries with the highest ratios of consumption to GDP in Asia, as young people are borrowing more money to buy consumer goods.

The growing tendency has caught attention from foreign institutions and stimulated the birth of new lenders and more M&As.

In late January, Prudential announced the sale of PVFC, its consumer finance company, for $151 million, becoming the first foreign company to sell 100 percent of its shares.

Meanwhile, Techcombank is the first commercial bank selling a finance company. The buyer of TechcomFinance is Lotte, a South Korean investor. The value of the deal has not been announced in Vietnam, but South Korean media reported the deal is worth VND1.7 trillion.

Three investors from South Korea have joined the Vietnamese consumer finance market, including the veteran company of Mirae Asset.

Local newspapers have reported that Japanese Shinsei Group has acquired 49 percent of shares of the Military Bank’s finance company – Mcredit.

Prior to that, Saison jumped into HDBank’s consumer finance company.

The other Japanese investors in the field include Toyota Finance, JACCS Vietnam and ACS Vietnam, which belongs to AEON Finance.

An analyst said that foreign-run companies have advantages in capital and experience developing products.

2017 was the first operation year of Mcredit after Military Bank joined hands with Shinsei.

Speaking about the role of the foreign shareholder, Hoang Minh Tuan, CEO of Mcredit, said Shinsei Bank has contributed to improvements in risk management related to customer management, loan management, and optimization of business processes, and has proposed technological solutions for the development of new channels.

Finance companies are gearing up to expand their business and cement their positions in the market.

Home Credit has announced changes in brand identity and committed to make bigger investments with the presence of a new CEO, who was an important figure in the Russian market.

Meanwhile, FE Credit has been steadily increasing its charter capital every year from VND2.790 trillion in 2016 to VND4.474 trillion in 2017.

Finance companies have been exploiting the Vietnamese consumer finance market in the last six years.

Consumer credit accounted for 9.8 percent of GDP in 2016, while the figure was 5.2 percent in 2013.

Source: VietNamNet

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