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Vietnam’s trade future looks bright as 11 countries sign trade accord sans US

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The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), also referred to as the ‘TPP without the U.S.,’ is still expected to bring in a number of benefits for different Vietnamese economic sectors, a top trade official said.

The Trans-Pacific Partnership (TPP) was signed in February 2016 by 12 countries that border the Pacific Ocean.

The ambitious trade deal, however, was effectively left for dead when the U.S., under the protectionist administration of President Donald Trump, announced its withdrawal in January 2017.

One year later, the 11 remaining countries rebranded the agreement as the CPTPP and intended to officially launch the new trade deal at a signing ceremony scheduled this Thursday in Chile.

The member states of the CPTPP are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

Following the signing, the CPTPP will come into effect if six of the member states ratify the trade pact in their own countries.

The original TPP planned to cover 40 percent of the world’s economy. Without the U.S., the deal only involves 13.5 percent of global GDP.

The CPTPP will incorporate and maintain the high standards set forth by the original trade pact, with custom duties on 95 percent of goods to be removed in the years following its ratification.

Trade ministers and delegates from the remaining members of the Trans Pacific Partnership (TPP) attend the TPP Ministerial Meeting during the APEC 2017 in Da Nang, Vietnam November 9, 2017. Photo: Reuters

Vietnam was believed to be one of the biggest beneficiaries of the TPP.

According to Vietnam’s Ministry of Planning and Investment, the CPTPP will lead to GDP growth of 1.32 percent and a four percent jump in export revenue – a hefty drop from 6.7 percent and 15 percent increases in GDP and export revenue projected for the original 12-member TPP.

“The CPTPP will open new markets for Vietnam’s industrial and seafood sectors and also contribute to the country’s effort to fight poverty,” Luong Hoang Thai, head of the border trade department under the Ministry of Industry and Trade told Tuoi Tre (Youth) newspaper in an interview published on Thursday.

Chances from open markets

Thai said the new deal preserves all tariff outcomes agreed to under TPP, meaning that custom duties on 95 percent of trade in goods between the parties will be cut or eliminated, either immediately or according to pre-defined schedules, once the CPTPP enters into effect.

“The good news is that Vietnam was given a longer schedule for the tariff reduction and elimination, from seven to ten years compared to the common seven-year roadmap,” he said.

Thai said many of the trade pact parties have committed to fully open their respective markets for Vietnamese imports, such as seafood, tropical agricultural produce, textile and garment, and footwear.

“The CPTPP will leave positive impacts on the agriculture and seafood sectors, helping Vietnam to ease poverty for farmers and fishermen,” he said.

Luong Hoang Thai in the interview with Tuoi Tre

Under the CPTPP, other member countries will also cut all tariffs for imports of Vietnamese industrial goods to zero, compared to the current average rate of 1.7 percent, according to the official.

Some non-tariff barriers for Vietnamese goods will also be lifted in line with the trade deal, he added.

“Some countries, such as Japan and Canada, will immediately cut more than 90 percent of their tariffs for Vietnamese imports after the trade pact takes effect,” Thai said.

Challenges do not necessarily mean bad outcomes

However, as the agreement is to be implemented on a reciprocity basis, Vietnam will not merely enjoy benefits but also meet some challenges from the CPTPP, the official noted.

As other member states are slated to open their doors for Vietnamese imports, Vietnam will also eliminate custom duties for goods from other markets.

“The biggest challenge will be for the animal husbandry industry, particularly the pork and poultry sectors,” he said.

“The good news is that some of our industries have already been ‘opened,’ and some sectors have experience in dealing with challenges.”

For instance, he elaborated, the country has already eliminated tariffs for cars imported from ASEAN countries since January this year, an opportunity to gain experience that can be applied to when the sector opens to other CPTPP countries in the next seven years.

As for the husbandry industry, Thai said relevant agencies and sectors have been preparing to take on the challenges, adding that difficulties do not necessarily result in bad outcomes.

Milk cows are seen at a farm of a Vietnamese dairy producer. Photo: Tuoi Tre

Vietnam has entered free trade agreements with Australia and New Zealand, which once sparked fear that the country’s dairy sector would be unable to compete with these two giant milk makers.

“The reality is that Vietnam’s dairy producers have been proactively working to strengthen themselves and keep their products competitive,” he said.

“In conclusion, with good preparation and a proper roadmap, we hope that Vietnamese sectors will all be able to weather challenges that may come with the CPTPP.”

Source: Tuoitrenews

Southeast Asia’s Grab in talks to buy into Uber’s regional business: source

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The deal may be sealed as soon as this week or next.

Southeast Asia’s biggest ride-hailing firm, Grab, is in advanced negotiations to buy parts of Uber Technologies Inc’s business in the region, said a source with knowledge of the talks, in what would be Uber’s second retreat from an Asian market.

Ride-hailing firms have raised billions of dollars to help compete in Southeast Asia where they have been forced into losses partly due to hefty incentives to drivers and discounts to riders.

Grab has a dominant position in several markets in the region of about 640 million people, while Uber has also been expanding. The U.S. ride-hailing firm announced a partnership with Singapore’s top taxi operator ComfortDelgro in December.

“Grab is much bigger in Southeast Asia and they understand the local market much better,” said Xiaofeng Wang, analyst at consultancy Forrester.

A multi-billion dollar funding of Uber in January by SoftBank Group, already one of Grab’s main investors, had opened up the possibility of a consolidation with Grab.

“Uber has to be more focused on those markets where it is doing quite well and have more advantages – like Europe and U.S.,” Wang said.

Singapore-headquartered Grab’s potential agreement with Uber would be similar to the one struck in China in 2016, when Didi Chuxing bought out Uber’s China business and gave a stake in return, said the source, who declined to be identified as the talks are private.

As part of the Southeast Asia deal, Uber will get a stake in Grab, said the source, who declined to provide financial details.

Grab and Uber declined to comment on the Reuters story.

Though Uber expects to lose money in Southeast Asia, the company will continue to invest aggressively in the region, Uber CEO Dara Khosrowshahi said during a visit to India last month.

Grab operates private car, motorcycle, taxi and carpooling services across eight countries with more than 2.3 million drivers. It has expanded into digital payment services.

The company, which has an estimated valuation of about $6 billion, counts sovereign wealth fund China Investment Corp, venture capital firm GGV Capital, and Vertex Ventures, a subsidiary of Singapore state investor Temasek Holdings, among its investors.

Bloomberg reported on Thursday that Grab was close to finalizing a deal to acquire Uber’s business in certain markets in Southeast Asia and may sign a deal this week or next, citing people familiar with the matter.

Source: Reuters

‘Snow-white’ flowers showering Hanoi atmosphere

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At springtime, Hanoi is filled with the iconic pure white “sua” flowers, to the delight of Hanoians.

In March, the capital is stepping into the early blooming season of “sua” flowers.

Hanoians are joyfully sinking in the romantic and charming scenes of blossoming white “sua” flowers.

The milk-white flowers are part of the childhood memories of every local.

White “sua” flowers are in bloom in various streets of Hanoi such as Phan Dinh Phung St., Hoang Hoa Tham St., Giang Vo St., Phan Chu Trinh St.,… The little flowers make the boisterous Hanoi become astonishingly peaceful and mild.

This special flower possesses the great attraction for art-lovers, especially photographers.

Flower lovers usually jump at the chance to take photos as “snow-white” flowers bloom only once a year.

Daisy Nguyen

Danang Fireworks Festival to celebrate bridges

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Vietnam and Poland will perform in the curtain-raiser of the 2018 Danang International Fireworks Festival on the central city’s Han River on April 30.

Director of the city’s Culture and Sports Department, Huynh Van Hung made the announcement at a press conference yesterday, stressing that the event has helped the city become a rendezvous for international friends and a ‘must see’ destination in central Vietnam.

“The city has successfully built its brand as a ‘fireworks festival city’ since the first edition in 2008. The event, the country’s biggest fireworks competition, was promoted as a festival in 2017 with double the number of teams – from four in 2008 to eight in 2017,” Hùng said.

“We hope the festival will promote Đà Nẵng as a top destination and event site in Asia.”

France and the US will be the second performers on May 26.

Defending champions Italy and Hong Kong (China) will perform on June 2, while Sweden and Portugal will light up the night of June 9.

The two best teams will be selected for the final on June 30, where the winner of the festival will be chosen.

Bursting in air: Fireworks lauch in the sky over the Han River in Danang. Eight teams will compete in the festival in 2018.

According to director of the festival, Do Thanh Hai, the festival, entitled ‘the Legend of Bridges”, will see teams showing off the beauty of bridges, featuring the culture of each country.

“The fireworks performances will be based on the image of bridges that participating teams bring to the event. It depicts culture, people, history and landscape from eight countries and territories,” Hải said.

“The five performances of the festival will introduce topics of Love, Time, Happiness, Aspiration and Friendship. Meanwhile, cultural activities will take place during the two-month long festival including carnivals, flashmobs, music performances and cuisine,” he said.

General director of Sun Group, the festival organiser, Dang Minh Truong said the festival will begin a series of cultural events of the year, and promote summer holidays in the beach city.

Trưong hoped that the festival will soon join in the International Festival Forum-UNESCO, and Danang would become a top global tourist destination.

Last year, Italy’s Martarello team won the title after a spectacular night performance on the Han River.

It was the third time an Italian team won the contest, with the Parente team winning in 2011 and 2012.

In 2013, the US team Melrose Pyrotechnics took first spot. Canada’s Davis Whysall took the top prize in 2008, while China’s Liuyang Dancing won in 2009. France’s Jacques Couturier Organisation won in 2010.

According to organiers, the event attracted more than 1.3 million tourists visiting the city during the fireworks festival between April and June last year.

Last year the city hosted 6.7 million tourists, with 2.3 million foreigners.

Source:VNA

Women are more actively pursuing career goals than ever before

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To mark the International Women’s Day (March 8), global professional services firm PwC surveyed over 3,600 professional women aged 28-40 to learn of their career development experiences and aspirations.

The survey included respondents from 27 industry sectors and over 60 countries.

The report, entitled “Time to talk: What has to change for women at work”, reveals that women are confident, ambitious, and ready for what’s next, but many do not trust what their employers are telling them about career development and promotion or what helps or hurts their career.

Although CEOs recognise the importance of being transparent about their diversity and inclusion programmes to build trust, the message is not universal and strong enough.

45 per cent of women believe an employee’s diversity status (gender, ethnicity, age, sexual preference) can be a barrier to career progression in their organisation, and only 51 per cent of women agree that employers are doing enough to progress gender diversity.

This means offering staff a clear understanding of the expectations on both sides of the employment equation, including information about career progression and success, and open conversations with employees on where they stand and what is expected of them to advance.

“Women are confident, ambitious, and actively pursuing their career goals. Leaders should focus on creating an environment where women—and men—can have open conversations where there is clarity on what it takes to progress,” said Bob Moritz, global chairman of PwC.

“This will benefit everyone and will lead to better overall results. It must go hand-in-hand with efforts to mitigate any unconscious biases and gender stereotypes that have traditionally impacted career success and progression in workplaces around the world.”

The survey shows that more women are recognising the need for and the power of advocating for themselves, with over half actively pursuing and negotiating for promotions, pay raises, and the career enhancing experiences so critical for advancement.

Of the 41 per cent of women who have been promoted in the past two years, 63 per cent negotiated for the promotion.

Sharmila Karve, PwC’s global diversity leader, said, “It is really encouraging to see that more and more women are speaking up and proactively going after their career goals. Organisations can do a lot to help women progress and reach leadership positions.”

Almost all surveyed women said working in a job they enjoy (97 per cent) and having flexibility to balance the demands of their career and personal/family life (95 per cent) was important to them.

Getting to the top of their career is important to 75 per cent of women, while 82 per cent are confident in their ability to fulfill their career aspirations.

However, women feel nervous about the impact starting a family might have on their career (42 per cent) and 48 per cent of new mothers felt overlooked for promotions and special projects upon their return to work.

Meanwhile, 38 per cent of all women in the survey feel that taking advantage of work-life balance and flexibility programmes has negative career consequences at their workplace. There is a clear concern over what women see as a motherhood and flexibility penalty.

The report puts forward three essential elements that leaders must focus on to help women advance in their career: transparency and trust, strategic support and life, family care and work.

“Creating gender diversity throughout the workplace is one of the biggest challenges for business leaders. Yet it is vital to helping organisations drive innovation and gain competitive advantages,” Brittany Chong, partner and Diversity and Inclusion leader at PwC Vietnam, commented.

“Vietnam has made impressive progress on gender equality, with high participation of women in the labour force. However, since traditional gender roles still pose a big barrier to many women when balancing their personal and career priorities, there is a need for continuous progress.”

Source: Anh Duc

Setting standards for mid-end apartments

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2017 witnessed an upward trend in the mid-end residential segment, which is forecasted to continue to grow in 2018.

According to the Ho Chi Minh City Department of Construction, a total of 37,502 apartments were rolled out in Vietnam’s business hub in 2017, of which the mid-end and affordable segments contributed 74.6 per cent. The mid-end segment accounted for 45.5 per cent with 19,509 units, an increase of 16.4 per cent year-on-year. Meanwhile, the affordable segment made up 29.1 per cent with 12,495 units, up 67.3 per cent year-on-year.

According to CBRE Vietnam, the Hanoi real estate market had 35,000 new apartments for sale in 2017. The mid-end and affordable segments dominate the market with 80 per cent of the new supply. In 2017, the market recorded 23,000 successful transactions, up 12 per cent against 2016.

“The residential housing market witnessed a shift in homebuyers’ preferences. Despite not being in prime locations, some projects have been snapped up by homebuyers due to their good investment value, improved design, and on-site amenities. In the first quarter of the launch, these projects recorded healthy take-up rates of over 70 per cent,” said Duong Thuy Dung, senior director of CBRE Vietnam.

She predicted that housing prices and absorption rates will rise across all segments in 2018, especially those built by prestigious developers in the mid-end segment with good quality, and full amenities. The mid-end segment carrying a price tag of VND1-2 billion ($44,000-88,100) per unit has been consistently leading the market due to high liquidity.

On the investment side, Bui Nguyet Nga, deputy director of Van Thai Land, said that the company focuses on the mid-end and affordable segments to serve the genuine demand of homebuyers. As they place high value on sharing benefits with customers, many of their mid-end and affordable projects have been welcomed by homebuyers when the market was sluggish in 2013-2014 and robust in 2016-2017.

Standards for mid-end apartments

According to Duong Duc Hien, director of Residential Sales at Savills Hanoi, the standards for mid-end apartments include location, scale, design, price, as well as handover requirements. The projects need not be located in the central business districts, as Tier 2 districts suffice.

“In the fourth quarter of 2017, over 50 per cent of the new supply was in the east of Hanoi from Khuat Duy Tien and To Huu streets to Thang Long Boulevard and Highway 32,” he said.

Luxury projects have their own swimming pools, smart parking, and a full suite of on-site amenities. Meanwhile, mid-end projects do not have top-notch amenities and sophisticated design. Development expenses will increase with more complex design details, so most mid-end projects are not built on innovative ideas.

With regards to handover requirements, Hien said that a typical apartment is composed of a bed room, living room, kitchen, and bathroom. However, high-end apartments are equipped with luxury bathroom fixtures from Kohler and TOTO, while a mid-end apartment has mid-range products.

Nguyen Hoai An, director of Professional Services at CBRE Vietnam’s Hanoi Branch, said that the difference between two segments lie in quality, the number of amenities, number and speed of elevators, number of units and storeys, as well as the brand of the on-site supermarket. The price of mid-end apartments ranges from VND20-30 million ($880-1,320) per square metre. Two-bedroom apartments are quite common with a living space of 60-70sq.m per unit, while three-bed room apartments are designed with a living space of 90-100sq.m.

A wave of investment

Real estate companies have been increasingly developing mid-end products to meet the robust demand in the market. Such projects are mainly located in the suburban area with low land prices and almost completed infrastructure connecting with radial lines and ring roads.

Notable developers in Hanoi include Hateco JSC with Hateco Apollo in South Tu Liem District and Hateco Hoang Mai in Hoang Mai District. Hanoi Export-Import JSC (Geleximco) has invested in An Binh City in North Tu Liem District, as well as Gemek Tower and Gemek Premium in Hoai Duc District. Lung Lo 5 Investment and Development JSC is also developing WestPoint in Hoai Duc District.

In Ho Chi Minh City, the wholly-owned South Korean company IDE Vietnam has injected VND1 trillion ($44 million) into the Green Town Binh Tan project housing 1,100 apartments with the starting price of VND16.5 million ($726) per sq.m.

Hwang Byung-Lak, chairman of IDE Vietnam, said that Vietnam has a young, growing population with an increasing demand for housing. Mid-end apartments are dominating the real estate market, making it ideal for Green Town Binh Tan.

He added that the company will commence the handover in the fourth quarter of 2018 with 1,100 apartments, 11,000sq.m of greenery, and a wide range of amenities like swimming pools, parks, and shopping malls. All apartments have new flooring with wood in the bedroom, imported wooden kitchen cabinets, bathroom fixtures, as well as hallway.

Staying on top in 2018

Hien from Savills Hanoi is upbeat about the outlook of the mid-end segment in 2018. He said that mid-end apartments will lead the market this year due to the high demand from medium-income earners. The mid-end segment is also an attractive property investment channel with healthy rental yield.

“Mid-end apartments are a preferable option for tenants who cannot afford to buy houses, which has been the trend driving the market in recent times,” said Hien.

Le Hoang Chau, chairman of the Ho Chi Minh City Real Estate Association, said that the city will take steps to solve the imbalance in supply and demand, promoting healthy and sustainable development. This reflects a shift to affordable housing to meet the genuine demand of lower- and middle-income homebuyers in the market.

“The market for apartments carrying a price tag of less than VND2 billion ($88,100) is about to become the key segment and lead market liquidity,” Chau said.

Source: Duc Thanh

Vietnam-based enterprises turn to digital AGM?

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To match the global trend of digitalisation, Vietnam-based enterprises have been gradually switching to the new annual general meeting (AGM) management method which could save time as well as prove geographically ideal and cost-effective for participants, especially large enterprises.

Nguyen Thi Lien Ngoc, manager of investor relations at Mobile World Investment Group (MWG), disclosed that the firm’s upcoming AGM on March 16 will be live-streamed between Hanoi and Ho Chi Minh City with professional support from a third party specialised in modern technology.

Ngoc further added that Mobile World first implemented an online AGM in 2017, selecting a reputable technological services provider in order to ensure efficiency and minimise related costs.

Since 2011, Refrigeration Electrical Engineering Corporation (HSX: REE) has been hosting live-streamed AGMs connecting its two branches in Hanoi and Ho Chi Minh City where shareholders could observe the voting process at the other branch.

As usual, the firm has to spend one to two months to prepare its AGM every March. Specifically, a representative of Thien Nam Trading Import Export JSC (HSX: TNA) pointed out that the firm spent around 45 days to prepare for its AGMs.

He claimed online AGMs were far more effective as it is easier to countermand setbacks, such as physical invitations sent to shareholders going missing or date adjustments not being updated in time, which could occur to any firm’s AGM.

To date, one of the leading online solutions providers in catering digital AGMs is FPT Securities, a Vietnam-based financial institution which provides live and electronic voting platforms (semi-digitised AGMs).

In 2018, apart from FPTS, Securities Depository Center also supplies online services such as online meetings and electronic voting (e-voting) for Vietnam-based enterprises.

Source: Ngoc Nhi

Video: 10 Best Places To Visit In Vietnam in 2018

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10 Best Places To Visit In Vietnam in 2018,

By: World Top

Hanoi continues promoting image on CNN in 2018

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Hanoi will keep having its advertisements run on a major American news channel in 2018 as part of a large contract made two years ago, in a bid to attract more foreign visitors to the Vietnamese capital.

An official document by the Hanoi Department of Tourism said that the continuation conforms to a memorandum of cooperation and a $2 million agreement signed in 2016 by Hanoi and CNN, valid from 2017 through 2018.

On March 1, the department received a letter from CNN informing it of the broadcast schedule on CNN International of the advertisements, which are produced by the channel’s editorial staff and have the content checked by Hanoi.

The network is expected to show three 30-second advertisements of the city, namely Hanoi-Vietnam’s Heart, Hanoi-Cradle of Heritage and Hanoi-History, Culture and People.

They are broadcast in three periods, lasting from March 5 to December 23, on the CNN network covering the Asia-Pacific, Europe & the Middle East, North America and South Asia.

The minimum number of times of carrying the advertisements is 1,510.

One million dollars’ worth of advertising has been spent on the channel so far.

The remaining $1 million will be used to pay for promoting the image of Hanoi and its businesses, said Nguyen Duc Chung, chairman of the municipal People’s Committee.

The purpose is to draw international visitors to Hanoi and Vietnam, Chung added.

Source: Tuoi Tre News

Amazon opens door to Vietnam exports in herald of market entrance

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Amazon, the world’s largest Internet retailer by revenue and market capitalization, is set to officially open up its platform to exports from Vietnamese businesses this month, an insider told Tuoi Tre (Youth) newspaper.

Amazon’s head of sales in Singapore would be in Vietnam later this month for an e-commerce forum held in Hanoi and Ho Chi Minh City, where the executive is expected to sign a deal with the Vietnam E-Commerce Association (VECOM), a VECOM representative said on Tuesday.

The 2018 Vietnam Online Business Forum (VOBF 2018) will open in Hanoi on March 14, before moving to Ho Chi Minh City on March 16.

The Amazon sales executive will take to the stage at both events to outline the company’s analysis of Vietnam’s fast-growing e-commerce market, as well as its strategies in the Southeast Asian nation.

The upcoming deal, which was discussed at a meeting late last year between Amazon and VECOM, would open the door for Vietnam’s small and medium-sized enterprises to reach foreign markets through Amazon’s platform.

The move is seen as the company’s first step in wading into Vietnam’s ludicrous online retailing market, which reported a growth rate of 25 percent in 2017 and is showing no signs of slowing down, according to VECOM.

There are reportedly thousands of websites offering online shopping experience in the Southeast Asian country of 93 million people, which posted an average increase in revenue of 35 percent last year, VECOM said.

As online retailing blooms in Vietnam, delivery services also saw hiking growth rates of between 62 percent and 200 percent in 2017, the association added.

The entrance of Amazon into Vietnam is forecast to be warmly welcomed by local consumers, who have resorted to ordering via third parties or paid extra shipping fees to buy products sold on the platform.

Amazon’s Vietnam venture will not be entirely smooth sailing, economic experts predict, as the U.S. tech giant will face fierce competition from local powers and Chinese investors that have spearheaded the ‘foreign invasion’ into the market.

Chinese e-commerce giant JD.com recently poured US$44 million into Tiki, one of Vietnam’s first and largest Internet retailing platforms, to become a strategic shareholder at the company.

China’s Alibaba, the world’s top online retailer by total sales, has also spent nearly $1 billion taking over the control of the Southeast Asian business of German e-commerce company Lazada, including its operations in Vietnam.

Singapore’s Shopee and South Korea’s Lotte have announced their multimillion-dollar plans to remain in the race for a fair share of Vietnam’s e-commerce market as well.

Amazon’s chief executive and founder Jeff Bezos is the world’s first centi-billionaire, according to the latest Forbes rich list.

Bezos’ net worth has now surpassed the $112 billion mark, making him the only person on the ultra-wealthy list worth more than $100 billion.

Source: Tuoi Tre News

Global Accelerator Programme 2018 Ho Chi Minh Roadshow

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It’s that time of the year again. The largest startup accelerator in Southeast Asia is looking for you to join their next batch! An evolution of four successful regional accelerators by Malaysian Global Innovation & Creativity Centre (MaGIC), the Global Accelerator Programme (GAP) focuses on supporting and developing local and global startups. Through the 4-month programme, GAP aims to prepare startups with the knowledge and network to scale successfully in ASEAN.

Join MaGIC’s GAP team for a community sharing session.

Topics GAP team will be covering:

Benefits of joining GAP
Application tips and chances of getting into the programme

For more information on GAP’s 2018 Roadshow and programme details, please visit us at http://mymagic.my/gap/ or drop our team an email at gap.team@mymagic.my

Malaysian Global Innovation & Creativity Centre (MaGIC)’s award-winning Global Accelerator Programme has started accepting applications, and the portal will remain open until 26 March.

This year, for its second batch of participants, Global Accelerator Programme (GAP) will help equip 30 global startups with the necessary skills, knowledge, and network to break into ASEAN and become investment-ready in four months. The programme provides four months of mentoring; direct access to route-to-market partners such as Google, Malaysia Airlines, Maxis, Maybank, Media Prima and others; accommodation and flight reimbursements; marketing allowance and monthly stipend; 6 months professional visitor pass; and benefits worth over USD500,000 from Amazon Web Services, 123RF, Canva, GRAB, ipay88 and many more.

Last year GAP was ranked as one of the top ten most active accelerators in the world last year. It was also recognized as the “Best Accelerator Programme” by ASEAN Rice Bowl Startup Awards and Malaysia Rice Bowl Startup Awards in 2017.

In the coming month GAP will also be travelling to 18 cities to share more insights into the programme and how it will help startups scale their business in ASEAN. Click on the following link to find out when they will be coming to a city near you: http://mymagic.my/gap/.

Transaction is as easy as sending an emoji: a Happiness Saigon & VIB project

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The demand for online transaction is rising with the popularity of e-commerce. VIB introduces MyVIB-Social Keyboard: a app specially designed for easy and safe online money transfer via text messages.

Social Keyboard – a breakthrough in the future of online transaction.

As life is getting busier and schedules are getting tighter, online money transfer is gaining its popularity. However, the frustrations caused by errors and lengthy verifying process are among the concerns about the convenience and safety of this method.

With that insight, VIB introduces MyVIB – Social Keyboard to help clients cut the time for a transaction down to a single minute, with extremely simple steps. When clients chat on online social platforms (Facebook Messenger, Viber, Zalo, Whatsapp, WeChat, Twitter, Snapchat…) and at the same time, wish to make a money transfer directly to the other end, they can simply switch to the keyboard on the screen without opening any other app. It’s the same as switching to emoji keyboard.

Not only time-saving, Social Keyboard is also extremely safe with the innovative security technology. Every transaction is secured with a different OTP code, which is sent directly to the phone of the sender. The customer can rest assured that the money is where it should be.

According to Mr. Tran Nhat Minh, Vice President of VIB: “The online purchases made via e-commerce sites are accelerating at top speed in recent years. That’s why we are hoping MyVIB – Social Keyboard is not only a fun banking experience on smart devices for tech-savvy shoppers, but also an initiatives to slowly reduces the use of cash according to the Government’s direction.”

With MyVIB – Social Keyboard, online shopping has never been so handy and fun.

Social Keyboard – Transaction as easy as sending Emojis ad is developed and produced by Happiness Saigon, launched on VIB Fanpage on January 15, 2018.

Website: www.happiness-saigon.com
Facebook: https://www.facebook.com/happinesssaigon

For more information or appointment please contact: Alan Cerutti – alan@happiness-saigon.com

By Ngan Pham, Happiness Saigon

Bitcoin Price ‘More Likely To Hit $100’ Without Illicit Uses, Says Harvard Economist

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A Harvard economist told CNBC Tuesday, March 6 that Bitcoin is “more likely to be worth $100 than $100,000” by 2028.

Speaking to reporters during an edition of the network’s Squawk Box segment, professor and economist Kenneth Rogoff implied Bitcoin only had value because of its use in “money laundering and tax evasion.”

“I would see $100 as being a lot more likely than $100,000 ten years from now,” he said, continuing:

“Basically, if you take away the possibility of money laundering and tax evasion, [Bitcoin’s] actual uses as a transaction vehicle are very small.”

Rogoff joins a diminishing number of traditional finance figures still maintaining a firm anti-Bitcoin stance. Despite high-profile naysayers such as JPMorgan CEO Jamie Dimon U-turning on their negative opinions in recent months, others remain highly skeptical.

Last month, Berkshire Hathaway vice president Charlie Munger adopted a particularly harsh tone, telling the audience during an AGM speech that Bitcoin was “totally asinine” and that people investing in it “disgusted” him.

Despite mixed perspectives on price performance, the implication of Bitcoin in organized crime has come under more serious doubt this year. Despite Europol this month suggesting as much as $5.5 bln per year is laundered via cryptocurrency, Bitcoin in particular has lost favor with perpetrators, who allegedly prefer other more anonymous assets such as Monero.

Rogoff meanwhile appears alone in suggesting regulation will force the price of Bitcoin down, not up, while many industry commentators welcome regulatory moves as a step towards mainstream acceptance and adoption.

The European Commission, the EU’s executive arm, is set to reveal plans for a joint regulatory effort on fintech, including Blockchain, Reuters reported Monday, March 5.

A copy of a draft document seen by the publication, due for release “as soon as this week,” suggests a desire for EU regulators to adopt blanket rules governing issues such as crowdfunding and “[b]lockchain technology standards.”

This, Reuters suggests, forms part of a move to end the “patchwork” system of regulations currently in force across member states of the bloc.

“An EU framework would offer a European passport, and, at the same time, ensure the proper management of platforms and the protection of fund providers,” the draft reportedly states.

Unlike cryptocurrency, Blockchain treatment has become a central focus for the European Commission, which early last month unveiled

its dedicated EU Blockchain Observatory and Forum.

Billed as “one of the world’s most comprehensive repositories of blockchain experience and expertise,” the entity should function as a melting pot for various bodies to “discuss and develop new ideas and directions” involving Blockchain technology.

Meanwhile on the topic of cryptocurrency, the EU’s financial services chief Valdis Dombrovskis said during a Commission speech Feb. 26 that lawmakers “stand ready” to introduce regulation if necessary.

At the same time, the EU “must embrace the innovation” of Blockchain, he concluded.

Source: William Suberg

Vietnam’s FLC aims to buy 24 Airbus planes

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Vietnamese property developer FLC Group said on Tuesday it wants to buy 24 Airbus A321neo aircraft for its planned Bamboo Airways operation up until 2025, a deal potentially worth $3 billion.

The announcement signalled an increasingly ambitious plan to invest in Vietnam’s fast-growing aviation industry by FLC, which said last year in an interview with Reuters it plans to lease about seven aircraft by 2018 from Airbus.

Hanoi-based FLC, whose main businesses are housing, resorts and golfing, has not yet obtained a licence to operate an airline, and said in a statement it is waiting for the Vietnamese government to approve its application.

“After studying and carefully scrutinising the options, FLC Group and Bamboo Airways have decided to order 24 aircraft from Airbus…until 2025,” FLC chairman Trinh Van Quyet said in the statement.

“After operating and testing performance, we will calculate the options to cooperate further,” Quyet said.

FLC expects to buy a further 24 Airbus A321 long-range planes after the Vietnamese firm obtains an airline licence from the Vietnamese government, the firm said in a statement on its website after meeting Airbus representatives.

Vietnam currently has four airlines, including flag carrier Vietnam Airlines, budget operator Jetstar Pacific Airlines partly owned by Vietnam Airlines, budget carrier Vietjet Aviation and Vietnam Air Services Co.

“While waiting for the business licence application to be approved and the order to be confirmed, I propose FLC and Airbus sign a memorandum of understanding on the cooperation in buying 24 A321neo planes worth $3 billion,” Jean-Francois Laval, an Airbus executive vice president, was quoted in the FLC statement as saying.

FLC said it plans to operate international flights through Bamboo Airways to tourist spots in Vietnam including where FLC’s properties are placed, while it also plans domestic flights.

Vietnam’s airport capacity has been reaching its limits as more people in the nation of 90 million take flights and as the economy grows at among the fastest rates in Asia, prompting the government to be more hesitant in handing out airline licences.

Budget airlines VietJet Air posted an estimated jump of 75.9 percent in pre-tax profit last year, while Vietnam Airlines also reported a 26.7-percent increase in net profit in 2017. (Reporting by Mai Nguyen, editing by Louise Heavens and Adrian Croft).

Source: Reuters