HD Bank Open Vietnam 2018

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What do you look for when you choose to play in an international event? 1. Strong field, 2. A good place to visit, 3. Affordability. What if we said that all of this is possible if you play at the HD Bank Open 2018 in Vietnam. With the top seed being 2737 and close to 100 titled players expected, this is a perfect tournament for you to gain exposure/norms. Apart from this Hanoi is a beautiful city in Vietnam with a lot of tourist attractions. Ha Noi city is located on the banks of the Red River, visiting the river shore will surely be a pleasant experience!

Welcome to the 8th HD Bank Open 2018

The 8th HD Bank chess open will be held from 9th to 16th March 2018 in Ha Noi the capital city of Vietnam. HD Bank open is the strongest annual event held in Vietnam. Because of its excellent playing conditions and huge prize fund, this event has always attracted strong players from across the globe. Let’s have a look at what this tournament has to offer us!

Tournament Venue

Ha Noi, located on the banks of the Red River, is one of the most ancient capitals in the world, the HD Bank open will take place in five-star Army Hotel, to play a tournament in the great place like this is always fun.

The Schedule

Round 1 starts March 10th. There are four days with double-rounds.

Who can participate in this tournament?

There are two categories in which this tournament will be conducted, Masters and Challengers.

Master Category: For players rated above 2100 and women rated above 2000.

Challenger Category: For players rated below 2100 or unrated.

These Top guns will be firing down the shots in 2018 edition!

The Vietnamese superstar and world-class player GM Le Quang Liem (2737) will be present here to defend his title, he has already won this championship three times in 2013, 2015 and 2017. Will he be able to win it for the fourth time?

GM Le Quang Liem with the 2017 edition’s Championship Trophy

Chinese super GM Wang Hao (2712) will be the second seed of the tournament. He has many championships under his belt including strong opens like Sharjah and Al-Ain classic. He is a strong contender for the title

Prizes

What really attracts these top grandmasters is the huge prize-money!

Fifty-five thousand US Dollars (US$55,000) will be the total prize fund, which includes 26 main prizes. Prizes shall be awarded are as follows:

Master Category

1st: $15,000; 2nd: $6,500; 3rd: $4,500; 4th: $2,500; 5th: $1,600; 6th: $1100; 7th: $1000; 8th: $900; 9th: $800; 10th: $700; 11th: $600; 12th: $500; 13th to 16th $300; 17th to 20th $250; 21st to 26th $200.

To encourage female participation and to boost women chess, organizers have declared prizes for top six women participants. The prize money is as follows:

Best women

1st: $5,000; 2nd: $2,500; 3rd: $1,500; 4th: $700; 5th: $500; 6th: $300;

Best U16 $200. Best Seniors >60 $200.

Challengers Category

Main Prizes: 1st: $1,200; 2nd: $800; 3rd: $600; 4th: $500; 5th: $350; 6th: $250.

Best women: 1st: $500; 2nd: $300; 3rd: $200.

Best U12: $150. Best Seniors >60: $150.

Excellent IM/GM norm chances
There are great chances to achieve your IM/ GM norm in this tournament as many strong players are going to play here. Last year a total of 85 titled players took part including 29 GMs, 9 WGMs, 26 IMs and 3 WIMs.

Starting list for 2018

As you can see top 20 players are above 2500 rating, a solid performance will ensure you a norm.

No. Name Rtg
1 Le Quang Liem 2737
2 Wang Hao 2712
3 Sethuraman S.P. 2646
4 Mareco Sandro 2632
5 Gordievsky Dmitry 2630
6 Nguyen Ngoc Truong Son 2630
7 Aravindh Chithambaram Vr. 2617
8 Wen Yang 2608
9 Zhao Jun 2599
10 Bernadskiy Vitaliy 2588
11 Karthikeyan Murali 2585
12 Rozum Ivan 2582
13 Narayanan.S.L 2573
14 Bogdanovich Stanislav 2560
15 Pichot Alan 2552
16 Krysa Leandro 2548
17 Lei Tingjie 2541
18 Vishnu Prasanna. V 2526
19 Sivuk Vitaly 2524
20 Tran Tuan Minh 2522

Entry Fee

For all players based on March 1st, 2018 FIDE rating list, the entry fee is as follows: Registration is free for GM, IM, WGM, and players with a FIDE Rating of 2500 and above. For Master category, the entry fee is as follows:

Above 2399 $50
2350 to 2399 $75
2300 to 2349 $100
2250 to 2299 $125
2100 to 2250 $150
2000 to 2099 $200

For Challenger category: $50 for players rated from 1900 to 2100 and $75 for others.

Attractions in Ha Noi city and its surroundings

Known as the lake of the returned (or restored) sword, Hoan Keim Lake lake marks the historical centre of ancient Hanoi.

Hoan Kiem Lake | Photo: http://www.touropia.com

The old quarter is a mesh of the old and the new, as antique narrow streets snake between old brick buildings, covered in modern motorbikes and street vendors.

Ha Noi old quarter | Photo: http://www.ndh.vn

Arguably one of the most incredible destinations in all of Vietnam is Halong Bay. Although it is over 160 km (100 miles) east of Hanoi, it is definitely worth the journey.

Halong Bay | Photo: Robert Balwin

The scenery of Tam Coc is the first thing you’ll notice

Tam Coc is just 90 minutes south of Hanoi | Photo: Vietnampackagetravel.com

Just 25 km (15 miles) outside of Ha Noi, on the other side of the Red River, is Bat Trang. The village itself is ancient, dating back more than 1,000 years, and it is known for its ceramics.

Bat Trang pottery village | Photo: Dalat Trip

by Atul Dahale, 

Source: https://en.chessbase.com/post/hd-bank-open-vietnam-2018

Traveling into the beating heart of Vietnam

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Don’t let anybody — not even your most trusted bestie — tell you that the overnight trip from Hanoi through rugged, forested mountain country to the provincial city of Lao Cai, on Vietnam’s north-western border with China, is one of the great railway journeys of the world, even if you are riding in a carriage quite ludicrously named the Orient Express.

Firstly, the narrow bunk in the four-berth cabin really is only just comfortable enough to get some reasonable sleep, especially with the constant banging of the door — or was it the window or a shutter? — against the outside of the train as it lurched nearly 400 kilometres towards the station where a driver would meet us for the hour’s trip further into the mountains to our real destination … the town of Sapa.

Secondly, it is an overnight trip, after all, and it starts and finishes in darkness, so all you see are the burbs of Hanoi and a few ramshackle sidings. And no glasses of champagne or tinkling of the ivories here, though you can grab a cheap bowl of pho from one of the many hawkers plying the platforms before you steam out of Hanoi.

Also, a word of advice about Hanoi Station. Make sure that you have a guide who clearly understands which train and which carriage you’re in — and that they take you to that carriage, not just to the station. Finding your allocated cabin may require clambering over tracks and weaving around other trains.

But it’s a journey I’m very glad to have made, because it is the only realistic way for Western travellers to get to this quite remote, fascinating corner of the world, which seems occupied mostly by splendidly garbed tribal groups — Black Hmong, Red Dzao and Flower Hmong among them — driven out of China some 15-20 generations ago, and earnest young European backpackers off to do some serious trekking indeed.

Strangely, Sapa reminds me somewhat of the largish towns in the Yorkshire Dales and the English Lakes District — lots of shops selling walking boots, bars selling beer by the pint, and restaurants trading in all varieties of food.

Yes, it would be easy to dismiss Sapa as a touristic curiosity, but in ways that’s what it’s always been — a hill station established in the early 1920s by French colonials as relief from the stifling summer heat of the Vietnamese lowlands.

Our trip has been organised in Sydney through Selective Tours and the Sapa end certainly seems under control. The driver meets us very early in the morning just outside the station, exactly as arranged, in a large, very comfortable vehicle and the hotel in Sapa, the Sunny Mountain, is modern, clean and comfortable … and extremely well located, just an easy stroll from the town’s bustling restaurant and market district.

The rising sun has provided a glimpse of the mountainous topography and it’s confirmed by walking directly from the street into about the sixth floor of the hotel, with the lower floors cascading down the side of the hill.

The views from the restaurant and terrace, over the valley towards Fansipan Mountain, Vietnam’s highest, provide a spectacular backdrop to breakfast while our room is being prepared.

We spend our first day taking in the town, and taking it a bit easy, knowing that the following day will bring quite a bit more exercise as we head, mostly on foot, into the surrounding countryside.

There’s plenty to see and do. The clothing and handcraft stalls in the markets are run mostly by women from the ethnic hill tribe groups, mainly Hmong and Dzao of various colour persuasions — red, black, white, green/blue, largely dependent on predominant dress colours, but all culturally quite different and all magnificently dressed in intricately woven materials.

The walk around the Ho Sa Pa Lake is extremely pleasant and you readily see why the well-to-do — for that read merchants and Communist Party officials — choose to live on its banks.

And the Sapa Culture Museum is well worth an hour or two.

Restaurant-wise, there’s plenty of choice, but my advice is to stick with local fare, which is cheap, nutritious and mostly good. Straying into cuisines such as Italian — what were we thinking? — seems to bring nothing but disappointment and higher costs.

Wine, as everywhere in Vietnam, is problematic, despite the country’s strong French connection. But the beer — such as Hanoi and 333 (‘ba ba ba’) — is plentiful, cheap and eminently drinkable.

Next morning we meet our guide, a young Red Dzao woman who married a few years ago, has a couple of young children and lives nearby with family. We head off with our driver, but soon it’s on foot, never alone, always accompanied by women and children keen to practise their English and, yes, hopeful of selling a few trinkets or getting a tip for their local knowledge.

But it isn’t a hassle, certainly nothing like in Beijing or Shanghai.

The countryside is an eye-opener. We’ve all seen the gorgeous photos of intricately terraced fields of rice ascending otherwise lush, green mountains, but it isn’t until you’re close up that you fully realise the work and skill that goes into growing and harvesting the daily meal.

And that’s essentially what it is in this part of the world. The north-western corner of Vietnam is a poor country. It’s a colder, less fertile spot than, for instance, the Mekong Delta a couple of thousand kilometres to the south, and can generally only yield one crop of rice a year, rather than the latter’s three.

That means there’s much less chance of a surplus to sell and a consequent way out of the subsistence cycle. And the work required is obviously much more strenuous.

We walk past many farms, stop and buy some exceptionally fine and colourful local weaving and have some delicious pho for lunch, with a can of Hanoi beer to wash away the dust.

Everywhere you go, they make the most of flat space, with rice being dried by the roadside, for instance. And everywhere you go, the emphasis placed on education is so very obvious. These people know that the future lies with the citizens of tomorrow.

A highlight of our stay in Sapa is a visit to the Can Cau Saturday market, a couple of hours by car along some dodgy roads but it’s well worth the excursion to wander around so many stalls selling such an incredible range of foodstuffs, clothing and tapestry-work.

Our guide haggles for some vegetables to take home. We mostly just soak up the atmosphere and are bewildered by such a frenetic scene.

Meanwhile, down the hill a bit, there’s a constant parade of livestock being sold, swapped or just admired.

And then it’s back to Lao Cai, where we have time to look at the bridge that constitutes the entry point to China, have a couple of dishes of noodles with pork and vegetables and have my shoes polished, before heading to the station for the overnight journey back to Hanoi.

 

By: John Rozentals

Source: http://www.thecourier.com.au/story/5239490/travelling-into-the-beating-heart-of-vietnam/

China’s Geely buys a $9 billion stake in Daimler, reports Bloomberg

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The billionaire founder of Zhejiang Geely Holding Group Co. has accumulated a stake worth about 7.3 billion euros ($9 billion) in Daimler AG, marking the biggest investment in a global automobile manufacturer by a Chinese company.

Li Shufu acquired the 9.7 percent holding through Geely Group, a company owned by the 54-year-old and managed by the carmaker he controls, according to a statement Saturday. Bloomberg News first reported that Geely has become the single largest investor in the parent of Mercedes-Benz by building up a position of just under 10 percent through purchases in the stock market in recent weeks.

The investment furthers Hangzhou-based Geely’s foray into the European premium automotive market and ends months of speculation about a tie-up with Daimler. The Chinese company already owns Volvo Cars AB, whose refreshed line-up of vehicles have made it a popular alternative to the German luxury stalwarts.

“A Geely stake in Daimler would underscore their push for cooperation that’ll help them get more expertise, like electric cars,” said Frank Biller, a Stuttgart-based analyst with Landesbank Baden-Wuerttemberg. “At the same time, this opens another path into China for Daimler.”

Geely financed the deal through a combination of debt, equity and financial instruments overseas and didn’t use domestic funds in China, Chief Financial Officer Li Donghui told CCTV in an interview. He said the actual cost for the stake is lower than its market value, without elaborating. In its statement, Geely said Li has a “long-term commitment” to the Daimler stake, and neither Geely Group nor any other company in the Zheijang Geely Holding Group intend to acquire additional shares for now.

A Chinese Car Built in Western Europe? Geely Could Be First

Daimler, which said it welcomes another major investor, has been on an upward trajectory, reclaiming the No. 1 spot in luxury cars from BMW AG by broadening its offerings to include more SUVs and freshening its lineup with sportier designs. The Stuttgart-based carmaker sees the investment as a vote of confidence, spokesman Joerg Howe said by phone.

“Li Shufu is a Chinese entrepreneur Daimler knows well and regards highly in terms of his competency and focus on future developments,” Howe said. “Daimler already has a strong footing in China. We have a very strong partner with our existing cooperation with BAIC Motor.”

Chinese companies have been more active buying into German companies in recent years. HNA Group Co., the aviation-to-hotel conglomerate, holds a minority stake in Deutsche Bank AG, and industrial-robot maker Kuka has been taken over by Midea, the world’s largest appliance maker.

Expansion Ambitions

In December, Li became the biggest shareholder in Sweden’s Volvo AB, the world’s second-largest truckmaker. In 2010, he acquired Volvo Cars from Ford Motor Co., and last year won control of British sports-car maker Lotus Cars Ltd.

The Chinese firm, which controls Hong Kong-listed Geely Automobile Holdings Ltd., has ambitious expansion plans for both its home market and overseas as it takes on global car majors. Geely plans to start selling a compact five-seat SUV, currently marketed under the Lynk & Co brand, outside China from mid-2019. It’s likely to look first at Europe.

Eventual Split?

Read this Gadfly column on what Daimler gets out of Geely’s investment

Daimler itself is planning the biggest corporate overhaul in a decade, having firmed up plans toward the end of 2017 to break up its rigid conglomerate structure, instead creating a holding company with three separate units: Mercedes-Benz Cars & Vans, Daimler Trucks & Buses and the financial-services division. While Daimler said the move isn’t a prelude to a spin-off of any of the businesses, some investors have called on the company to consider an eventual split on the back of the clearer delineation between the units.

Germany is aware of the investment and sees no need to use competition or foreign investment rules to intervene, according to a government official. Kuwait’s sovereign wealth fund, which has been an investor in Daimler for decades, was the largest stakeholder in the automaker as of the end of December with a 6.8 percent holding.

“The competitors which technologically challenge the global car industry in the 21st century are not part of the automotive industry today,” Li said in the statement.

“But with challenges come opportunities. No current car industry player will be able to win this battle against the invaders from outside independently. In order to succeed and seize the technology highland, one has to have friends, partners, and alliances and adapt a new way of thinking in terms of sharing and united strength,” he said.

With assistance by Ruth David, Vinicy Chan, Eyk Henning, Ying Tian, Dinesh Nair, Elisabeth Behrmann, Benedikt Kammel, Linly Lin, Birgit Jennen, Steve Geimann, and Chitra Somayaji

Source: Bloomberg

Thousands block Hanoi’s main street outside overcrowded pagoda to wish away bad luck

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Locals believe that the ritual will help them avoid unfortunate events in the new lunar year and only monks at pagodas can help them do so.

Thousands of people fill a street in Hanoi’s Dong Da District on Friday night as they attend a ceremony to pray for peace in a new lunar year, which began last week.

Traffic police puts up barriers in early afternoon on Friday ahead of the ceremony at 7 p.m. at Phuc Khanh Pagoda in order to maintain traffic order on Tay Son Street.

As many as 700 officers, including fire fighters, are gathered for this event, which is held one week after the lunar new year starts until the mid of the first lunar month.

Some people arrive at Phuc Khanh Pagoda as early as 2 p.m. to save themselves a seat due to limited space at the pagoda. Many Vietnamese believe that their fate is decided by the stars designated for that year, and while some are considered lucky, some are not and can cause troubles. That’s why they have to visit pagodas to pray so the bad stars will leave them alone.

Latecomers, unable to find a seat in the pagoda, have to stand and pray outside on the street amid Hanoi’s winter cold.

Inside the pagoda where the ritual takes place.

Attendants take up half of the space on Tay Son Street on Friday night.

Some people even stand against the traffic barrier to pray all other spots closer to the pagoda are already occupied.

 

Source: Vnexpress

Learning Automated Crypto Trading Strategy: 4 Steps to Earning

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In February, Cryptense, a full-stack Blockchain company, introduced a new decentralized platform for creating and executing cryptocurrency trading strategies automatically: Kryll.io. The company has also came up with an explainer on how you can earn big using its solution.

Drag ‘n’ drop strategy blocks

The first step to earning online with Kryll platform is to create a strategy depending on your preferable markets, the cryptocurrencies you are interested in, and your level of involvement. The strategy can be very simple or extremely advanced – it’s up to you to decide.

Kryll offers functional blocks that can help you. One of them, Market Trends, provides market information including price fluctuations, demand versus supply analysis, machine learning based market predictions and other options. In your strategy you can also include your preferable trading actions, such as buying, selling, splitting amounts into subsets, and many others.

Kryll’s most interesting feature is Signals, a combination of recent tips coming from professional traders, Telegram channels or social networks. Notifications by text messages or emails will inform you on the latest market developments, for example, if BTC, Ripple, ETH or other currencies are growing and receiving positive feedback on Twitter.

Proof-test your strategy

How can you test the strategy that you have built to see if it is right for you and your purposes? The best way to do so is testing your strategy against the market. Kryll allows you to safely execute your strategy before using it in the real world. Using the test environment in the platform, you’ll be able to test over the previous six months of recorded data.

Another option is to test the strategy as it was actually running on the market. This option will show how your brainchild performs in the real-time trading environment and, at the same time, will protect you from real world losses in case of mistakes.

As soon as you are confident enough with your chosen strategy, you can start implementing it to build some confidence. For example, you can buy a new coin at a market price and then optimize it using the tools Kryll provides.

Trading 24/7, night or day

If your strategy proves to be successful, the time is right to use the best Krylls feature, which is 24/7 trading. Kryll.io supports exchanges around the globe, including Bittrex, Poloniex, Coinbase, Cryptopia, Binance, HitBTC, and many others. The company also has several dedicated servers in Europe, Asia, and North America.

Cryptocurrencies are bought and sold on many various exchanges and sometimes at different prices. It’s possible to profit from the very tiny fluctuations between buy-price quotations. Kryll founders promise their software will allow to execute trading strategies in the most efficient way.

There are many risks associated with trading, and you might be worried of cyber security, especially if you are executing your strategy automatically. Luckily, Kryll’s servers are under permanent DDOS protection. The startup founders also plan to have an external security audit every quarter.

Sharing with the community

With Kryll, you can earn while sharing your knowledge and ideas with other people on the platform. “We think collective intelligence is a huge asset that’ll make all of us more successful in the trading market,” the company said in its white paper.

The platform will offer a marketplace section where users can share their strategies for a fee. People with excellent insights can help their fellow traders and generate some profit at the same time.

The marketplace will also feature chats on different strategies, where people are able to interact, collaborate and give advices to each other. Users will rate strategies featured on the marketplace according to their efficiency.

Source: Vicky Lova

Gold’s turn to shine this year

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Buying gold on the day of the God of Wealth for good luck might well be just a belief, yet gold might not be too bad an investment for now and long-term investors should watch out for various factors that could affect the price.

Gold or not

As the God of Wealth or the tenth day of the first lunar month draws near, the demand to buy gold among local residents has shot up, whilst prices are adjusted northward by gold merchants across the nation.

Relying on gold for a whole year of good luck is in fact a tradition followed by quite a number of Asian nations including Vietnam for years. However, could buying a tael of gold on this very day bring luck for the buyer?

“Buying gold for luck is purely a belief. For many, the strength of the belief may vary, with some buying foreign currencies or even Bitcoin for luck. We should note that if it held true, the God of Wealth would bring luck in terms of money, meaning money coming in. Buying gold means we are paying money for it. It is therefore not very rational,” said investment advisory manager Phan Dung Khanh from Maybank Kim Eng (MBKE) Securities in Ho Chi Minh City.

“The wheel of fortune in this case will reward gold sellers, not the buyers,” Khanh said.

The wheel of fortune in this case will reward gold sellers, not the buyers.

Khanh told VIR that it would not be necessary to queue on the day to buy a piece of gold at an absurdly high price (plus the many other associated fees). Buying on the day would often result in a loss for the buyers, so it is no luck at all.

“Some have ventured to collect gold at lower prices during the days before the day of the God of Wealth, then sell on the day to make a profit, which may actually bring them luck,” he added.

Gold prices have started to edge up a couple of days before Sunday. At Hanoi-based Doji Gold and Gems Group (Doji), for instance, SJC gold has reached VND36.90-37.15 million ($1,677-1,688) per tael on Friday, and VND36.86-37.38 million ($1,667.2-1,699) a tael on Saturday.

On Caishen Day (the day of the God of Wealth), gold is in extremely high demand.

Photo: Dung Minh

At Phu Nhuan Jewelry (PNJ), the increase in the price of SJC gold has been reported in the range of VND30,000-50,000 ($1.36-$2.27) on Friday.

According to Doji’s Gold Trading Division, precious metal prices in the international market, meanwhile, ranged between $1,328.68-1,328.95 per ounce on Saturday morning.

The difference between international and local gold prices, once converted to tael, have been reported at VND910,000 ($41.36) on Saturday and VND610,000 ($27.72) per tael on Friday.

The soaring demand for gold on the tenth day of the year is often said to be a result of a psychological factor and gold merchants taking advantage of an old myth to raise prices. Gold buyers, on the other hand, are not overly concerned about the prices when it comes to securing their luck for the year.

Sun to shine on gold?

The price of the precious metal in 2018 is expected to follow its 2017 momentum when prices edged up slightly.

According to Khanh from MBKE, since the end of 2017, the price of gold has started to move up amid the short bear markets in securities and real estate.

“Should this trend persist in 2018, there is a possibility that gold will shine once again after some seven years of hibernation,” Khanh said.

Should this trend persist in 2018, there is a possibility that gold will shine once again after some seven years of hibernation.

He added that this would particularly hold true as the price of Bitcoin is in a slump, which in turn could support the return of gold.

“Besides, if the dollar is not too strong and the pace of the Fed rate hikes is not too fast, gold will be further shored up. Otherwise, the price will stay quiet for the 8th consecutive year,” Khanh said.

In addition, Khanh warns that macroeconomic factors should also be taken note of, as the US economy, the global economy, and the stock market could all go in a slump, inflation adds up, and bond yields soar. These usually channel money towards safe havens such as the Japanese yen, the Swiss franc, T-bills, and gold.

“Gold investors should consider these factors and the resistance at $1,400. If this test resistance for gold is reached, then gold prices will probably go into a long-term upswing.”

“Mid- to long-term investment in gold and reshuffling investment portfolios to swap some savings or real estate into gold for now will carry low risk as the gold price is in its low zone at present, since its peak in September 2011,” Khanh noted.

“Short-term investors intending to invest in gold will bear the higher risk as although the gold price fluctuates in a narrow range with strong margin, it would be easy to lose out for these investors without proper risk control. Or, if the gold remains calm for a bit longer, short-term investors will lose the opportunity to invest in other channels, such as the stock market which has soared some 48 per cent in 2017.”

According to the World Gold Council (WGC), in 2017, investors added gold to their portfolios as incomes increased, uncertainty loomed, and gold’s positive price momentum continued. As 2018 begins, key market trends such as synchronised global economic growth and frothy asset prices will support demand and maintain gold’s relevance as a strategic asset.

WGC said that over the long run, there are also four attributes that make gold attractive as a strategic investment, for it has been a source of return for investors’ portfolios and its correlation to major asset classes has been low in both expansionary and recessionary periods.

Additionally, it is a mainstream asset that is as liquid as other financial securities and has historically improved portfolio risk-adjusted returns.

 

 

Source: Trang Nguyen

Vingroup and T&T build investment dossiers for urban railway projects

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Vingroup and T&T Group are permitted to compile investment dossiers on three of the ten urban railway projects to be constructed until 2025.

Accordingly, Vingroup plans to invest in two routes, No.5 from Van Cao Street to Hoa Lac with the length of 38.4 kilometres and No.2 from Tran Hung Dao Street to Thuong Dinh with the length of 5.9km.

At the same time, T&T Group proposed taking charge of route No.4 connecting Me Linh, Sai Dong, and Lien Ha with the length of 54km.

Previously, both groups proposed building the pre-feasibility and feasibility plans financed from their own equity for these projects. If Vingroup and T&T become the official investors of these projects, their expenditure for building investment dossiers will be added to the investment capital for these projects.

However, in case they are not selected to develop these projects, they will be ready to hand over all investment dossiers to the Hanoi People’s Committee and the selected investors without asking for recompense.

According to the capital’s transportation development planning from now to 2030 with a vision to 2050, Hanoi will develop 10 urban railway projects with the total investment capital of $40.056 billion.

According to the capital’s transportation development planning from now to 2030 with a vision to 2050, Hanoi will develop 10 urban railway projects with the total investment capital of $40.056 billion.

The investment capital will be disbursed over several phases. In 2017-2020 some $7.55 billion will be disbursed, while in 2021-2025 there will be some $7.6 billion. More than $3.56 billion will be spent in 2026-2030 and over $21.3 billion will be spent after 2031.

At present, Hanoi has four urban railway routes, two of which—Ngoc Hoi-Yen Vien and Cat Linh-Ha Dong—are invested by the Ministry of Transport. The remaining two—South Thang Long-Tran Hung Dao and Nhon-Hanoi Railway Station—are invested by the city and are under construction.

In November 2017, Vision Transportation Group (VTG) from Canada proposed the government to develop the urban railway project linking Noi Bai International Airport with the West Lake area under the public-private partnership (PPP) model.

Besides, numerous international and domestic investors expressed interest in developing urban railway projects, including Xuan Thanh Corporation, Lung Lo 5 Company, Tan Hoang Minh Group, Licogi Company, and MIK Group JSC, Lotte Group from Korea, and OJSC Mosmetrostroy from Russia. However, to date, no official proposals have been submitted to the local authorities.

 

 

Source: Ha Vy

Vietcombank prepares to sell 10% stake to foreign investors

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The Commercial Bank for Foreign Trade of Vietnam, or Vietcombank, is planning to sell more than 350 million shares, or a 10% stake, to foreign investors in the first half of 2018, following a green light from the government.

Vietcombank chairman Nghiem Xuan Thanh told reporters that the plan for the private equity placement had been approved by the relevant authorities. The shares will be issued by way of public auction or private placement to a limited number of foreign investors.

He added that Singapore sovereign fund GIC was among the potential buyers. Japan’s Mizuho Bank, the biggest foreign investor in Vietcombank with a 15% stake, will be allowed to buy additional shares to maintain its ownership ratio at the bank.

In Vietnam, foreign ownership in state banks are capped at 30%. Vietcombank is among a small number of banks that have a 9.12% stake reserved for foreign investors, according to Linh Nguyen, from Saigon Securities Research.

In order to raise capital by issuing shares, Vietcombank originally expected to complete the transfer of a 7.7% stake to GIC in 2016. However, the deal was not approved due to share price disagreements. Hanoi wanted to sell the issuance based on market prices but not lower than the valuation price.

Vietcombank shares closed at 71,400 dong ($3.14) on Friday, having doubled in value since the end of 2016.

Pham Thi To Tam, an analyst at KIS Vietnam, a subsidiary of Korea Investment & Securities Co, said Vietcombank’s asset quality remained healthy, having reduced its 2017 non-performing loans ratio to 1.13%, the lowest in the sector, and with loan-loss coverage at 130%, the highest among its peers.

Vietcombank has sold its shares in other local financial institutions to reduce its risk of cross-ownership. Many local peers in the banking sector are still weighed down by non-performing loans. Vietcombank also plans to divest its investment in Vietnam Airlines this year, from which it expects to book a good profit. Meanwhile, the lender is making a big push to promote retail and individual lending, which accounted for 32.7% of total lending in 2017, up from 25.3% in 2016. Retail loans carry higher earning yields.

Other banks in Vietnam are also seeking foreign investors. The Bank for Investment and Development of Vietnam, one of the three biggest state-owned banks, has considered selling a stake of up to 30% to foreign investors, with South Korean and Japanese banks reportedly interested.

Orient Commercial Bank last year signed a comprehensive cooperation agreement with South Korea’s Daegu bank, preparing for further cooperation in the future, while LienVietPostBank is offering a stake of more than 10% to oversea buyers.

State lender says GIC, Mizuho among potential buyers

Nikkei staff writers

Vietnam Prosperity Bank sold a 23% stake to 100 foreign investors last year and might sell more.

Meanwhile, Vietnam’s authorities are seeking foreign buyers for the two nationalized lenders, Ocean Commercial Joint Stock Bank and One Member Limited Liability Global Petroleum Bank.

Established in 1963, Vietcombank was originally the foreign currency department of the State Bank of Vietnam. It was spun off from the state bank to become the first and only bank in Vietnam at the time that specialized in foreign-related transactions.

Vietnam’s Ministry of Finance is expected to keep a large part of its huge deposit at the lender in the coming years. Its big deposits mean Vietcombank has an advantage over its peers in the lending business, especially in light of Hanoi’s recent order that banks cut lending rates to support economic growth.

For 2017 Vietcombank reported year-on-year pre-tax profit growth of 32.2% to 11.3 trillion dong, surpassing its target of 9.2 trillion dong. The positive results were driven by a strong growth in funds raised from customers and credit issuance, which increased by 21% and 17.2% respectively from the previous year.

Source: Nikkei

How to deal with currency while in Vietnam, and other money-saving tips

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Question: I will be traveling to Vietnam. Am I legally permitted to bring Vietnamese currency into Vietnam from the United States?
Answer: You may take Vietnamese currency into Vietnam from the U.S. and vice versa.

Just for background: The dong is the national currency issued by the State Bank of Vietnam, the central bank. It is one of those currencies that makes doing math in your head a challenge. Last week 100,000 dong equaled about $4.40.

One of the easiest ways to bone up on the nuts and bolts of a foreign destination, including money and other matters, is through the State Department website (www.travel.state.gov). Its country listings include critical information that could make the difference between a great trip and one that doesn’t make it off the ground.

On the Vietnam page, for instance, it notes there are no currency restrictions on carrying money into or out of the country. (See lat.ms/statevietnampage.) But, it goes on to note, if you are carrying more than 150 million dong (“or foreign currency in excess of 5,000 U.S. dollars or equivalent”) it must be declared whether you’re entering or leaving.

The rules are slightly different for taking money in or out of the U.S., Evan Tarver said. Tarver is a currency and investment analyst for FitSmallBusiness.com, whose website notes that it focuses “on the needs of small business owners,” here and abroad. Tarver is also a frequent traveler.

U.S. Customs and Border Protection doesn’t restrict the amount, but you do need to complete paperwork if it’s more than $10,000. Check out these pages (lat.ms/cbpmoneyrules) to learn what forms you need and to reinforce that a family can’t split the $10K among themselves to avoid filing paperwork. (The money could be confiscated.)

If you’re visiting a developing nation, you may need a bit of cash, but otherwise, Tarver said, most transactions can be taken care of by credit card.

You can get foreign money at many U.S. banks, but author David Swanson, who wrote the Vietnam story on L4-5, said he took no Vietnamese currency on his Da Nang-Hue-Hoi An trip.

Instead, he stopped at an ATM at the airport, where he withdrew between $50 and $100 to be used for cab fare and for small purchases in marketplaces or from street vendors.

Not everyone says no to carrying dough. Karin Esterhammer, formerly of the Los Angeles Times Travel staff and author of the book “So Happiness to Meet You,” about her family’s move to Vietnam, thinks that if you stick only with the places that take cards, you’ll miss the real essence of the country.

“You will need to pay with cash if you venture out beyond the center of the city, which, of course, you will want to do anyway,” she said in an email.

“Small restaurants tucked into alleys and quaint old hotels will give travelers the real flavor of Vietnam. And carrying wads of 100,000-dong bills will make you feel rich!” said Esterhammer, who has since returned to the L.A. area after 2½ years in Vietnam.

A word of warning: Check with your bank to see whether your Personal identification Number, or PIN, and debit card will work in Vietnam or any country you’re visiting. Some countries like four-digit PINs and some like six. PINs are usually easy enough to change, but you would need to do this before leaving.

And, as always, be careful about using ATMs. Those at banks are generally thought to be more secure.

Finally, four tips:

–If you get in a jam, U.S. dollars often are accepted, Swanson said. Most everything else can be bought with a credit card, Swanson and Tarver said.

–Call your credit card company to find out whether your card will be accepted at your destination and ask whether you need to notify the company about your upcoming trip. (Increasingly this notification can be done online. Sometimes the card company doesn’t care that you’re traveling, but it never hurts to ask.)

–Understand that some credit cards incur foreign transaction fees. Jason Steele of the Points Guy website has a current roundup of cards that do not charge the fee (lat.ms/nofeecards).

–Hide some cash, whether U.S., Vietnamese or both, and an extra credit card. If you lose it, or worse, you’ll have a backup.
A “what if” plan is just like having money in the bank.

Source: Catharine Hamm

Vietnam promoted to independent region in League of Legends

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Riot Games have promoted Vietnam to an independent region and awarded it a guaranteed slot for the League of Legends Mid-Season Invitational and World Championship Play-In, the game dev announced Wednesday.

The Vietnam Championship Series will no longer qualify into the Garena Pro League, previously a six-region league that hosted countries across Southeast Asia. Over the last two years, Vietnamese teams routinely saw success in the Garena Pro League and some of those teams, such as the GIGABYTE Marines, even saw success internationally. Riot Games made the change to reward the Vietnamese region for their success and provide a better opportunity for the other Southeast Asian regions to qualify for the Mid-Season Invitational and World Championship.

The Mid-Season Invitational, Rift Rivals and the World Championship will both be reformatted to account for the change. The Mid-Season Invitational will expand to 14 teams (previously 13). Rift Rivals will feature a new competition between Vietnam, Turkey and the Commonwealth of Independent States; the rest of Southeast Asia will remain grouped with Oceania and Japan. The World Championship will stay at 24 teams and award Vietnam the second spot previously given to its non-major regions.

The move also comes after 11 teams in the Garena Pro League petitioned Riots’ decision to award Vietnam two slots in the league. That decision came after the success of the GIGABYTE Marines at the 2017 Mid-Season Invitational, which allowed Vietnamese teams GBM and Young Generation to capture the two qualification spots for the 2017 World Championship.

Source: ESPN

Steve Jobs’ pre-Apple job application could fetch $50,000 at auction

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The auction will also include a love letter from the late British singer Amy Winehouse to her husband Blake Fielder-Civil. 

A job application filled out by Steve Jobs more than four decades ago that reflects the Apple founder’s aspirations to work in technology and design will go up for auction next month.

With an estimated value of about $50,000, the one-page application from 1973, complete with spelling and punctuation errors, lists his name as “Steven jobs” and address as “reed college,” the Oregon college he attended briefly, Boston auction house RR Auction said on Thursday.

Under a section titled “Special Abilities,” Jobs wrote “tech or design engineer. digital.—from Bay near Hewitt-Packard,” a reference to pioneering California technology company Hewlett-Packard.

The document but does not state what position Jobs was applying for. Jobs and friend Steve Wozniak founded Apple about three years later. Jobs died of cancer in 2011 at the age of 56.

Though Jobs responded on the form that he had a driver’s license, he said his access to transportation was “possible, but not probable.” Next to “Phone:” he wrote “none.”

The document will be part of a pop culture sale by RR Auction that will take place between March 8 and 15.

Two other Jobs items will appear in the same auction – a Mac OS X technical manual signed by Jobs in 2001, valued at $25,000, and a signed 2008 newspaper clipping, valued at $15,000, with a photo of Jobs and a headline that reads “New, faster iPhone will sell for $199.”

The auction will also feature an original fingerprint card from Jimi Hendrix’s 1969 arrest in Toronto on drug charges, signed by the late rock musician, which is valued at $15,000.

It will include a love letter from the late British singer Amy Winehouse to her husband Blake Fielder-Civil. In addition to the text, the one-page Winehouse letter features a sketch of a baby crocodile surrounded by hearts.

Late British pop singer Amy Winehouse performs during the Glastonbury music festival in Somerset, south-west England June 22, 2007. Photo by Reuters/Dylan Martinez

“Do nothing ’til you hear from me handsome, I need your arms around me so I can inhale, open my eyes, breathe my heart’s breathe out,” the letter reads, in part. It is valued at about $4,000.

Winehouse died of alcohol poisoning in London in 2011 at age of 27.

 

 

Source: Reuters

Report: Positive outlook for Vietnam’s FMCG sector

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Fast-moving consumer goods (FMCG) are expected to have another year of strong growth in 2018 and rise by 6-7 percent over the previous year, according to a Kantar Worldpanel report on Vietnam’s FMCG market.

The report pointed out that the FMCG market showed improvement in four large cities (Ho Chi Minh City, Hanoi, Da Nang and Can Tho) and in rural areas in the fourth quarter of last year.

For all of 2017, the urban market strengthened its performance while the rural market picked up but is not stable just yet.

Positive growth has been seen across the personal care category, with facial moisturiser and make-up items being the most outstanding categories, gaining consumer spending in urban and rural markets.

The growth of facial moisturisers was largely attributed to more consumers starting to focus on beauty care in rural areas.

The snack market is now the main source of growth for packaged foods in both urban and rural markets. More innovations and the increase in convenient indulgence in food consumption are driving the growth of snack foods. Brands can leverage this trend by creating and capturing additional snacking occasions.

According to the report, in the short term, the beverage sector remains the growth driver of the urban market. Personal care continues developing very well in both urban and rural markets as consumers increasingly adopt a diverse repertoire of products.

Regarding the retail landscape, wet markets continue to lose share to other channels while minimarket/convenience stores accelerate their expansion in urban key cities.

Modern trade increased 15 percent in the last quarter, outpacing traditional channels. The retail market is expected to heat up further in 2018 with new entrants and new retail models.

Awakening the beauty of Vietnam’s largest volcanic cave

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The beauty of Vietnam’s first-ever volcanic cave system, Chu B’Luk in the Central Highlands region, which is also the longest in Southeast Asia, has been awakened by Nguyen Thanh Tung who always has a great passion for exploring new things.

Over the past years, Tung volunteered to collect information and images of the cave system and send them to scientists to seek recognition of Chu B’Luk as a volcanic geological park.
The legends of ancients

Many village patriarchs of E De ethnic minority community in Krong No District, Dak Nong Province told legends related to the mysterious Chu B’Luk volcano.

Legend has it that, thousands of years ago, the ancestors of the E De people lived deep underground in the area’s caves. They called the sacred mountain Chu B’Luk which was the origin of the cave system. ‘Chu’ means ‘mountain’ and ‘B’Luk’ means ‘origin’. One day, a man from the community was expelled from Chu B’Luk Cave for his violation of the precepts. Over the years, he practiced hunting, gathering, and farming. Then, they gathered together and set up their village above the ground.

Nguyen Thanh Tung was born in 1975 in Duc Lap village, Dak So commune, Krong No District. When he was young, Tung and his friends often travelled along the banks of the Serepok River to fish. They came near the Chu B’Luk caves, but no one dared to enter the dark hollows except Tung. With a burning torch, he was impressed by the mysterious vegetation. He tried to remember the location and distance between caves to avoid losing his bearings.

In 2007, Tung returned to his hometown as a tour guide after many years of living and working in the southern region. Realising the potential of the cave system in the district, he collected all the images and documents he could find and presented them to Dak Nong province’s cultural sector.

In late 2007, he met Dr La The Phuc, former Director of the Geological Museum and principal researcher of the Vietnam Museum of Nature, who was studying geological forms in the Central Highland provinces. “I brought Dr Phuc to the caves and he was the first scientist in Vietnam to affirm that it was the largest volcanic cave system,” Tung recalled.

Dak Nong province has submitted a dossier for recognition of Krong No volcanic geological park as a national relic site.

Awakened caves

After the project on ‘researching and investigating and assessing the geological heritage and building a geological park in Krong No District, Dak Nong Province’ of Dr La The Phuc was published in domestic and foreign magazines, scientists from the General Department of Geology and Minerals of Vietnam (GDGM) and the Japan Caving Association (JCA) suggested a study of the remaining cave systems in the District under Tung’s guidance. Nearly seven years later, the expedition made an announcement to the pride of Vietnam that the Central Highlands are home to the longest volcanic cave system in Southeast Asia. Chu B’Luk is a unique natural heritage formed by volcanic eruptions millions of years ago.

Tung shared that during the time hew was discovering the caves, he and the expedition team had to live and work in difficult conditions and faced numerous dangers. However, all people overcame the difficulties to enter the deep caves. He said that it is a miniature world of jagged basalt rock surfaces and cool air. Exploring some unknown caves, the expedition’s members found many archaeological relics that date from the Palaeolithic Era (Old Stone Age – 6,000 years ago) to the late Neolithic Era (New Stone Age) and the Early Metal Age (4,000 – 3,000 years ago). They were considered as valid proof of the caves being a habitat of prehistoric humans, which is consistent with the legends told by E De ethnic people.

Scientists also discovered that the Chu B’Luk cave system is connected to the large waterfall complex on the Serepok River, so they have a huge tourism potential. Tung and his friends are still exploring the unknown caves. Tung also emphasised that with the knowledge that he has accumulated over the past years, he is willing to introduce the wonders of the caves in the locality to visitors.

The rick vegetation in Chu B’Luk cave system.

The 2,000 square kilometre volcanic cave system extends from Krong No District to some neighbouring communes of the Cu Giut, Dak Min, Dak Song, and Dak Glong District and Gia Nghia town. According to researchers, the park has seven out of the ten types of geological heritage as classified by UNESCO, so it was assessed as the longest and most beautiful lava cave in Southeast Asia.
Source: Nhandan

Opportunities for newcomers

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The real estate market is often full of grand visions of luxurious urban areas. However, industry experts say real opportunities often lie in the affordable segment that reaches more homebuyers.

Debuting small businesses

In the last few days of 2017, Midland Real Estate Services & Investment JSC signed a partnership agreement with Truong Giang Sapa Group, according to which Midland will be the distributor of Mercure Sapa Jade Hill in the northern province of Lao Cai. The founder of Midland is Nguyen Van Cong, a businessman still in his twenties with leadership experience at major real estate agents.

Cong said that he received full support from previous employers when he expressed his wish to set up his own firm. Seasoned businessmen, some of whom are in their 40s and 50s, suggested Cong to be an entrepreneur before reaching his 30th birthday to take advantage of his youthful energy. Cong himself also felt assured that he had garnered sufficient capital for his business, which was the money he saved up from his years of working at the real estate agents.

Nguyen Hong Minh, director of the Ministry of Planning and Investment’s (MPI) Business Registration Management Agency, said that Midland is a good example of new businesses springing up in 2017. The market is not only reserved for big players anymore, and many opportunities are there to grab for small businesses.

According to Minh, real estate has attracted a great deal of investment capital in 2017, more than any other sector in Vietnam. In terms of the number of new businesses, real estate has recorded the most impressive growth rate with 62 per cent.

“In 2017, real estate was the sector with the highest number of newly registered businesses. The total charter capital of new firms reached VND388 trillion ($17 billion), which is also the highest among all business sectors,” she said.

Affordable housing is still in high demand

New foreign players on stage

According to statistics released by MPI’s Foreign Investment Agency, real estate continued to be among Vietnam’s top three foreign direct investment (FDI) magnets in 2017. The amount of registered inbound capital in real estate was $3.05 billion, including direct investments and share purchases.

2017’s major deals include SonKim Land raising $100 million for its real estate projects. This is the second time SonKim Land has collected capital through EXS Capital Ltd., an independent investment corporation in Asia, ACA Investments Pte. Ltd., a major fund from Japan, and Lemongrass Master Fund.

At the same time, Nam Long Group has collaborated with two Japanese partners Hankyu Realty and Nishi Nippon Railroad to raise half of the $350-million capital required for the 40-hectare Mizuki Park project in Binh Chanh District, Ho Chi Minh City. Nam Long previously raised capital to invest in two projects called Kikyo Residence and Fuji Residence in Ho Chi Minh City’s District 9.

Partnerships and share offers were the two most popular methods to raise more than $10 million of capital for property developers. Besides the two projects mentioned above, other notable deals include Vinaland divesting from the $50-million Times Square project in South Tu Liem District, Hanoi. The buyer in this deal was Elite Capital Resources Limited.

In 2017, Ho Chi Minh City Infrastructure Investment JSC (CII) also partnered up with Hongkong Land to develop a 9.6-ha project in Ho Chi Minh City’s Thu Thiem New Urban Area.

Sustainable profit

According to CBRE Vietnam, there were 35,000 apartments available for sale in Hanoi in 2017, a three-fold increase in four years. In 2018 and 2019, the market will welcome another 70,000 apartments.

For low-rise buildings, the market welcomed 1,055 new houses in the third quarter of 2017, 84 per cent of which were terraced houses. Four projects that made their debut were Louis City (South Tu Liem District), The Eden Rose (Thanh Tri District), the third phase of The Mansions ParkCity (Hadong District), and the third phase of Iris Homes-Gamuda Gardens (Hoang Mai District).

Together with other projects, such as Vinhomes Gardenia My Dinh or Vinhomes The Harmony, it is obvious that Hanoi now has a wide range of low-rise buildings available for potential homebuyers.

Savills Vietnam recently quoted Richard Florida, editor-in-chief of CityLab magazine (Finland), as saying that the real estate market is full of opportunities, yet too much attention is on grand schemes to build luxurious urban areas. The real diamonds, according to Florida, are mid-end projects that the majority of the population can afford.

This comment is in line with recent developments in Vietnam, where affordable real estate projects took up the bulk of transactions. According to the Vietnam Real Estate Association (VNREA), in the third quarter of 2017 Hanoi recorded 4,955 transactions for apartments, down 8.5 per cent on-quarter. Among these, premium apartments only took up 5.4 per cent, mid-end projects accounted for 36.4 per cent, and low-end segment at 58.2 per cent.

Meanwhile, in Ho Chi Minh City, there were 7,494 apartment transactions during the same period, down 24 per cent. In Vietnam’s largest city, premium apartments took up 39 per cent of the deals, behind mid-end projects that accounted for 51 per cent. Less than 10 per cent of the deals were in the low-end segment due to low supply.

Nguyen Van Phuc of VNREA believes that the real estate market should pay more attention to mid-end projects, meeting the increasing demand of mid- to-low income earners.

“If companies continue to invest in high-end projects, there can be a mismatch in supply and demand. The oversupply crisis of 2012-2013 may very well return,” said Phuc.

Meanwhile, economist Nguyen Tri Hieu painted a positive outlook for the real estate market in 2018. The market will continue on its path to recovery and embark on a sustainable growth cycle. However, Hieu emphasised that too many projects nowadays cater to major urban areas, while there are still many opportunities in more remote regions for low-income buyers. Moreover, some developers are pouring a lot of capital into hospitality projects although the legal framework is still not complete, while ignoring the highly promising low-income segment. This is a big mistake, according to Hieu.

“There should be more projects for low-income buyers as there is growing demand in the lower segment. This is also very important for the economy as a whole, as workers need a place to live and settle down before they can fully focus on contributing to the economy. As a result, I strongly suggest a bigger focus on mid-to-low-end segments,” said Hieu.

 

Source: Ha Quang

Hanoi to become a smart city by 2030

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Hanoi set the target to turn into a smart city by 2030 in accordance to the capital’s revised information and technology strategy in the 2016-2020 period.

Foundations established

Phan Lan Tu, director general of the Hanoi Department of Information and Communications, said that the four priority sectors chosen to build the smart city are health, education, transport, and tourism. Since 2017, all four of these sectors have been developed in combination with the development of e-government and administrative reforms to lay the foundations of a smart city.

Regarding urban transportation, Hanoi has applied iparking to search for parking lots and pay for parking through mobile devices. This application will soon be deployed in all districts of Hanoi. Hanoi’s digital traffic map will be deployed to provide information on traffic status and manage public passenger transport in the city.

Regarding education, electronic school reports and family-to-school contacts as well as an online enrollment system has been put in use by 2,700 schools and universities, with the participation of 250,000 families and 6.3 million page views. The rate of online applications at the three levels of primary, secondary, and high school hit 70.68 per cent.

Regarding health management, Hanoi is the first locality to implement e-documents in its health management system, with 900,000 records so far.

Besides, a database of 7.5 million people has been built to set up an application to serve people, enterprises, and city management.

Committee confirmed that becoming a smart city is the essential orientation of Hanoi.

Core elements of a smart city

Based on smart cities established over the world, experts have concluded the core tasks Hanoi needs to complete. First, the city needs to be built on modern information technology and communication (ICT) infrastructure utilising the Internet of Things. People will be connected to their houses, as well as equipment, traffic, and vehicles, among others. Thereby, it is necessary to set up modern infrastructure in transport, healthcare, and education.

Second, citizens the city boasts very low levels of unemployment and relatively high incomes. This is the most important element in building a smart city.

Third, they need dedicated expert teams to manage and operate the technical system of the new smart city.

As a result, the process of building Hanoi as a smart city will include three phases. The first phase (2016-2020) will form the infrastructural foundations and build smart applications on traffic, tourism, environmental management, and security.

The second phase (2020-2025), people will be the stage to take smart city solutions into operation, and form the digital economy. In the third phase (2025-2030), Hanoi will become a functioning smart city.

Challenges along the way

Hanoi is in a good position as it is easy to mobilise investment from domestic corporations such as Viettel, VNPT, FPT, and CMC, and foreign ones like Microsoft.

Various countries with experience in smart city development expressed a wish to co-operate with Hanoi in this sector.

At a meeting with leaders of Hanoi, Prime Minister Lee Hsien Loong said that Singapore wants to invest and develop hi-tech parks and software industrial zones in Hanoi, strengthening co-operation in smart city development. Singapore is ready to welcome officers from Hanoi in particular and Vietnam in general to participate in training courses in Singapore, especially at Lee Kuan Yew School of Public Policy.

Nearly 80 per cent of professors and associate professors, over 80 per cent of leading experts, and more than 35 per cent of universities and research institutes are working and located in Hanoi.

However, Hanoi still has to face many difficulties and challenges to become a smart city, such as ICT infrastructure, general technical infrastructure, traffic jams, water shortages, waterlogging, wastewater treatment, and environmental pollution.

Hanoi still has to face many difficulties and challenges to become a smart city, such as ICT infrastructure, general technical infrastructure, traffic jams, water shortages, waterlogging, wastewater treatment, and environmental pollution.

Besides, Hoang Trung Hai, Secretary of the Hanoi Party Committee, said that it is very difficult to ensure enough qualified human resources for smart city development and operating the e-government. Technology, which is an important foundation of a smart city, will connect the government to businesses and people, but human resources are key.

Despite the difficulties and challenges ahead, Hanoi has prepared well for smart city development. The Hanoi People’s Council has just approved the resolution adjusting the city’s programme on applying information technology in the operations of Hanoi’s state agencies until 2020. The programme’s budget has been adjusted from VND1.252 trillion ($55.2 million) to VND3 trillion ($132 million) to develop e-government and socioeconomic sectors.

Hai also required to synchronously develop urban and rural infrastructure, promote administrative reforms, as well as improve the investment climate and quality of human resources.

 

Source: Nguyen Huong

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